Proposal for new economic measures for the economy

Due to the negative effects of the spread of Covid 19 on the Serbian economy, new economic measures were proposed on Tuesday, March 31, 2020 that the Government of the Republic of Serbia will take. The aim of these measures is to help the most affected companies, primarily entrepreneurs, micro, small and medium-sized enterprises in the private sector.


The total value of these measures, as announced, will have an estimated effect of RSD 608.3 billion and will be implemented through four sets of measures. Support will not be given to those economic entities that reduced the number of employees by more than 10 percent during a state of emergency, not counting part-time employees, whose contract expires during a state of emergency, as well as those who have temporarily discontinued operations prior to the declaration of a state of emergency, that is, before March 15th.


1. The first set of measures is a package of tax benefits and represents, for the most part, a deferral of payment of arrears of tax liabilities, with a later repayment of them in installments (maximum of 24 installments without obligation to pay interest), and no earlier than the beginning of 2021. It's about deferring taxes and contributions for at least three months, deferring second quarter earnings taxes, and exempting donation taxes. The total value of these donations is RSD 160 billion. Delaying the payment of payroll taxes and contributions to the private sector, during a state of emergency, aims to increase the liquidity of all business entities in the business sector that pay salaries to employees. Also, this measure relates to deferring the payment of income tax on the self-employed activities of all entrepreneurs.


2. The second set of measures applies to all entrepreneurs, lump sums and small companies in which three minimum salaries will be paid to each employee. The state will pay just over 90,000 dinars directly to the account of those who meet these conditions, while the beginning of this payment is expected from mid-May this year and the payment will be made in the next three months in three equal parts. The government is also proposing a payout of 50 percent of the earnings to those who received a decision to terminate work.


3. The third set of measures relates to aid for liquidity of the Serbian economy, for which 2.2 billion euros have been allocated, the realization of which is planned through a program for granting loans for maintaining liquidity and working capital for companies in the segment of entrepreneurs, micro, small and medium enterprises. , agricultural holdings and cooperatives that are registered in the relevant register through the Development Fund of the Republic of Serbia. This set of measures will also support large companies which can expect government funding through corporate bonds.


4. Direct economic assistance to every adult citizen is listed as the fourth economic measure. About RSD 70 billion has been earmarked for this aid measure, where every adult citizen will be paid a dinar equivalent of EUR 100.

The Government of the Republic of Serbia has announced that, on the proposal of these measures, a Decree will be adopted within ten days, whose adoption will begin their final implementation.


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