NEWS

Adoption of Three Implementation Regulations

The Government of the Republic of Serbia has adopted three regulations intended as the first steps in the implementation of a financial measures program value of 608,3 billion RSD or EUR 5.1 billion aimed to reduce the negative effects caused by the COVID 19 pandemic.
  1. Regulation on Fiscal Benefits and Direct Benefits to Businesses in the Private Sector and Financial Aid to Citizens in order to mitigate the economic consequences of the disease COVID-19 (Uredba o fiskalnim pogodnostima i direktnim davanjima privrednim subjektima u privatnom sektoru i novčanoj pomoći građanima u cilju ublažavanja ekonomskih posledica nastalih usled bolesti COVID-19),
  2. Regulation on the Establishment of the Programs of Financial Support to Business Enterprises for Maintenance of Liquidity and Current Assets in Difficult Economic Conditions due to Covid-19 Pandemia-Caused By Virus Sars-Cov-2 (Uredba o utvrđivanju programa finansijske podrške privrednim subjektima za održavanje likvidnosti i obrtna sredstva u otežanim ekonomskim uslovima usled pandemije Covid-19 izazvane virusom SARS-CoV-2), and
  3. Regulation on the Procedure for Issuance of Debt Securities (Uredba o postupku za izdavanje dužničkih hartija od vrednosti).

The Regulation on Fiscal Benefits and Direct Benefits to Businesses in the Private Sector and Financial Aid to Citizens

The Regulation on Fiscal Benefits and Direct Benefits to Businesses in the Private Sector and Financial Aid to Citizens to mitigate the economic consequences of the disease COVID-19 regulates tax policy measures and direct aid to the private sector.

The measures include the postponement of payment of taxes and contributions for salaries for private sector enterprises, during the state of emergency and for a period of three months, with subsequent payment of the tax obligations starting at the earliest from 2021.  The measure applies to business entities, including branches and representative offices of foreign legal entities.

Also, the Regulation has included the direct financial aid that shall be given to all legal adults in Serbia after the end of the state of emergency in the amount of EUR 100.

The Regulation on the Establishment of the Programs of Financial Support to Business Enterprises for Maintenance of Liquidity and Current Assets in Difficult Economic Conditions due to COVID-19 Pandemic-Caused by Virus Sars-Cov-2

The Regulation on the Establishment of the Programs of Financial Support to Business Enterprises for Maintenance of Liquidity and Current Assets in Difficult Economic Conditions due to COVID-19 Pandemic-Caused By Virus Sars-Cov-2 deals with financial support to businesses for maintaining liquidity, and it will allocate 24 billion RSD to approve loans through the Development Fund.

The main objective of this Regulation is to provide support to companies to get working capital and support for the maintenance of liquidity to meet their business obligations. Entrepreneurs, cooperatives, micro, small and medium-sized enterprises that are majority-owned by private or cooperative ownership will have the right to use the funds, with the condition that they perform production, service, trade, and agricultural activities.

The Regulation on the Procedure for Issuance of Debt Securities

The Regulation on the Procedure for Issuance of Debt Securities simplifies the procedure for issuing debt securities during the state of emergency. The basic novelty is a simplification of the procedure for approving the Prospectus of a company for issuing debt securities.

The second package of regulations is announced to be rendered on the coming Thursday, April 16th.

For more information about these Regulations, please see HERE.

We shall keep you up to date with any coming developments.

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