Attorney Dragana Djordjevic » "Ministry of Finance"

Requirements for Conducting Factoring

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Law on Factoring (“Official Herald of the Republic of Serbia”, Nos. 62/2013 and 30/2018) regulates the concept and subject of factoring, factoring participants, conditions and manner of factoring, types of factoring, rights and obligations of factoring participants, factoring contract, reverse factoring, and supervision of factoring. According to provisions of the Law on Factoring (“Official Herald of the Republic of Serbia”, Nos. 62/2013 and 30/2018), factoring shall be a financial service of buying and selling of existing non-matured or future short-term monetary receivable, that arose from a contract of sale of goods or provision of services at home and abroad.

Requirements for Conducting Factoring

A company incorporated in the Republic of Serbia to conduct factoring may undertake tasks of buying and selling existing non-matured or future short-term monetary receivables that arose from a contract of sale of goods or provision of services at home and abroad if it meets the requirements of the Law on Factoring (“Official Herald of the Republic of Serbia”, Nos. 62/2013 and 30/2018) in respect of capital and has approval to conduct the business of factoring. Continue reading Requirements for Conducting Factoring →

Deadlines for settlement of monetary obligations in commercial transactions

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According to the provisions of the Law on deadlines for settling monetary obligations in commercial transactions (“Official Gazette of the RS”, no. 119/2012, 68/2015, 113/2017, 91/2019, 44/2021, 44/2021 – other Law, 130/ 2021, 129/2021 – other laws and 138/2022) are governed by:

  1. deadlines for settling monetary obligations in commercial transactions between the public sector and business entities, between business entities, that is, between public sector entities, and to prevent non-payment of monetary obligations within the deadline and
  2. recording electronic invoices and other requests for payment in electronic form in the central register of invoices issued by creditors in commercial transactions between the public sector and business entities, i.e. between public sector entities, in which the public sector entities are debtors, based on the data obtained from the system of electronic invoices.

In the Central Register of Invoices established and managed by the Ministry of Finance – Treasury Department, only electronic invoices issued by creditors in commercial transactions between the public sector and business entities, i.e. between public sector entities, in which the public sector entities are debtors, are recorded, upon establishment technical and technological conditions, and mandatory from May 1, 2022, based on data obtained from the electronic invoice system. Continue reading Deadlines for settlement of monetary obligations in commercial transactions →

Tax aspects of continuing the activity of an entrepreneur in the form of a business company

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The institution of continuation of activities of entrepreneurs in the form of a company is governed by the provisions of Article 92 of the Law on Business Companies (“Official Gazette of the RS”, no. 36/2011, 99/2011, 83/2014 – other law, 5/2015, 44 /2018, 95/2018, 91/2019 and 109/2021 – from now on Law on Business Companies).

According to Article 92 of the Law on Business Companies, an entrepreneur can decide to continue performing activities in the form of a business company, whereby the provisions of the Law on Business Companies on establishing a given form of the company shall be applied accordingly. Based on the decision on the continuation of activities in the form of a business company, the entrepreneur is simultaneously deleted from the register of business entities, and the registration of the establishment of a business company is carried out, which takes over all the rights and obligations of the entrepreneur arising from business up to the time of the establishment of that business company.

After the loss of the status of an entrepreneur following the provisions of Article 92 of the Law on Business Companies, that natural person remains responsible with all of his assets for all obligations incurred in connection with the performance of activities until the moment the entrepreneur is deleted from the register.

Continue reading Tax aspects of continuing the activity of an entrepreneur in the form of a business company →