July 4 (SeeNews) - Serbia introduced on July 1 an electronic system for the management of value-added tax (VAT) payments and refunds, in order to increase the efficiency of its tax administration, finance minister Sinisa Mali said.
The new system is expected to accelerate both the payment and refunding of VAT, Mali said in a video file posted on the website of Serbian news agency Tanjug on Tuesday.
The electronic system will require additional efforts by companies in the management of their VAT accounts but in the longer term it will reduce their costs, the director of Serbia's tax administration, Goran Cvejic, said in the video file.
Last month, the International Monetary Fund (IMF) said it reached a staff-level agreement on a 30-month Policy Coordination Instrument (PCI) with Serbia which includes reforms of the tax administration to help increase the efficiency of revenue collection and improve the business climate. Strengthening fiscal rules will secure sustainable budgetary policies over the medium terms, the leader of the IMF mission, James Roaf, said back then.