October 22 (SeeNews) - The Serbian government is currently in the process of converting the outstanding tax payments owed by local arms maker Zastava Oruzje into equity and should wrap up the swap by the end of the year, local media reported.
The company owes a combined 6.2 billion dinars ($74.4 million/54.4 million euro) in back taxes and social security payments, news daily Danas reported on Monday.
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After the debt-for-equity swap, Zastava Oruzje will be nearly 100% owned by state, the daily reported, quoting the company's director Rade Gromovic.
The government in Belgrade currently owns around 75% of the arms maker which is based in Kragujevac, in central Serbia.
(1 euro=113.9279 Serbian dinars)