Serbia
1. Serbia was first reviewed during the 2018/2019 peer review. This report is supplementary to that previous report (OECD, 2018[2]).
2. There is no filing obligation for a CbC report in Serbia yet.
Summary of key findings
3. Serbia does not yet have legislation in place for implementing the BEPS Action 13 minimum standard.
4. It is recommended that Serbia take steps to implement a domestic legal and administrative framework to impose and enforce CbC reporting requirements as soon as possible. This recommendation remains in place form the 2018/2019 peer review.
5. It is recommended that Serbia take steps to have qualifying competent authority agreements in effect with jurisdictions of the Inclusive Framework that meet the confidentiality, consistency and appropriate use conditions and with which Serbia has an international exchange of information agreement in effect that allows for the automatic exchange of tax information. This recommendation remains in place since the 2018/2019 peer review
6. It is recommended that Serbia take steps to implement processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference (OECD, 2017[3]) relating to the exchange of information framework ahead of the first exchanges of information. This recommendation remains in place form the 2018/2019 peer review
7. It is recommended that Serbia take steps to ensure that the appropriate use condition is met ahead of the first exchanges of information. This recommendation remains in place form the 2018/2019 peer review
Part A: The domestic legal and administrative framework
8. Serbia does not yet have legislation in place for implementing the BEPS Action 13 minimum standard.
Part B: The exchange of information framework
(a) Exchange of information framework
10. As of 31 March 2020, Serbia has no bilateral relationships in place for the exchange of CbC reports. It is recommended that Serbia take steps to have qualifying competent authority agreements in effect with jurisdictions of the Inclusive Framework that meet the confidentiality, consistency and appropriate use conditions and with which Serbia has an international exchange of information agreement in effect that allows for the automatic exchange of tax information. This recommendation remains in place form the 2018/2019 peer review
(f) Consultation with other Competent Authority before determining systemic failure or significant non-compliance
15. No change is identified.
Conclusion
18. It is recommended that Serbia take steps to have qualifying competent authority agreements in effect with jurisdictions of the Inclusive Framework that meet the confidentiality, consistency and appropriate use conditions and with which Serbia has an international exchange of information agreement in effect that allows for the automatic exchange of tax information. This recommendation remains in place since the 2018/2019 peer review
19. It is recommended that Serbia take steps to implement processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework ahead of its first exchanges of information. This recommendation remains in place from the 2018/2019 peer review.
References
OECD (2018), Country-by-Country Reporting – Compilation of Peer Review Reports (Phase 1): Inclusive Framework on BEPS: Action 13, OECD/G20 Base Erosion and Profit Shifting Project, OECD Publishing, Paris, https://dx.doi.org/10.1787/9789264300057-en. [2]
OECD (2017), Terms of reference for the conduct of peer review of the Action 13 minimum standard on country-by-country reporting, OECD Publishing, https://www.oecd.org/tax/beps/beps-action-13-on-country-by-country-reporting-peer-review-documents.pdf. [3]