Jelena Knežević, Director, LeitnerLeitner

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The key to gaining a competitive edge in business is competence, reliability and speed – principles that LeitnerLeitner has been putting into practise for more than 60 years

Our consistently high-quality standards have also helped us achieve success and constantly increase our locations in CEE and SEE. As one of the most influential tax consulting and auditing companies in Central and Eastern Europe, LeitnerLeitner is being increasingly recognised in Serbia due to its professionalism and the high quality of services provided to clients.

Leitner logo“We recognised the significance of CEE countries early on and can therefore offer our clients the best course of action. Tax optimisation, tax planning and successful business strategies that are tailored to each client’s needs – that’s what we aim to achieve for our clients by offering comprehensive advice,” says LeitnerLeitner Director Jelena Knežević.


The Serbian Government determined Law on Amendments to the Law on Value Added Tax on 16th September 2019, which was adopted at the 7th October 2019 session of the National Assembly of the Republic of Serbia – with the adopted Law then published in the Official Gazette of Republic of Serbia, issue No. 72, on 7th October 2019. The majority of suggested amendments will be applicable as of 1st January 2020. One of the major amendments will be regulation of the VAT treatment of vouchers in Serbia. This topic has been a burning issue in the EU recently, where the VAT Directive 2006/112/EZ was amended in the part relating to the VAT treatment of vouchers. EU member states had a deadline of year’s end 2018 to harmonise their local legislation to address the amendments to the VAT Directive.

The Draft Law determines the VAT treatment of the supply of goods and services rendered through the transfer of vouchers, which can be single purpose and multi-purpose vouchers. As a first step, it is necessary to know the definition of the voucher and to differentiate between these two types of vouchers.

In terms of VAT Law, a voucher is an instrument that must be accepted as a consideration, or part of a consideration, for supplied goods or services, provided the goods/services supplied and the identity of the supplier of goods/services are indicated, either on the voucher itself or in related documentation.

On its road to the European Union, Serbia is also amending its VAT legislation in accordance with the VAT Directive, including the VAT treatment of vouchers

A single purpose voucher is considered to be a voucher for which the point of supply of goods/services and the VAT due for such supply are known in the moment of the issuance of a voucher, while a multi-purpose voucher is a voucher for which the point of supply is not known at the moment of issuance. Vouchers can be issued, in electronic form or hard copy, as an instrument that entitles the holder to the right to use a price coupon discount, which does not include the right to purchase goods or services, transport tickets, admission tickets, postage stamps or similar items not considered to represent a value voucher.

VAT treatment of single purpose vouchers – each single transfer of single purpose voucher by a taxpayer in its own name – is considered as a supply of goods/services. If the transfer of a voucher is done by a taxpayer on behalf of another taxpayer, it is considered that the actual supplier of the applicable goods/services effected supply of the goods/services to that taxpayer who issued voucher. So, for a single purpose voucher, the moment when a tax obligation arises is the moment of the voucher’s issuance.

The VAT treatment of multi-purpose vouchers – the actual supply of goods/services for a multi-purpose voucher accepted by the supplier of goods/services as consideration for such supply – is subject to VAT, while each previous supply of a multi-purpose voucher is not subject to VAT. It is crucial that, for a multi-purpose voucher, how they will be used it is not known at the moment of issuance. A typical example is the use of vouchers issued by a shopping centre, which can be used at various shops within the centre. As such, given that the elements for the calculation of VAT are unknown at the moment of issuance, VAT is not calculated at the moment of issuance, rather at the moment when actual goods/services are supplied on the basis of the voucher.

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