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We have been waiting for its approval for decades and, as of March, the Property Origin Law should be more feared by those who have acquired property illegally. Training has begun for the special team of the Tax Administration that will deal with this issue, and a special sector that will be in charge of implementing the law, with 60 members.
The Property Origin Law provides for the establishment of a special unit in the Tax Administration. That body will not only control the political elite. The law will apply to all citizens who, with their lifestyle, may arouse the suspicion that their income is not in line with what they reported.
It was mentioned earlier that assets acquired after 2007 could be examined, with the explanation that electronic records were entered into the Tax Administration at that time, but that provision was removed from the draft. Now it is mentioned that the property could have been examined 10 years ago.
The Tax Administration will practically verify the property, its value and origin, observing in detail all the tax returns and tax balances, then the accounting reports and other records and databases.
All state bodies, as well as the bodies of the autonomous province and local self-government, will be obliged to send the requested data. If it is determined in the procedure that the facts indicate the existence of reasons to suspect that a crime has been committed, the Tax Administration unit will inform the police, the Tax Police, the Public Ministry and other competent authorities.
The Ministry of the Interior, the SbN, the Administration for the Prevention of Money Laundering, the Agency for the Prevention of Corruption, the Geodetic Authority of the Republic, the Mercantile Registers Agency and the Central Registry, Deposit and Compensation of Securities also their experts delegate to this special unit of the Tax Administration.
The Tax Administration unit initiates the control procedure, and if it seems probable in the procedure that in a maximum of three consecutive calendar years in which a natural person has an increase in property, there is a difference between the increase in property and the declared income of a natural person.
Avoiding declaration of ownership, regardless of whether it was acquired legally or illegally, can cost up to 75 percent of its total value. By a simple calculation, if someone hid a property worth 1,000,000 euros, they will have to pay 750,000 euros in taxes, which are paid to the budget of Serbia. The court may confiscate the property and everything you acquired illegally from the strangers.
The draft law establishes that a fine of 500,000 to two million dinars will be imposed on the legal person that does not submit the available data at the request of the Tax Administration Unit, the employer will be fined 100,000 to 500,000 dinars, and physically responsible person in a legal entity, state body, local self-government from 50,000 to 150,000 dinars.
Likewise, a fine of 50,000 to 150,000 dinars will be imposed on the natural person who does not keep the data obtained in the property determination and special tax procedure as professional secret.
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