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28. April 2015.
Biljana Bujic Chaired CFO Forum’s Panel on Reforms
At the 4th Tsomokos CFO Panel held on April 28, Tax Committee President Biljana Bujic outlined as key issues in the taxation sector insufficient law implementation and inadequate public debate in view of adoption of legislation. She chaired and spoke at the first panel after the keynote speeches, named ‘’Which reforms to revive growth in Serbia?”.
Other panellists included FEFA Dean Ana Trbovic, Faculty of Economics Professor Dejan Soskic and TPA Horwath Managing Partner Bojan Zepinic. For improving implementation, she pleaded for the following: strengthening coordination within the Tax Administration and between the Tax Administration and the Finance Ministry; unique rulebooks for each taxation law instead of the separate rulebooks for specific parts of the law; and clear and obligatory guidelines to the Tax Administration regarding all the problematic issues. Increased capacities of the Tax Administration and the Finance Ministry are needed for all the above mentioned measures. To improve predictability, there is the need to ensure the public debate is transparent and that it last long enough to enable participation of the business community. It is also of key importance to give sufficient transition periods, and to adopt the Law on Charges with the participation of the taxpayers and representatives of the Tax Authority since they implement the regulations. She emphasized that greater transparency in changes of laws is of key importance for achieving better predictability in doing business.
On the overall business climate and reforms, she praised the Government for continuing to improve the business climate in the past six months. As the key FIC expectations she cited continuing the harmonization of the legislation with the EU, preserving macro-economic stability and fiscal consolidation. Law implementation should also be high on the agenda, and it implies the reform of the public administration and increasing of the administrative capacities in ministries and other state institutions, with the special focus on the Public administration and inspection services. She conveyed that FIC currently gathers more than 130 foreign companies, who have invested over EUR 22 billion, contributed to 18.0% of GDP in 2013 and directly employ more than 96,000 people in Serbia. ‘’FIC is always ready to be the active participant in the consultations regarding the ongoing and planned reforms, with the need to improve business environment and create better framework for future growth“, Tax Committee President concluded.
CFO Conference is a high-class forum gathering financial managers and centred on the key new participants that influence the future of the finance in various sectors. It is organized by Tsomokos Group International (TGI) in cooperation with FEFA. FIC traditionally supports this event by circulating the invitation to attend the Forum to CFO’s within the FIC database and promoting the event on its web-site.