Reduction of VAT on new apartments in Serbia, from 18% to 8%, decision to be made by end of June 2005 ?

Minister of Finance of Serbia, Mlađan Dinkić, announced that the rate of value added tax (VAT) would be lower for some food products, tickets for sports and cultural manifestations and real estates until the end of June 2005.

Dinkić announced that VAT rate would be reduced from 18% to 8% for new apartments. He added that the Parliament of Serbia would adopt the changes in VAT rates until the end of June 2005.