Serbia: Guidelines for 2024 individual income tax returns

Individuals whose total individual (personal) net income in 2024 exceeds RSD 4,874,508 (non-taxable amount) are required to file a personal income tax return by May 15, 2025.

Taxpayers required to file the annual personal income tax return, who are younger than 40 years of age on the last day of the calendar year 2024, may reduce their personal net income from employment, self-employment, copyright and related rights, and industrial property rights for additional amount of RSD 4,874,508.

In addition, personal deductions are set in the following amounts:

• For the taxpayer: RSD 649,934
• For each dependent family member: RSD 243,725

The total amount of personal deductions cannot be higher than 50% of taxable income.

Tax credit for investments in alternative investment funds:

• A taxpayer who invests in an alternative investment fund is granted the right to a tax credit for annual tax purposes of up to 50% of the investment made in the calendar year for which the annual personal income tax is determined.
• The tax credit cannot exceed 50% of the established annual tax liability.
• The right to tax credit is exercised if a taxpayer does not alienate investment units within three calendar years that follow the acquisition year.

Read a February 2025 report prepared by the KPMG member firm in Serbia