Accounting in Serbia: Reporting Calendar, SEF, ePorezi

Accounting in Serbia is almost entirely electronic: returns are filed through the ePorezi portal, invoices between companies pass through the state system of electronic invoices (SEF), and official letters arrive in an electronic mailbox on e-Uprava. This is convenient once the process is set up, and painful when a foreign director first learns about an obligation from a penalty notice. Below: which duties a company and a sole proprietor have, on what deadlines, and through which systems they are discharged.

Who keeps which books

Micro-companies apply a simplified set of standards, but the principle is the same: every transaction is supported by a document, every document is kept for the prescribed period, and the reporting is signed with the qualified electronic signature of the legal representative or of an authorized accountant.

The company’s calendar of obligations

A sole proprietor on actual income lives by a similar calendar: monthly advances of income tax and contributions by the 15th, the annual PPDG-1S return by 15 April, and VAT (PDV) if registered. A lump-sum sole proprietor pays a fixed amount by the 15th and receives a new decision once a year. For more on what the lump sum is made up of, see the article on the lump-sum tax in Serbia.

ePorezi: the tax account

ePorezi is the Tax Administration’s portal, through which all returns are filed and the taxpayer’s account can be viewed: assessments, payments, arrears, interest. You can only log in with a qualified electronic signature. The director may sign everything personally or grant an authorized accountant access with the PEP form — the accountant then files returns with their own signature while the director sees the result in the account.

A useful habit is to open the taxpayer card once a month and check the balance. An error in the payment order code means the money sits on a different account while a debt with interest builds up on the right one; the only way to notice this is in the account. How a foreigner obtains a signature is covered in the article on the electronic signature and e-Uprava.

SEF: electronic invoices

The system of electronic invoices (Sistem e-Faktura, SEF) is mandatory for every VAT (PDV) payer and for any dealings with budget organizations. An invoice between two Serbian VAT-registered companies exists only in SEF: a PDF sent by email is legally not an invoice. The recipient has to accept or reject an incoming invoice within a set period; an invoice not accepted in time is deemed accepted.

• Registering the company in SEF is done by the director with an electronic signature or through an authorized person.
• Invoices to foreign clients do not go through SEF — they are issued in the ordinary way and recorded in the books.
• Since 2025 SEF also carries electronic VAT records: data on output and input tax is entered for each period.
• Accounting software integrates with SEF through the API, so invoices do not have to be entered twice by hand.
• Companies outside the VAT system may use SEF voluntarily; the obligation arises with VAT registration or with the first contract with a state body.

The electronic mailbox and the APR

The single electronic mailbox (eSanduče) on the e-Uprava portal is the channel for official correspondence between state bodies and the company. Tax decisions, inspection notices and documents from the APR all arrive there. A document is deemed served under the portal’s rules whether or not it has been read. The director must either check the mailbox regularly in person or give the accountant access and set up email notifications.

The annual financial statements are filed with the APR through a separate application, again with an electronic signature. A company that fails to file statements for two consecutive years falls under the compulsory liquidation procedure — the APR opens it automatically. A late-filing fine is the lesser problem compared with that scenario.

The first month: what to set up straight away

• Invoice numbering: sequential within the year, with no gaps; it is best to agree the format with your accountant before the first invoice.
• Invoices to clients may be issued in euros or dollars, but they are recorded in dinars (RSD) at the National Bank of Serbia’s middle rate on the invoice date.
• The accountant’s authorizations in ePorezi (the PEP form), in SEF and in the electronic mailbox are in place before the first return.
• Bank statement export is configured — most banks provide statements in a format that accounting software reads automatically.
• The accounting policy and chart of accounts are approved by a decision of the director: micro-companies use a simplified set, but the document has to exist.
• The decision on the director’s remuneration and on the arrangement for contributions is signed in the first month.

The documents your accountant expects

• Outgoing invoices to clients stating the grounds and the currency; for foreign clients, the contract as well.
• Incoming invoices for rent, services and equipment — issued to the company, with the supplier’s PIB.
• Bank statements for every account, including foreign currency accounts.
• Contracts with employees and contractors, timesheets, leave orders.
• Proof of travel expenses and travel orders, if the company pays them.
• Members’ decisions on profit distribution and dividend payments.

Penalties and interest

Late payment of tax carries interest at a rate equal to the National Bank of Serbia’s reference rate plus 10 percentage points a year — considerably more than a bank loan. Failure to file a return, late VAT (PDV) registration, failure to file financial statements and missing the deadlines for the register of beneficial owners are administrative offences carrying fines for both the company and the responsible person. For legal entities the fines run into hundreds of thousands of dinars (RSD), and the tax authority does apply them.

There are indirect consequences too: a certificate of no tax arrears is needed to renew a residence permit and to take part in tenders, and unpaid contributions for the director surface at the very first check. How this affects the residence permit we examined in the article on residence through business.

If a deadline has been missed after all, the cheapest way out is to fix it yourself and at once: a return can be filed late with the tax and interest paid immediately, and the tax office takes a voluntary correction made before a check begins into account when setting the fine. The worst option is to wait for a letter: the notice arrives in the electronic mailbox, and the time to respond runs from delivery, not from the moment you read it.

How to choose an accountant

• Experience with foreigners’ companies: foreign currency receipts, double taxation treaties, non-resident directors.
• Ability to work through SEF and ePorezi under a power of attorney, so you do not have to sign every return yourself.
• A clear monthly price that states what is included: the number of documents, payroll, VAT, annual reporting.
• Communication in a language you understand, and written reminders about deadlines and amounts due.
• Willingness to explain, not merely to execute: why this advance payment, what this document is for.

Accounting in Serbia is no harder than in other European countries, but for a foreigner the mistakes cost more: they hit the bank, the residence permit and the company’s reputation all at once. If you are registering a DOO or a sole proprietorship, arrange accounting services before the first invoice rather than after the first letter from the tax authority.