Serbian companies took over € 1 billion to tax havens in 2020
Biznis.rs reported that Serbian companies made payments of over € 1 billion to offshore areas in 2020.
According to figures from the National Bank of Serbia (NBS), Serbian companies have paid 1.06 billion euros to offshore areas. Biznis.rs also said it was 22.6% lower than a year earlier, adding that those payments amounted to € 472.2 million in the first half of 2021. He said the amount was by 11.9% lower than in the same period of 2020.
NBS sources told the portal that about 80% of those transactions were payments for exports (€ 379 million including 115.2 million vehicle retail companies), base metal production (93.2 million euros) and the exploitation of minerals and metals (60.9 million euros).
Revenues from offshore areas in the first half of this year totaled 652.5 million euros, up 76.9% from the same period of the previous year, mainly loans from connected foreign companies (259.2 million euros), indicated the sources of the SNB.
There has been a surge in payment transactions with Hong Kong, which have increased over the past six years, and that growth is largely the result of that country’s direct investment in Serbian manufacturing and mining companies.
By country, the largest payments were made in Hong Kong (€ 379.3 million), Singapore (€ 56.4 million), Lebanon (€ 10.6 million), Seychelles (7.3 million euros) and the British Virgin Islands (5.7 million euros), reports the National Bank of Serbia.
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