​I. TRANSACTIONS BETWEEN RESIDENTS AND NON-RESIDENTS

CURRENT ACCOUNT – GOODS

Transactions in respect of trade in goods between residents and non-residents

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Goods

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• all collections and payments in respect of exports and imports of goods (before and after actual exports and imports) in accordance with the general system of trade applied by the Statistical Office of the Republic of Serbia, which covers:
   

  1.  free circulation area, premises for inward processing or industrial free zones,

  2. premises for customs warehousing;
      

• collections and payments related to trading and financial settlement operations on the organized electricity market in the Republic of Serbia,

• collection or payment to carriers of goods sold at ports and airports, if a customs declaration was completed during export or import,

• interest for late payment/collection related to import/export of goods,

• default interest, price differences, exchange rate differences, penalties related to the export and import of goods,

• collections for exports, or payments for imports of goods without a customs declaration: export or import of books, professional literature, standardized software packages, video and audio recordings on physical media with the right to use them without time limitation, etc.,

• payments of damages (uninsured) related to the export and import of goods,

• collections and payments related to goods intended for processing,

• collections and payments related to goods intended for repair.

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Excludes:
 

• intermediation fees, i.e. difference in prices of purchased and sold goods in case of direct re-export and transport (included in 310 – Agent and broker fees),

• collection of payments and payments for further processing of goods (included in 315 – Further processing of goods),

• repair services (included in 314 – Repair of goods),

• advance payments in respect of performance of investment works abroad (included in 421 – Construction works abroad)

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Goods on the territory of the Republic – collections and payments in respect of foreign trade transactions for goods that do not cross the customs line

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Payment for goods purchased abroad and not imported to the country, but delivered directly to another country or customs territory based on agreement

• payment for goods purchased abroad and permanently located in another country or customs territory and remaining in the ownership of the resident,

• payment for purchased goods procured abroad and directly delivered abroad, i.e. collection in respect of that activity.

Supplies of means of transport

• collections and payments in respect of delivery of supplies to resident/non-resident means of transport (ships, airplanes, road vehicles, trains, etc.) such as fuel, food etc. on foreign/domestic terminals (ports, airports, railway stations, etc.), if no customs declaration was completed at the time of exports or imports, and regardless of whether payment and collection were performed before or after delivery of goods.

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Write-offs against invoiced value of goods

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Accruals against invoiced value of goods

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Cover received for Loro (export) letters of credit

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CURRENT ACCOUNT – SERVICES

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This category includes collection of payments and payments in respect of trade in services between residents and non-residents, including all advance payments and refunds

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Further processing and repairs

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Further processing of goods

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• collections for services of finishing, processing, and refinement of goods (e.g. oil refining, additional processing in textile and metal industry and other industries) owned by non-resident,

• payments for services of finishing, processing, and refinement of goods (e.g. oil refining, additional processing in textile and metal industry and other industries) owned by resident.
   

Excludes:
 

• value of goods for further finishing, processing, and refinement (included in 112 – Goods).

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Repairs of goods

• Collections or payments in respect of services of repair and servicing of goods.

Excludes:

• repairs performed by construction and installation companies (included in 317 – Construction works abroad);

• repairs of computer equipment (included in 302 – Computer services);

• maintenance of devices and equipment at airports and in ports (included in 248 – Air transport – other and 208 – Maritime transport - other);

• value of goods being repaired and installed (included in 112).

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Transport

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Maritime transport

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– Passenger transport

– Transport of goods

– Other

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Air transport

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– Passenger transport

– Transport of goods

– Other

Road transport

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– Passenger transport

– Transport of goods

– Other

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Railway transport

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– Passenger transport

– Transport of goods

– Other

River transport

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– Passenger transport

– Transport of goods

– Other

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Passenger transport:
 

• transport of non-residents in international traffic by domestic means of transport,

•  transport of residents by foreign means of transport,

•  transport of domestic passengers by foreign means of transport, inclusive of all other costs incurred in passenger transport (value added tax, surcharge costs, transport of aids for disabled persons, food and beverage on means of transport, etc.).

Excludes:

• transport of non-residents by domestic means of transport within the country (included in 702 – Services in tourism).

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Transport of goods:

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• transport of goods and loading onto the means of transport, or unloading, if it is agreed by contract between the owner of the goods and the carrier that the carrier will also perform these services

Other:
 

• all types of services at ports, airports and other terminal lines (cargo, loading, unloading, storing, warehousing, packing, maintenance and cleaning of transport equipment, vehicle tow and rescue services and agent commissions and fees for provided services of transport of goods and passengers),

• all services paid through an overdraft account.
   

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Excludes:

• services of lease of vehicles and crew (included in 218 – Lease of vehicles and crew for a specified period of time);

• carriers’ exploitation costs (included in 219 – Other transport related services);

• other warehousing of goods (included in 319 – Warehousing);

• insurance of goods (included in 259 – Insurance – premiums);

• goods procured by non-resident carriers in ports, landing places and airports which are treated as goods and not as services (included in 147 – Supplies of means of transport);

• repairs of railway, port and airport facilities (included in 317 – Construction works abroad);

• courier services (included in 249 – Postal and courier services)​

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Other

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Services of transport of oil, gas and electricity

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• costs of pipeline transport of oil and gas and electricity transport.
   

Excludes:

• value of delivered oil, gas and electricity (included in 112 – Goods).

Carrier services

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• all carrier services.

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Lease of vehicles and crew to non-residents for a specified period of time

Excludes:

• lease of vehicles without crew (included in 490 – Lease of means of transport without crew);

•  financial leasing services – leasing (included in 575 or 175 – Financial leasing).

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Other transport-related services include:

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• exploitation costs,

• road tolls,

• transit taxes,

• overflight taxes etc.

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Postal and courier services

Postal and courier services

• postal services, which cover the pick-up, transport, and delivery of letters, newspapers, periodicals, brochures, other printed matter, mailbox rental services and services related to undelivered mail, delivery of parcels, courier services etc.,

• services paid through an overdraft current account

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International money order​

• transfer of funds from/to abroad through public postal operator​

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Tourism

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Purchase/sale of foreign cash – non-residents

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• purchase/sale of foreign cash from/to non-residents.

Excludes:

• purchase/sale of foreign cash from/to residents (included in 796 or 700 – purchase/sale of foreign cash from/to resident natural persons).

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Purchase/sale of cheques – non-residents

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• purchase/sale of cheques from/to non-residents.

Excludes:

• purchase/sale of cheques from/to residents (included in 795 – Purchase/sale of cheques from/to resident natural persons).

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Sale/purchase of domestic currency abroad

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• sale of dinar cash abroad and its repurchase.

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Payments abroad in respect of sold cheques of foreign issuers

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​Services in tourism

Payments in favour of resident or non-resident legal entities and natural persons providing tourist services:

• travel agency services,

• accommodation services – hotels and other accommodation facilities,

• restaurant services,

• organization of excursions,

• transport services provided by resident carriers to non-residents in the country,

• tourist entertainment services, etc.

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Other – tourist services

• other: sale of goods and other services to tourists, hunting and fishing licenses.

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Foreign business travel

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• costs of foreign business travel of residents for the purpose of performing all types of business activities.

Excludes:

• The value of goods, services, etc., sold or purchased by residents on business trips, which may be contracted in the name of and on behalf of the company. (included in 112 – Goods or corresponding services).

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Reimbursement by a non-resident for expenses incurred during a resident's business trip abroad

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Reimbursement for expenses paid by a non-resident during an official stay in our country

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Tourist services – health services

• costs and fees of treatment in hospitals, medical institutions and rehabilitation centres,

• costs of medical treatment, etc.

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Tourist services – education

• total educational costs (scholarships and school fees),

• specialization costs,

• other educational costs.

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Payment cards

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Payments to settle the balance on the overdraft account: clearing the balance on the payment card account.

Includes:

• payments in respect of payment cards for goods/services that the resident buys/uses during foreign travel;

• collection of payment in respect of payment cards for goods/ services that the non-resident buys/uses during travel in the Republic of Serbia (hereinafter: the Republic).

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Investment works
(construction works, construction and installation)

Construction works abroad

Construction works performed by residents abroad in the duration of up to one year, including:

• preparation of the construction site,

• building or road construction works,

• construction and installation services,

• purchase of equipment and goods abroad, performed by resident, necessary for work on projects,

• lease of construction or demolition equipment and engagement of staff

• construction repairs.

Excludes:

• construction works performed by branches of a resident company abroad (included in 735/635 –Transactions between a parent resident legal entity and its branch abroad),

• preparation of site for mining, extraction of oil and gas (included in 306 – Agriculture, mining and in-field processing services),

• payout of profit from construction works performed (included in 420 – Profit from construction works abroad and in the country).

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Construction works abroad

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• advance payments in respect of investment works: advance payments or inflows under statements of works and cost estimates (referring to companies that must run separate bookkeeping for the business unit or that pay taxes in the country in which they perform the investment activity),

• payments abroad for the execution of investment works.

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Excludes:

• payout of profit from investment (construction) works performed (included in 420 – Profit from construction works abroad and in the country).

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Construction works abroad – for costs paid in dinars

• collections in respect of investment (construction) works abroad of costs paid in the country in dinars (except for goods).

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Construction works performed in the country

Construction works performed by non-residents in the country in the duration of up to one year, ,including:

• preparation of the construction site,

• building or road construction works,

• construction and installation services,

• purchase of equipment and goods in the country, performed by non-resident, necessary for work on projects,

• lease of construction or demolition equipment and engagement of staff,

• construction repairs.

Excludes:
 

• construction works performed by branches of a non-resident company in the country (included in 635/435 –Transactions between a parent non-resident legal entity and its branch in the country),

• preparation of site for mining, extraction of oil and gas (included in 306 – Agriculture, mining and in-field processing services),

• payout of profit from construction works performed (included in 420 – Profit from construction works abroad and in the country).

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Construction works performed in the country

• foreign collections in respect of investment (construction) works performed by non-residents in the country in the duration of over one year,

• all payments, including advance payments, in respect of investment (construction) works performed by non-residents in the country in the duration of over one year.

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Insurance

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Insurance – premiums

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• collections and payments of insurance premiums and transfers in respect of life insurance paid by non-resident policyholders to resident insurance companies;

• collections and payments with a foreign insurance company in respect of the following types of insurance:
  
  (a) insurance of investment works abroad performed by domestic companies and of the equipment for the performance of such works if so stipulated by the contract on the performance of such works or in the regulations of the country in which the works are performed;
  (b) insurance of foreign credits, for the purpose of insurance of repayment of such credits, if this is stipulated in the contract at the request of the lender;
  (c) insurance of ships under construction or repair, if this is explicitly stipulated in the contract with a foreign buyer or ordering party;
  (d) insurance of overseas ships against shippers’ liability for damage to third parties and their property;
  (e) insurance of goods exported from or imported into the Republic, if transport of such goods is not done at the risk of a domestic legal entity or natural person;
  (f) insurance with a foreign property insurance company of domestic companies owned by domestic entities or in joint ownership of domestic and foreign entities, founded for the purposes of doing business abroad, and insurance of employees of such companies – if this is required by the regulations of the foreign country or if it is explicitly stipulated in the deed of incorporation of such companies;
  (g) insurances that the applicant for a license of a competent authority in the Republic for clinical testing of medications and medical supplies or for release into trade of medical supplies of foreign producers can contract, in conformity with the law on medications and medical supplies, with foreign insurance companies against damages that may occur as a consequence of application of such medications or medical supplies, if the insurance contract acknowledges the jurisdiction of domestic courts and other bodies to decide on damage claims;
  (h) insurance of foreign persons in the Republic whose property can be insured with a foreign insurance company, unless mandatory insurance in the Republic has been prescribed for such property and such persons;
  i) insurance of risks in relation to maritime navigation, commercial aircraft, space launch and cargo (including satellites), so that insurance covers all or individually: goods in transit, means of transport and the resulting responsibility;
  (j) insurance of risks relating to goods in international transit (transport).

Excludes:

• transactions in respect of mutual refund of damages between a resident and a non-resident insurance company (included in 260 or in 261 – transfers in respect of insurance),

• claims of residents in respect of non-resident’s policy (included in 260 or 261 – transfers in respect of insurance)

• claims of non-resident in respect of resident’s policy (included in 260 or 261 – transfers in respect of insurance);

• damage indemnity arising from commercial relations (included in 892 – Taxes and contributions – state or in 893 – Taxes and contributions – other sectors).

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Fees of insurance companies and voluntary pension funds

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Reinsurance fees

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Reinsurance – premiums

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Reinsurance – damage indemnity

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Payment of contributions to voluntary pension funds in the Republic

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• Payments and collections effected by non-residents in respect of pension contributions to voluntary pension funds in the Republic

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Financial services

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Financial services, excluding insurance and services of voluntary pension funds

All financial intermediation services and additional services provided by residents to non-residents and by non-residents to residents, which include:

а) fees and charges relating to financial transactions, including:
– receipt of deposits,
– documentary credits, guarantees, etc.,
– financial leasing,
– factoring,
– transactions of purchase of debts and claims in respect of foreign trade transactions of residents,
– credit transactions,
– payment of damages between resident and non-resident insurance companies,
– clearing payments,
– foreign exchange transactions;

b) services:
– financial counselling,
– financial assets management,
– relating to payment card operations,
– assessment of credit rating;

c) other services.
 

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Charges on transactions with securities and fees for financial assets management

Fees and charges relating to:
 

• transactions with securities,

• transactions with financial derivatives,

• dealer and brokerage services,

• collections and payments relating predominantly to fees for financial assets management: mutual funds, holding companies, trusts (including fees to managers, custodians, banks, accountants, lawyers etc.) etc.

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Excludes:

• payment of interest on investment in bonds and bills of exchange (included in 430 – Payment of interest on investment in debt securities) and on investment in money market instruments (included in 431 – Payment of interest on investment in money market instruments).

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Industrial property rights

Industrial property rights (patents and trademarks)

Fees and other charges for the use of:

• patents and registered trademarks (words, symbols, design or their combination),

• copyrights,

• right to industrial processes and design etc.,

• product registration licenses,

• other rights.

Excludes:

• purchase and sale of patents and licenses (included in 770 – Purchase and sale of patents, licenses and other intangible property)

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Franchise

Fees and other charges for the use of franchise.

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Fees for licenses for the use of products protected by copyright:

Fees and other charges for the use of:
 

• licenses to distribute and/or reproduce originals or prototypes, and related rights (printing of books, production of computer software, sound recordings etc., charges for live performances and television, cable, or satellite broadcast).

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Telecommunications, computer and IT services

Telecommunications services

– sound transfer,
– information transfer by telephone or telex,
– telegrams,
– cable or satellite transmission,
– use of SWIFT,
– satellite viewing subscription,
– lease of telecommunications capacities (satellites, etc.),
– e-mail, etc

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Computer services

Services relating to hardware, software, databases etc. performed between residents and non-residents.

Includes:
 

• sale/purchase, development, production, supply, and documentation of customized software (including operating systems, made to order for specific users),

• sale/purchase of standardized software programs not acquired via physical media, but downloaded via the internet

• procurement of noncustomized software provided on a storage device (such as a disk or CD-ROM) with a periodic license fee,

• activities relating to databases,

• production of computer programmes,

• computer consultancy services,

• repair of computer equipment etc.

Excludes:
 

• costs of computer training (included in 816 – Services in the field of education and science),

• fees for copyright (included in 301 – Industrial property rights (patents and trademarks)),

• fees for licences (included in 412 – Fees for licenses).  
   

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Information services

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Services relating to media, subscriptions etc. performed between residents and non-residents.

Includes:

• fees for services of newspaper companies,

• fees paid to freelance journalists or photographers,

• purchase and sale of exclusive information,

• other information services.

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Other information services

Research and development

• fundamental and applied research,

• laboratory and other services,

• projects and documents,

• archaeological research,

• participation fees for technical and scientific conventions,

• refund of costs of organizing professional seminars, etc.

Includes:

• refund of costs.

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Legal and accounting services
 

• legal counselling and representation (legal counsel services),

• court expert services,

• accounting consultancy,

• audit,

• tax consulting,

• etc.

Includes:

• refund of costs.

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Business consulting

• consulting services related to business project management and organisation,

• company, market, human resources and production management,

• entrepreneurial and business consulting,

• public relations,

• participation fees for business conventions,

• refund of cost of organizing business conventions, etc.
   

Includes:

• refund of costs.

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Advertising and market research

– advertising agency services,
– media advertising,
– public opinion poll,
– costs of organizing fair exhibitions,
– presentation of products abroad,
– market research, etc.

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Architectural, engineering and other technical services

– architectural and construction design services,
– supervision of design implementation,
– geodetic services,
– services of technical control of products,
– purchase of tender and bidding documentation, etc.

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Control of quality and quantity of goods

– technical testing of goods,
– analyses and issuance of certificates, etc

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Agriculture, mining and in-field processing services

• agricultural services (harvest, crop processing, breeding and accination of animals and services related to hunting, fishing and forestry),

• mining services (production of oil and gas, mine engineering and geologic measurements),

• waste processing services,

• decontamination and recovery services, etc.

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Warehousing
 

Excludes:

• warehousing on railway stations, airports and ports (included in Transport – other).

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Operating leasing of equipment

Includes all types of operating leasing of equipment:

• purchase and sale of rights to use cross-border interconnection capacity of authorised operators in electricity trade.

Excludes:

• financial leasing (included in 575/175 – Financial leasing);

• lease of telecommunications capacities (satellites, etc.), (included in 245 – Telecommunications services)

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Lease of means of transport without crew

– ships,
– airplanes,
– motor vehicles, including rent-a-car services,
– railway container cars, platforms, etc.,
– other vehicles.

Excludes:

• sale of motor vehicles through leasing (included in 575/175 – Financial leasing).

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Agent and broker fees

Fees for services performed between residents and non-residents in trade in goods and services:
– fees payable to agents, brokers and intermediaries,
– merchant fees,
– purchase and sale of monthly tertiary reserve of electricity,
– mercantile broker fees,
– dealer and commission agent fees,
– expert appraisal services related to trade, etc.

Excludes:

• fee for use of patents and licenses (included in 301 – Patents and trademarks),

• fee for use of licenses (included in 412 – Fees for licenses),

• broker services (included in 403 – Fees on transactions with securities),

• insurance brokerage (included in 259 – Insurance – premium).

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Services related to virtual currencies or digital tokens that, in accordance with the Law on Digital Assets, are provided by residents – providers of digital asset-related services – to non-residents, or which are provided by licensed or registered non-residents to residents:

-  commissions, fees, and other costs related to services associated with digital assets (virtual currencies and digital tokens).

Excludes:
– the purchase and sale of virtual currencies (included in 770), as well as the purchase and sale of digital tokens, i.e., digital assets that have the characteristics of financial instruments (included in 540 and 541).

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Other services

– storing and search services,

– photographic services,

– printing and publishing services,

– cleaning services,

– packing of goods,

– utility services,

– processing of tender documentation,

– services of translation and publication of professional and scientific articles (royalties),

– other services

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Personal services and cultural - recreational services

Audio-visual services

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• fee for the provision of services relating to production of films, radio and television programmes and musical production,

• rights of distribution of audio-visual products (film and television programmes),

• television rights of broadcasting sport, concert and similar events etc.

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Other business services – health services

– doctor and other medical staff fees.

Includes:
– refund of costs

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Educational and scientific services

– payment of costs of training (through courses, Internet, television),
– teacher and professor fees.

Includes:
– refund of costs.

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Cultural services

– museum, library, theatre and orchestral services,
– fees for membership in cultural organizations,
– organizing fashion shows,
– services provided by cultural centres of embassies,
– actor, producer, artist, musician and journalist fees,
– other cultural services.

Includes:
– refund of costs.

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Sport and recreation

– participation fees for international sporting events,
– membership fees for international sports organizations,
– athlete fees etc.

Includes:
– refund of costs

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Government goods and services

Government goods and services

Income and expenditure related to goods and services provided to employees of embassies, consulates, military units, and other government entities abroad, including their family members.

Includes:

• office supplies, vehicles, utility services, rental of premises, aintenance, personal costs etc.,

• official representation,

• permits issued by government,

• joint military arrangements and peacekeeping forces (such as United Nations forces),

• police-type services – keeping order,

• recovery of unspent funds that had been transferred to the accounts of diplomatic-consular offices of the Republic abroad,

• fees for paid or charged services provided by government which cannot be included in other service categories (e.g. issuance of specific confirmations and certificates etc.).

Excludes:

• employee wages and compensations (included in 600 – Wages and other compensations).

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CURRENT ACCOUNT – PRIMARY INCOME ACCOUNT

 Income from employment

Wages and other compensations:

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• to permanently or temporarily employed residents and non residents in embassies, state institutions and other representative offices abroad,

• to permanent or temporary employees in foreign diplomatic and other representative offices and international organizations in the Republic,

• to residents and non-residents permanently or temporarily employed by non-residents abroad and by residents in the Republic, over a period of up to one year,

• to border and seasonal workers.

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Income from capital

Income – direct investment​

• paid out profit in respect of participation in capital, in case of a direct investment.

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Lease of land, real estate and business facilities

• payments in respect of lease of land, real estate and business facilities between residents and non-residents,

• collection of rent, etc. by a resident on account of capital invested in real estate abroad,

• payment of rent, etc. to a non-resident on account of capital invested in real estate in the country.

Includes:

• payments in respect of right to use forests, hunting grounds, waters, mines, etc. when the non-resident/resident does not establish a legal entity for performing these activities in the country/abroad.
   

Profit from construction works abroad and in the country

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Income – portfolio investment

– paid out profit in respect of participation in equity capital below 10%.

Interest on debt securities

Payment of interest on investment in debt securities

Payment of interest on investment in money market instruments

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Interest

Interest on long-term credits or loans between residents and non-residents

Includes:

• payment and collection of interest on long-term financial credits or loans in foreign exchange and commercial credits or loans in foreign exchange and dinars for financing of deferred and advance payment of goods and services in foreign trade,

• payment and collection of interest on subordinated credits or loans in foreign exchange between residents and non-residents,

• payment of interest on foreign long-term credits or loans in foreign exchange taken by resident natural persons and on foreign long term credits or loans in foreign exchange taken by resident branches of foreign legal entities from non-resident founders,

• payment of interest on long-term credits or loans in dinars approved to residents by international financial organisations and development banks or financial institutions founded by foreign states.

Excludes:

• payment and collection of interest on long-term credits or loans between residents and non-residents under which payment operations may be performed without prior reporting to the National Bank of Serbia (included in 840 or 140 – Interest on long term credits or loans between residents and non-residents under which payment operations may be performed without prior reporting to the National Bank of Serbia).

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Interest on long-term credits or loans between residents and non-residents under which payment operations may be performed without prior reporting to the National Bank of Serbia

Includes:

• collection of interest under long-term credits in dinars which banks approve to non-residents,

• payment and collection of interest under long-term commercial credits or loans in foreign exchange and dinars – deferred payment for imported and collection for exported goods and services with the agreed term of over one year from the date of imports/exports and advance collection for exported and advance payment for imported goods and services with the agreed exports/imports term of over one year from the date of collection/payment.

Interest on short-term credits or loans between residents and non-residents.

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Includes:

• Payment and collection of interest on short-term financial loans or credits in foreign currency, and on commercial loans or credits in foreign currency and domestic currency for financing deferred and advance payments of goods and services in foreign trade, as well as on short-term bank credit lines in foreign currency between a bank and a foreign bank.;

• Payment of interest on short-term loans or credits in domestic currency granted to residents by international financial organizations and development banks, or financial institutions established by foreign states.

Excludes:

• Payment and collection of interest on short-term loans or credits between residents and non-residents for which payment transactions can be executed without prior reporting to the National Bank of Serbia (included under 841 or 141 – Interest on short-term loans or credits between residents and non-residents for which payment transactions can be executed without prior reporting to the National Bank of Serbia).

Interest on short-term credits or loans between residents and non-residents under which payment operations may be performed without prior reporting to the National Bank of Serbia
 

Includes:

• collection of interest on short-term credits in dinars which banks approve to non-residents,

• payment and collection of interest on short-term commercial credits or loans in foreign exchange and dinars – deferred payment for imported and collection for exported goods and services with the agreed term of over one year from the date of imports/exports, with interest, and advance collection for exported and advance payment for imported goods and services with the agreed exports/imports term of up to one year from the date of collection/payment, with interest.

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Interest on short-term time bank deposits in foreign exchange

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• payment and collection of interest under short-term time bank deposits in foreign exchange contracted between a bank and a foreign bank, with the payment and/or collection term of up to twelve months.

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Interest on demand deposits and time deposits

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Interest in respect of financial leasing

Other costs of credits to abroad or credits taken from abroad

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Payment of default interest

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CURRENT ACCOUNT – SECONDARY INCOME ACCOUNT

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Aid and grants – public sector

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• aid and grants to the public sector or public sector aid (subject to approval of competent authority).

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Aid and grants – other sectors

• payments between residents and non-residents in the form of cash grants, aid, inheritance, alimony, etc.,

• sponsorship of sporting and cultural events, etc.,

• regular collection of membership fees of religious, humanitarian, scientific and cultural organizations,

• collection of money earned from games of chance.

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Foreign donations for international project participants

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• receipt of foreign donations where the coordinator is from the Republic and transfer of the funds received in respect of donations to partners from other countries under a donation agreement.

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Current public transfers

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• regular transfers of state institutions to international organizations, and vice versa,

• membership fees and other transfers to international organizations,

• compensation for foreign technical assistance,

• membership fees, transfers, payins and payouts under international police cooperation.
   

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Taxes and contributions – state

Collections and payments in respect of taxes, fees, court deposits, bails, penalties, taxes and awards, collections and payments in respect of court decisions and rulings, and collections and payments arising from deals between residents and non-residents, etc.

Includes:
– return of excess amounts paid in above respects.

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​Taxes and contributions – other sectors

Collections and payments in respect of taxes, fees, court deposits, bails, penalties, taxes and awards, collections and payments in respect of court decisions and rulings, and collections and payments arising from deals between residents and non-residents, etc.

Includes:
– return of excess amounts paid in above respects.

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Foreign exchange remittances from abroad to the benefit of resident natural persons – paid out in dinars

Foreign exchange remittances by natural persons

• foreign exchange remittances by natural persons from abroad to the credit of foreign exchange accounts of resident natural persons in the Republic,

• foreign payments from foreign exchange accounts of resident natural persons,

• payments (moderate remittances) made by non-resident (resident) natural persons residing in the Republic or abroad for over one year to residents (non-residents), most frequently as payments among family members, etc.

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Workers’ foreign exchange remittances

• workers’ foreign exchange remittances from abroad to the benefit of legal entities – organizations for social insurance in respect of pension insurance of workers and health insurance of their families,

• payments to the credit of foreign exchange accounts of the above workers.

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Annuities, pensions, disability benefit and other social benefits – state

• payment of contributions for social insurance by non-residents to the benefit of social funds in the Republic and payout from such funds for pensions and other social benefits to non-residents by social funds in the Republic.

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Annuities, pensions, disability benefits and other social income – other sectors

• payment of social insurance contributions to the benefit of foreign funds or countries and payout of pensions and other social benefits from such funds.

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Transfers in respect of insurance

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• collections in which both the foreign insurance undertaking policyholder and the beneficiary are residents,

• payments in which both the domestic insurance undertaking policyholder and the beneficiary are non-residents.
   

Includes:

• transactions in respect of reciprocal refund of damages between a resident and a non-resident insurance undertaking;

• claims in respect of insurance policy.

Excludes:

• fees relating to transactions on interim accounts for payout of damages between a resident and a non-resident insurance undertaking (included in 400 – Financial services, except insurance)

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Transfers in respect of insurance

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• collections in which a foreign insurance undertaking policyholder is a non-resident and beneficiary is a resident,

• payments in which a domestic insurance undertaking policyholder is a resident and beneficiary is a non-resident.

Includes:

• transactions in respect of reciprocal refund of damages between a resident and a non-resident insurance undertaking;

• claims in respect of insurance policy.

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Excludes:

• fees relating to transactions on interim accounts,

• for payout of damages between a resident and a non-resident insurance undertaking (included in 400 – Financial services, except insurance).​

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CAPITAL AND FINANCIAL ACCOUNT

Capital transfers

Capital transfers – public sector

Public sector transfers to non-residents and non-resident transfers to the public sector (money transfers that increase fixed capital in the country: e.g. cash subsidies for investment projects and inter governmental damage indemnity paid at government level, concessions for natural resources, forests, springs, etc.).

Excludes:

• concessions for infrastructure, etc. (included in 557/157 – Direct investments – investments by non-residents in the Republic)

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Capital account – sale and purchase of non-manufacturing and non-financial assets

Purchase and sale of patents, licenses and other intangible property

Includes:

• payment of fee for concessions, internet domains, goodwill etc.,

• international transfers of professional athletes, etc

• the sale and/or purchase of virtual currencies

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Sale of real estate to foreign diplomatic representative offices and/or purchase of real estate from such representative offices

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Financial account

Direct investments

Direct investments – investment by non-residents in the Republic

Transactions resulting from purchase and sale of shares or ownership stake in the share capital of resident legal entity and other transactions aiming to increase non-resident’s stake in an established resident legal entity
– payment of founding stake (founding of legal entity, branch, etc.),
– capital increase,
– payments for coverage of losses,
– concessions for infrastructure, etc.

Includes:

• individual payments below 10% participation in equity capital when made with the purpose to increase the existing direct contribution or to acquire managing rights.

​Sale of ownership stake in another domestic company

• collection of payment by a resident legal entity from a non resident for the sold ownership stake in another resident legal entity,

• payment to the benefit of a non-resident for sold ownership stake
  in another resident legal entity.

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Payment of foreign capital by the founder that does not increase the share capital

Includes:

• additional payment by the founder which does not increase the share capital, or return of additional payment to the founder.

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Joint venture – transactions of non-residents under joint venture investment in the Republic

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• payment and refund under joint venture – a contract under which two or more persons agree to pool their assets and/or work for the purpose of accomplishing a predetermined business task and to break up upon the accomplishment of task. The contracting parties agree to share in the profit and losses proportionate to their participation or as mutually agreed.

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Transactions between a non-resident parent legal entity and its branch in the country

Excludes:

• founding of companies (included in 557/157 – Direct investments – investment by non-residents in the Republic)

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Sale and purchase of real estate in the Republic
 

Includes:
– time share contracts with over 90 years lease period

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Direct investments – investment by residents abroad

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• participation of domestic capital in a foreign bank and legal entity, all investments in shares of foreign legal entities and banks and/or reduction of stake in capital.

Includes:

• individual payments below 10% participation in equity capital when made with the purpose to increase the existing direct contribution or to acquire managing rights.

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Joint venture – transactions of residents under joint venture investment abroad

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• payment and refund under joint venture – a contract under which two or more persons agree to pool their assets and/or work for the purpose of accomplishing a predetermined business task and to break up upon the accomplishment of task. The contracting parties agree to share in the profit and losses proportionate to their participation or as mutually agreed.

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Transactions between resident parent legal entity and its branch abroad (as well as other form of organisation which is not a company)

Excludes:
– founding of companies (included in 579/179 – Direct investments
– investment by residents abroad)

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Sale and purchase of real estate abroad

Includes:
– time share contracts with over 90 years lease period

Portfolio investment

Portfolio investment by residents

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• investment in equity securities and stake in capital (not exceeding 10% of ownership).

Excludes:

• individual payments below 10% participation in equity capital when made with the purpose to increase the existing direct contribution or to acquire managing rights (included in 579/179 – Direct investments – investment by residents abroad)

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Portfolio investment by non-residents

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• investment in equity securities and stake in capital (not exceeding 10% of ownership)

Includes:

• sale of foreign currency denominated domestic securities issued by residents abroad.

Excludes:

• individual payments below 10% participation in equity capital when made with the purpose to increase the existing direct contribution or to acquire managing rights (included in 557/157 – Direct investments – investment by non-residents in the Republic).

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Investment in debt securities including
long-term and short-term debt securities

Sale or purchase of long-term debt securities, digital tokens, as well as digital assets with the characteristics of financial instruments, issued by non-residents

Includes:

• investments by residents in long-term debt securities issued by member states of the European Union, the OECD, international financial organizations, and development banks or financial institutions founded by foreign states.

– sale or purchase of other long-term debt securities whose rating and country of issuer are prescribed by the National Bank of Serbia

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Sale or purchase of other long-term debt securities whose rating and country of issuer are prescribed by the National Bank of Serbia

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Sale or purchase of long-term debt securities, digital tokens, as well as digital assets with the characteristics of financial instruments, issued by residents

 Collection of proceeds from the sale of domestic securities denominated in foreign currency and issued abroad

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Payments based on the redemption of matured domestic securities by non-residents, which are denominated in foreign currency and issued abroad

Payments based on the purchase of domestic securities denominated in foreign currency, issued abroad, and purchased by residents

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Sale or purchase of short-term debt securities issued by non-residents

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Sale or purchase of short-term debt securities issued by residents

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Derivative financial instruments – Financial derivatives

Received payment from a non-resident for net settlement in respect of an option issued by non-residents, but not for the actual purchase/sale of the underlying instrument, and inflow from the sale of option during the option validity term and/or payment of premium to non-resident for the purchase of the option issued by non-residents.

Includes:
– inflow and outflow under warranties.

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Received payment of premium from a non-resident in respect of sale of an option issued by domestic issuers or payment to non-resident for net settlement in respect of the sold option of the domestic issuer, but not in respect of the actual sale of the underlying instrument

Includes:
– inflow and outflow under warranties.

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Inflow or outflow in respect of net settlement of forward instruments issued by non-residents (forward, future, swap, etc.)

Includes:

• financial derivative transactions as a hedge against foreign exchange risk, interest rate risk, securities price risk, commodity price risk and stock market index risk,

•  currency forward and interest rate forward;

• foreign exchange swap and interest rate swap;

• cross currency interest rate swap;

• futures – outflow under initial margin and variation margin payments, and/or inflow from withdrawal of funds above the initial margin.

Inflow or outflow in respect of net settlement of forward instruments issued by residents (forward, future, swap, etc.)

Includes:

• futures – inflow and outflow under initial margin and variation margin payments​​​