Foreign income in Serbia: PP OPO filing, dividends and tax credit
If you are a Serbian tax resident and you received a dividend from foreign shares, interest from an account abroad or a fee from a foreign company, tax on foreign income in Serbia is something you calculate, file and pay yourself. The form is PP OPO, the deadline is 30 days from the day you received the income, and the tax is paid within the same period. The short answer: there is no Serbian payer to withhold tax for you, so the whole obligation sits with you. Below we explain which income types are self-assessed, how to file PP OPO through the ePorezi portal, how tax on foreign dividends is calculated and how the credit for tax already paid abroad works.
Which foreign income is self-assessed
The principle is simple. When a Serbian payer (a company, a bank, an agency) pays you, it withholds the tax. When the money comes from abroad, there is no such payer, so the Personal Income Tax Law requires Serbian residents to self-assess.
The most common income types reported on PP OPO:
- Dividends from foreign shares and funds, whether you use Interactive Brokers, Revolut, eToro or a domestic broker with access to foreign markets.
- Interest on savings, bonds or deposits with foreign banks and platforms.
- Fees for work that are not reported under the freelancer regime, such as a service contract, royalties or a consulting fee from a foreign company.
- Rent from real estate or equipment located abroad.
What does not go on PP OPO: capital gains from selling shares or crypto are reported on form PPDG-3R, covered in our PPDG-3R guide.
The 30-day deadline
You have 30 days to file and pay, counted from the day the income was received. For dividends and interest that is the date the money was credited to your brokerage or bank account, not the date you transferred it to Serbia. The deadline starts on the day after the payment and applies to each individual receipt. Several receipts of the same type can be combined in one return as long as you file within the deadline of the earliest one. There is no annual or quarterly aggregation for PP OPO.
Foreign currency amounts are converted to dinars at the National Bank of Serbia middle rate on the day the income was received. The tax is paid to the account and with the reference number that the portal generates with the return.
Filing PP OPO step by step on ePorezi
The return is filed electronically through the ePorezi portal. You need a qualified electronic certificate, either on a chip ID card or on a card issued by a certification body. If you do not have one, an accountant or tax advisor can file on your behalf under a power of attorney registered with the Tax Administration.
- Log in to ePorezi with your certificate and select form PP OPO.
- Enter your details: personal ID number, address, residency status and the period the income relates to.
- Select the income type from the code list (dividend, interest, royalties, service contract and so on). The code determines the rate, standard cost deductions and whether social contributions apply.
- Enter the gross income in dinars, the foreign tax paid if you claim a credit, and the computed tax.
- Attach evidence: the broker or bank statement and, for a credit, confirmation from the foreign tax authority that the tax was paid.
- Sign and submit. You receive a return number, the amount due and the payment reference. Pay within the same 30 days.
Tax on foreign dividends: rate and worked example
Dividends are taxed at 15% of the gross amount, with no standard cost deduction and no social contributions. Gross means the dividend before the withholding tax kept by the source country, so read both figures on your broker statement: gross dividend and tax withheld at source.
Example: a dividend from US shares
Say you received a gross dividend of 1,000 USD from a US company on March 10. Serbia and the United States have no double tax treaty, so the US normally withholds the statutory 30% for non-residents. The W-8BEN you signed with your broker certifies that you are not a US taxpayer, but without a treaty it does not lower the rate. Always check the actual amount withheld on your statement.
| Item | Amount |
|---|---|
| Gross dividend | 1,000 USD |
| NBS middle rate on payment date (illustrative) | 106 RSD per USD |
| Gross dividend in dinars | 106,000 RSD |
| Serbian tax at 15% | 15,900 RSD |
| Tax withheld in the US (30%) | 31,800 RSD |
| Tax credit (capped at the Serbian tax) | 15,900 RSD |
| Tax payable in Serbia | 0 RSD |
The return is filed even when the amount payable is zero. The part of the foreign tax above the Serbian tax, here 15,900 RSD, is not refunded in Serbia and cannot be carried to other income. For a dividend from a treaty country with a 15% withholding rate, the credit covers the whole Serbian tax with nothing lost. The 106 rate is illustrative, always use the NBS middle rate on the day of receipt.
Tax credit, treaties and the residency certificate
Serbia has double tax treaties with more than 60 countries. A treaty usually limits withholding on dividends in the source country to between 5% and 15%, and Serbia as the residence country grants that tax as a credit. The credit can never exceed the tax you would pay in Serbia on the same income.
What you need for the credit
- Confirmation from the foreign tax authority that the tax was paid. A broker statement helps, but the Tax Administration may ask for the official confirmation, so request it early.
- A certificate of residency issued by the Serbian Tax Administration, if you want the reduced treaty rate applied abroad up front.
- Proof of the date and amount, usually the account statement.
Specifics for foreign brokerage accounts are covered in our article on tax on foreign brokers, shares and dividends.
Common mistakes
- Waiting until year end. PP OPO is not an annual return, the 30-day clock starts with each payment.
- Reporting net instead of gross. The base is the dividend before foreign withholding.
- Wrong exchange rate. Use the NBS middle rate on the day of receipt, not the filing date rate or your bank's rate.
- Claiming a credit without proof. Without confirmation of the foreign tax the credit can be rejected in an audit.
- Mixing up forms. Dividends and interest go on PP OPO, share sales on PPDG-3R. Fees for work from abroad also count toward the annual personal income tax, while dividends and capital gains do not.
Frequently asked questions
Do I have to file PP OPO if the tax was already paid abroad?
Yes. The return is always filed and the foreign tax is shown as a credit. If the credit equals the Serbian tax, the amount due is zero, but the filing obligation remains.
What happens if I miss the 30-day deadline?
The Tax Administration can charge late-payment interest and start misdemeanor proceedings. Filing late is still better than not filing, since a voluntary late return is usually treated more leniently than a liability established in an audit.
Are reinvested dividends taxable?
Yes. The dividend is earned when it is credited to you, whether paid in cash or automatically reinvested through a DRIP program.
How NOTA GROUP can help
Our team in New Belgrade prepares and files PP OPO returns under power of attorney, computes the tax and the credit from your broker statements and advises on the documents needed to apply a treaty. See our tax consulting service or book a consultation, send us your statement and we will tell you exactly what to file and when.
