Multi-Region Overview

Multi-Region Accounting Standards Overview 
 Source: Research report /Users/makinja/system/reports/research-bilko-multi-region-2026-02-20.md 
 Key Architectural Insight: Shared Core + Country Plugins 
 What's SHARED (build once) 
 
 
 
 Component 
 Standard 
 Notes 
 
 
 
 
 Chart of Accounts structure 
 10 classes (0-9), decimal 
 Same across all 3 countries 
 
 
 Accounting standards 
 IFRS / IFRS for SMEs 
 Adopted by all 3 
 
 
 Bookkeeping 
 Double-entry 
 Mandatory everywhere 
 
 
 Payment formats 
 ISO 20022 (pain.001, camt.053) 
 All 3 converging 
 
 
 E-invoice format 
 UBL 2.1 XML (EN 16931) 
 Standard across all 3 
 
 
 Data protection 
 GDPR-aligned 
 All 3 converging 
 
 
 Digital signatures 
 eIDAS-aligned (QES/AES/SES) 
 All 3 support 
 
 
 Software certification 
 None required 
 No barriers to entry 
 
 
 Data residency 
 No in-country mandate 
 Cloud hosting OK 
 
 
 User licensing 
 No professional license needed 
 Anyone can use 
 
 
 
 What's PER-COUNTRY (plugin architecture) 
 
 
 
 Component 
 Serbia 
 Croatia 
 BiH 
 
 
 
 
 Currency 
 RSD 
 EUR 
 BAM 
 
 
 VAT standard rate 
 20% 
 25% 
 17% 
 
 
 VAT reduced rates 
 10% 
 13%, 5% 
 None 
 
 
 VAT registration threshold 
 8M RSD 
 60K EUR 
 100K BAM 
 
 
 VAT return frequency 
 Monthly/Quarterly 
 Monthly 
 Monthly 
 
 
 VAT filing deadline 
 15th of next month 
 Last day of next month 
 TBD 
 
 
 Corporate income tax 
 15% 
 18% (10% if <1M EUR) 
 10% 
 
 
 CIT filing deadline 
 June 30 
 April 30 
 March 31 
 
 
 WHT dividends 
 20% 
 10% 
 FBiH 5%, RS 10% 
 
 
 E-invoice platform 
 SEF (efaktura.gov.rs) 
 eRacun/HR-FISK (FINA) 
 CPF (pending) 
 
 
 E-invoice status 
 Mandatory since 2023 
 Mandatory Jan 2026 
 Likely 2027 
 
 
 Fiscal devices (B2C) 
 LPFR + ESIR 
 Fiskalizacija 1.0 + 2.0 
 ESET 
 
 
 Chart of Accounts template 
 Pravilnik (2021) 
 RRiF standard 
 FBiH Pravilnik (2022) 
 
 
 Filing institution 
 APR 
 FINA 
 Agency of Financial Info 
 
 
 Document retention 
 10 years 
 11 years 
 10-11 years 
 
 
 Payment system 
 IPS + SEPA (2026) 
 SEPA (full) 
 Gyro Clearing + RTGS 
 
 
 Open Banking 
 PSD2 aligned (Jan 2026) 
 PSD2 (full) 
 Not adopted 
 
 
 Tax portal 
 ePorezi 
 ePorezna 
 UIO (VAT), entity portals (CIT) 
 
 
 Small biz regime 
 Pausal (<6M RSD) 
 Pausalni obrt (<60K EUR) 
 No specific regime 
 
 
 
 Launch Order 
 
 Serbia FIRST - SEF operational, largest opportunity, e-invoicing driving adoption NOW 
 Croatia SECOND - HR-FISK launching Jan 2026, EU compliance adds credibility 
 BiH THIRD - Wait for CPF specs (2027), build locale/tax early 
 
 Competitive Strategy 
 
 Compete on UX - Pantheon = ERP (complex), Bilko = accounting (simple). Fiken model. 
 Compete on price - Pantheon charges "secretary salary" equivalent. Undercut. 
 Compete on cloud-native - Minimax closest but older architecture 
 Local language + compliance = moat - QuickBooks/Xero can't compete here 
 
 Country-Specific Details 
 See: 
 
 Serbia (RS) 
 Croatia (HR) 
 Bosnia & Herzegovina (BA)