# Regulatory

Accounting law summaries per country — Serbia, BiH, Croatia

# Serbia — Regulatory Summary

# Serbia (RS) Regulatory Requirements

## Overview

- **Country Code:** RS
- **Currency:** RSD (Serbian Dinar)
- **EU Status:** Candidate
- **Open Banking:** PSD2-aligned (deadline Jan 2026)
- **Payment System:** IPS Serbia (instant 1-sec) + SEPA member (May 2025, full ORD May 2026)

## VAT (PDV - Porez na dodatu vrednost)

| Rate Type | Rate | Description                                |
| --------- | ---- | ------------------------------------------ |
| Standard  | 20%  | General goods and services (opšta stopa)   |
| Reduced   | 10%  | Food, medicines, utilities (snižena stopa) |
| Zero      | 0%   | Exports, international transport           |

**Registration Threshold:** 8M RSD annual turnover
**Return Frequency:** Monthly (>50M RSD) or Quarterly (<50M RSD)
**Filing Deadline:** 15th of following month
**Portal:** [ePorezi](https://www.poreskauprava.gov.rs)

## Corporate Income Tax (CIT - Porez na dobit)

- **Rate:** 15% flat
- **Filing Deadline:** June 30 (for previous fiscal year)
- **Payment:** Quarterly advance payments

## Withholding Tax (WHT)

| Type      | Rate |
| --------- | ---- |
| Dividends | 20%  |
| Interest  | 20%  |
| Royalties | 20%  |

## Small Business Regime (Pausal)

- **Threshold:** <6M RSD annual turnover
- **Taxation:** Simplified lump-sum based on activity type
- **Benefits:** Reduced compliance burden, no VAT registration required

## E-Invoice (SEF - Sistem e-Faktura)

**Platform:** https://efaktura.gov.rs
**Status:** Operational
**Mandatory Since:**

- B2G (government suppliers): May 2022
- B2B (business-to-business): January 2023

**Format:** UBL 2.1 XML
**API:** Available for integration ([API docs](https://suf.purs.gov.rs/sites/default/files/2022-07/Uputstvo%20za%20integraciju%20sa%20SEF-om%20v1.2.pdf))

**Penalties:** 50,000 - 2,000,000 RSD for non-compliance

**Coming:** eOtpremnica (e-waybill) expected 2026/2027

## Fiscal Devices (B2C)

**Required for:** Cash sales (retail, restaurants, etc.)
**Systems:**

- LPFR (Local Printer with Fiscal Register)
- ESIR (Electronic System for Invoice Registration)

## Chart of Accounts (Kontni okvir)

**Regulation:** Pravilnik o kontnom okviru (2021)
**Structure:** 10-class system (0-9)

- Class 0: Fixed assets & long-term placements
- Class 1: Inventory / Short-term credits
- Class 2: Short-term receivables, cash
- Class 3: Capital
- Class 4: Long-term provisions & liabilities
- Class 5: Expenses
- Class 6: Revenue
- Class 7: Financial income
- Class 8: Financial expenses
- Class 9: Operational accounting

**Accounts:** 3-digit base accounts (standardized), 4-5 digit analytical accounts (company-specific)

## Financial Statement Filing

**Institution:** APR (Agencija za privredne registre)
**URL:** https://www.apr.gov.rs
**Deadline:** June 30
**Required Statements:**

- Balance Sheet (Bilans stanja)
- Income Statement (Bilans uspjeha)
- Cash Flow Statement (large entities only)
- Statement of Changes in Equity (large entities only)

**Document Retention:** 10 years

## Bank Integration

**Format:** ISO 20022 (CAMT.053 for statements, pain.001 for payments)
**Instant Payments:** IPS Serbia (1-second settlement)
**SEPA:** Full member since May 2025

## Accounting Standards

**Mandatory:** IFRS (International Financial Reporting Standards) for large entities and PIEs (Public Interest Entities)
**Optional:** IFRS for SMEs for smaller entities
**Fallback:** Serbian accounting regulations for micro entities

## Key Dates

| Event                       | Deadline                |
| --------------------------- | ----------------------- |
| VAT return                  | 15th of following month |
| CIT advance payment         | Quarterly               |
| CIT annual return           | June 30                 |
| Financial statements filing | June 30                 |

## Implementation Notes

- **Package:** `@bilko/country-rs`
- **SEF integration:** Priority for B2B launch
- **Pausal regime:** Important for small business market
- **Serbian language:** Latin and Cyrillic script support needed

# Bosnia — Regulatory Summary

# Bosnia & Herzegovina (BA) Regulatory Requirements

## Overview

- **Country Code:** BA
- **Currency:** BAM (Convertible Mark), symbol "KM"
- **EU Status:** Non-member (potential candidate)
- **Open Banking:** Not adopted
- **Payment System:** Gyro Clearing + RTGS (Real-Time Gross Settlement)

**COMPLEXITY:** BiH has two entities:

- **FBiH** (Federation of Bosnia and Herzegovina)
- **RS** (Republika Srpska)

VAT is unified at state level. Direct taxes (CIT, WHT) are separate per entity.

## VAT (PDV - Porez na dodanu vrijednost)

| Rate Type | Rate | Description                             |
| --------- | ---- | --------------------------------------- |
| Standard  | 17%  | General goods and services (opća stopa) |
| Zero      | 0%   | Exports                                 |

**No reduced rates**

**Registration Threshold:** 100,000 BAM annual turnover
**Return Frequency:** Monthly
**Filing Deadline:** TBD (check UIO portal)
**Portal:** [UIO](https://www.uino.gov.ba) (Indirect Taxation Authority)

## Corporate Income Tax (CIT - Porez na dobit)

- **Rate:** 10% (both FBiH and RS)
- **Filing Deadline:** March 31
- **Administration:** Separate per entity
  - FBiH: Tax Administration of FBiH
  - RS: Tax Administration of RS

## Withholding Tax (WHT)

| Type      | FBiH | RS  |
| --------- | ---- | --- |
| Dividends | 5%   | 10% |
| Interest  | 10%  | 10% |
| Royalties | 10%  | 10% |

**IMPORTANT:** Dividend WHT differs by entity!

## Small Business Regime

- **No specific pausal regime** like Serbia or Croatia
- Standard taxation applies regardless of size

## E-Invoice (CPF - Central Platform for Fiscalisation)

**Status:** PENDING (expected ~2027)
**Law Adopted:** January 2026 (FBiH only)
**Technical Specs:** NOT YET PUBLISHED

**Planned Coverage:**

- B2B/B2G: CPF platform
- B2C: ESET fiscal devices

**RS Entity:** Separate regulations, no mandate yet

**Implementation Note:** Monitor for technical specifications publication. Do NOT implement until specs available.

## Fiscal Devices (B2C)

**Required for:** Cash sales
**System:** ESET (Electronic System of Tax Registers)

## Chart of Accounts (Kontni okvir)

**Regulation:** FBiH Pravilnik (2022)
**Structure:** 10-class system (0-9)

- Class 0: Fixed assets & long-term placements
- Class 1: Inventory
- Class 2: Short-term receivables, cash
- Class 3: Capital
- Class 4: Long-term liabilities
- Class 5: Operating expenses
- Class 6: Revenue
- Class 7: Financial income
- Class 8: Financial expenses
- Class 9: Off-balance sheet accounts

**Note:** RS may have slight variations - need verification

**Accounts:** 3-digit base accounts, 4-5 digit analytical accounts

## Financial Statement Filing

**Institution:**

- FBiH: Agency of Financial Information
- RS: Tax Administration of RS

**Deadline:** March 31
**Required Statements:**

- Balance Sheet (Bilans stanja)
- Income Statement (Bilans uspjeha)
- Cash Flow Statement (large entities)
- Statement of Changes in Equity (large entities)

**Document Retention:**

- FBiH: 10 years
- RS: 11 years

## Bank Integration

**Format:** ISO 20022 (aligned, not full SEPA)
**Payment System:** Gyro Clearing + RTGS
**Instant Payments:** Not available

## Accounting Standards

**Adopted:** IFRS (International Financial Reporting Standards) by both entities
**Optional:** IFRS for SMEs

## Key Dates

| Event                       | Deadline            |
| --------------------------- | ------------------- |
| VAT return                  | Monthly (check UIO) |
| CIT annual return           | March 31            |
| Financial statements filing | March 31            |

## Implementation Notes

- **Package:** `@bilko/country-ba`
- **CPF integration:** DO NOT implement until technical specs published (~2027)
- **Entity handling:** Must support FBiH vs RS distinction for CIT and WHT
- **Language:** Bosnian (Latin script), Serbian (Cyrillic) also used in RS
- **VAT unified:** Single UIO portal for all entities
- **Direct taxes separate:** FBiH and RS have different portals and deadlines

## Unknowns & Risks

1. **CPF technical specs** - Not published, expected ~2027
2. **RS e-invoice mandate** - No timeline yet
3. **Specific account numbers** - Need actual Pravilnik documents
4. **RS chart of accounts** - May differ from FBiH, needs verification

**Recommendation:** Launch BiH THIRD (after Serbia and Croatia) to allow time for regulatory clarity.

# Croatia — Regulatory Summary

# Croatia (HR) Regulatory Requirements

## Overview

- **Country Code:** HR
- **Currency:** EUR (adopted January 2023, fixed rate 7.53450 HRK/EUR per NN 57/22, previously HRK)
- **EU Status:** Member since 2013
- **Open Banking:** PSD2 full compliance (Berlin Group NextGenPSD2)
- **Payment System:** SEPA (full member)

## VAT (PDV - Porez na dodanu vrijednost)

| Rate Type    | Rate | Description                                                |
| ------------ | ---- | ---------------------------------------------------------- |
| Standard     | 25%  | General goods and services (opća stopa)                    |
| Intermediate | 13%  | Certain foods, water supply, accommodation (srednja stopa) |
| Reduced      | 5%   | Books, newspapers, baby food (snižena stopa)               |
| Zero         | 0%   | Exports, intra-EU supply                                   |

**Registration Threshold:** 60,000 EUR annual turnover
**Return Frequency:** Monthly
**Filing Deadline:** Last day of following month
**Portal:** [ePorezna](https://www.porezna-uprava.hr)

## Corporate Income Tax (CIT - Porez na dobit)

- **Standard Rate:** 18%
- **Reduced Rate:** 10% (if annual revenue <1M EUR)
- **Filing Deadline:** April 30 (for previous fiscal year)
- **Payment:** Annual (no advance payments for small entities)

## Withholding Tax (WHT)

| Type      | Rate |
| --------- | ---- |
| Dividends | 10%  |
| Interest  | 12%  |
| Royalties | 15%  |

## Small Business Regime (Pausalni obrt)

- **Threshold:** <60,000 EUR annual turnover
- **Taxation:** Simplified lump-sum based on activity
- **Benefits:** Reduced compliance, simplified VAT rules

## E-Invoice (HR-FISK 2.0 / eRacun)

**Platform:** https://hr-fisk.fina.hr
**Status:** Operational (launched January 2026)
**Mandatory Since:** January 1, 2026 (B2B/B2G/B2C)

**Format:** UBL 2.1 XML with HR-CIUS (Croatian Implementation User Specification)
**Protocol:** AS4
**Network:** Peppol-compatible
**Certificate:** FINA certificate required

**API:** Available ([HR-FISK docs](https://www.porezna-uprava.hr/HR_Fiskalizacija/Stranice/Tehni%C4%8Dke-specifikacije.aspx))

**Penalties:** Up to 500,000 EUR for non-compliance (SEVERE)

**Archive Requirement:** 11 years

## Fiscal Devices (B2C)

**Required for:** Cash sales (retail, restaurants, etc.)
**System:** Fiskalizacija 1.0 (legacy) + Fiskalizacija 2.0 (launched 2026 alongside HR-FISK)

## Chart of Accounts (Kontni plan)

**Standard:** RRiF (most widely used)
**Structure:** 10-class system (0-9)

- Class 0: Fixed assets & long-term placements
- Class 1: Inventory
- Class 2: Short-term receivables, cash
- Class 3: Capital
- Class 4: Long-term liabilities
- Class 5: Operating expenses
- Class 6: Revenue
- Class 7: Financial income
- Class 8: Financial expenses
- Class 9: Off-balance sheet accounts

**Accounts:** 3-digit base accounts, 4-5 digit analytical accounts

## Financial Statement Filing

**Institution:** FINA (Financijska agencija)
**URL:** https://www.fina.hr
**Format:** RGFI (Registar godišnjih financijskih izvještaja)
**Deadline:** April 30
**Required Statements:**

- Balance Sheet (Bilanca)
- Income Statement (Račun dobiti i gubitka)
- Cash Flow Statement (large entities)
- Statement of Changes in Equity (large entities)
- Notes to Financial Statements

**Document Retention:** 11 years

## Bank Integration

**Format:** ISO 20022 (CAMT.053, pain.001)
**Instant Payments:** SEPA Instant (full support)
**SEPA:** Full member

## Accounting Standards

**Mandatory for PIEs:** IFRS (International Financial Reporting Standards)
**For SMEs:** Croatian Financial Reporting Standards (CFRS) based on IFRS for SMEs
**Micro entities:** Simplified CFRS

## Key Dates

| Event                       | Deadline                    |
| --------------------------- | --------------------------- |
| VAT return                  | Last day of following month |
| CIT annual return           | April 30                    |
| Financial statements filing | April 30                    |

## Implementation Notes

- **Package:** `@bilko/country-hr`
- **HR-FISK integration:** Critical for Jan 2026 launch
- **Peppol network:** Enables cross-border e-invoicing (EU advantage)
- **FINA certificate:** Required for HR-FISK — integration needed
- **Croatian language:** Latin script only
- **Euro formatting:** Use Croatian locale (1.234,56 EUR)

# Multi-Region Regulatory 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

1. **Serbia FIRST** - SEF operational, largest opportunity, e-invoicing driving adoption NOW
2. **Croatia SECOND** - HR-FISK launching Jan 2026, EU compliance adds credibility
3. **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)](./RS/README.md)
- [Croatia (HR)](./HR/README.md)
- [Bosnia & Herzegovina (BA)](./BA/README.md)