# 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)