Income tax on rent, worked example, in Serbia

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Non-resident couple's rental income1
Monthly Rental Income2 1,500 6,000 12,000
Annual Rental Income 18,000 72,000 144,000
Less Expenses 3 25% 4,500 18,000 36,000
= Taxable Income 13,500 54,000 108,000
Income Tax4
Flat Rate 20% 2,700 10,800 21,600
Annual Income Tax Due 2,700 10,800 21,600
Tax Due as % of Gross Income 15.00% 15.00% 15.00%
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1 The property is jointly owned by husband and wife.

2 Exchange rate used: 1.00 EUR = 125.00 RSD

3 A standard deduction of 25% from the gross income is given to cover income- generating expenses. However, a taxpayer can opt to deduct actually incurred expenses instead of availing the standard deduction,

4 Rental income of nonresident foreigners is taxed at a flat rate of 20%.