Under a new law that went into effect this year in Serbia, Serbian citizens who own property worth more than EUR350,000 are obligated to report it to tax authorities, SETimes added.

The reporting period began January 15th and will last until March 31st, while in April 2013; properties will be cross-checked in order to determine whether anyone has evaded taxes and on findings of discrepancies between a citizen’s reported property and revenues, it will be taxed at a rate of 20%.

Further, criminal charges will be pressed against all who evade taxes, the tax administration announced.

Nevertheless, the state does not have an estimate of the amount of tax revenue it expects to collect as a result of the new law.

Additionally, apart from reporting their earnings and property values, citizens also must declare patent rights and shares in companies and the property of their closest relatives also will be checked in a bid to prevent tax evasion by means of transferring property to one’s relatives.

The Tax Administration does not have an estimate of how many properties worth more than 350,000 euros there are in the country.