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2010 Archives

23-11-2010.
„Visibly Better“Changes Citizens’ Social Awareness

Serbian Assembly today adopted Law on Foundations, which has for its goal the creation of legal framework which would be encouraging for the development of foundations, and their transparent management.

Foundations are nonprofit non-government organizations, which are founded voluntarily and are independent in their goal setting. They cannot be in conflict with the legal system, nor aimed at violent destruction of constitutional order and territorial wholeness of Serbia, violation of human rights or causing and encouraging inequality, hatred or bigotry. Zadužbina is defined as a legal entity which the founder has provided with a certain property, at least 30,000 euros, in order to reach a benevolent, generally useful goal or private interest, which is not prohibited by the Constitution of Serbia or the law, which is a new thing in Serbian legal system. By foundation we mean a legal entity without basic property which is also founded in order to reach a generally useful goal. The goals and acts of foundations may not be aimed at realizing specific interests of political parties, by which we mean the direct participation in, or fundraising for election campaign, as well as financing of political parties.

Foundations do not pay taxes on the means they acquire, but they have an obligation to make their annual work reports available to the public by putting them on the internet, publishing them in a publication or in some other way. They are obliged to send their annual financial reports to The Serbian Business Registers Agency. Foreign foundations, which had started to work on the territory of Serbia before the beginning of the implementation of this Law, are obliged to harmonize their work with the new Law, to obtain work permission and to turn in registration application to Foreign Foundations Representative Offices Register within 12 months from the day when the new Law was put in effect. It is prescribed that the property of foundations may exclusively be used for accomplishing their goals, and may not be given to their founders, members of the governing body, the employees or other persons connected with them.

Text was taken from www.blic.rs website

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