2026 Arm’s Length Interest Rates
On 24 April 2026 (published in the Official Gazette No. 36/26), the Serbian Ministry of Finance enacted the Rulebook on interest rates consistent with the “arm’s length” principle for 2026 (“TP Rulebook”). The TP Rulebook contains the prescribed interest rates applicable to related-party financing.
According to the new TP Rulebook, no significant changes in interest rates applicable to banks and financial leasing companies were observed compared to 2025, except for a notable increase in rates for RUB credits and loans. With respect to other companies, interest rates are slightly lower compared to 2025, and the new TP Rulebook does not prescribe rates for short-term credits and loans in USD.
Below is a table overview of the interests for 2026 that are considered to be consistent with the arm’s length principle
Banks & Financial Leasing Companies
| Currency Credit/ Loan | Rate |
| RSD Short-term loans | 4.40% |
| RSD Long-term loans | 0.33% |
| EUR / RSD indexed to EUR | 4.87% |
| USD / RSD indexed to USD | 4.98% |
| CHF / RSD indexed to CHF | 3.05% |
| SEK / RSD indexed to SEK | 4.12% |
| GBP / RSD indexed to GBP | 1.50% |
| RUB / RSD indexed to RUB | 10.73% |
Other Companies
| Currency Credit / Loan | Rate |
| RSD Short-term loans | 7.13% |
| RSD Long-term loans | 7.21% |
| Short-term EUR / RSD indexed to EUR | 4.75% |
| Long-term EUR / RSD indexed to EUR | 5.42% |
| Long-term CHF / RSD indexed to CHF | 7.10% |
| Long-term USD / RSD indexed to USD | 4.43% |
Public Consultations on Two Key Laws
Ministry of Finance initiated public consultations on the proposed Law on Audit and the Law on Accounting on 24 April 2026 (the “Laws”), which will last until 15 May 2026. During this period, the interested public may submit comments, proposals and suggestions on the Laws electronically or in writing to the Ministry’s address.
Proposed Laws are set to replace the existing Laws, and according to the current transitional provisions, they are expected to apply as of 1 January 2027, with an exception relating to provisions on sustainability reporting and related supervision, which are prolonged until the 2030 reporting period.
Conclusion
April 2026 brought two important regulatory developments from the Serbian Ministry of Finance. The updated TP Rulebook introduces largely stable transfer pricing interest rates, with the key changes being higher RUB loan rates and the removal of short-term USD benchmarks for non-banking companies. Separately, public consultations on the proposed Law on Audit and Law on Accounting, expected to take effect from 1 January 2027, offer businesses an opportunity to engage before the new financial reporting framework is finalised. Companies should review their intercompany arrangements and monitor legislative developments closely.
FAQ
What is the TP Rulebook?
A regulation setting benchmark interest rates for related-party loans in Serbia, used to assess compliance with the arm’s length principle.
When did the 2026 TP Rulebook take effect?
On 24 April 2026, upon publication in the Official Gazette No. 36/26.
What are the key changes for 2026?
RUB loan rates increased significantly; rates for other companies are slightly lower; and short-term USD rates are no longer prescribed for non-banking companies.
What should companies with USD intercompany loans do? Seek professional advice on how to benchmark and document these transactions in the absence of prescribed rates.
When will the new Law on Audit and Law on Accounting apply?
From 1 January 2027, sustainability reporting provisions will be phased in through 2030.
How can stakeholders participate in the public consultations?
By submitting comments electronically or in writing to the Ministry of Finance by 15 May 2026.
The information in this document does not constitute legal advice on any particular matter and is provided for general informational purposes only.
