05.01.2012

Ostojic offers lower VAT rate in exchange for lower mark-ups

New tourism minister Veljko Ostojic has unveiled the main activities planned by his department this year

New tourism minister Veljko Ostojic has unveiled the main activities planned by his department this year, and said he hopes to see a smaller VAT rate this year (hopefully, 8%). However, he expects the effects of such lowering to be felt in the market, so he announced the signing of an agreement with organizations in the tourism industry in which they would commit that, consequently, prices of food services and accommodation would decrease, while employment level would remain at the present level, at least. Ostojic has agreed with the Tourism Institute a shorter deadline for the tourism development strategy, so that funds could be drawn from the EU. He also announced more activity in privatization this year, after necessary restructuring. The Brijuni Riviera project tender will be expanded to include more locations, and deadlines for tenders will be prolonged.

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