A few days ago, the Government of the Federation of Bosnia and Herzegovina adopted a new Bill on fiscalization of transactions in the Federation of Bosnia and Herzegovina, which will be submitted to the further parliamentary procedure.
The FBiH Government has announced that this law regulates the obligation to issue invoices, the electronic system for recording transactions, the supervision system in the field of fiscalization of transactions, penal provisions, as well as other issues of importance for fiscalization in the territory of the Federation of Bosnia and Herzegovina.
“The purpose of this law is to prevent tax evasion as a consequence of the informal economy by using technological systems that enable the safe collection and transfer of information in real time for every transaction in the territory of the Federation of BiH. Primarily, the analysis of the current situation in the field of reporting transactions through the fiscal system in the Federation of BiH revealed a number of problems in the application of the valid legal and technical-technological framework. Looking at the presented shortcomings of the existing fiscalization system, as well as the experiences of other countries that implemented some of the fiscalization models, and taking into account certain proposals, comments and suggestions of all participants in the public debate, it is proposed to introduce fiscalization on the track of the combination, which, according to estimates, brings satisfactory benefits in relation to the accompanying costs”, the announcement reads.
The proposer of the law, the Federal Ministry of Finance, points out that the purpose of the new Law on Fiscalization of Transactions in the Federation of Bosnia and Herzegovina is to establish a comprehensive reporting system for the Tax Administration on business transactions.
“There is also the provision of free applications for small tax payers, reduction of tax evasion through cross-checking of data in the Tax Administration, and harmonization with European directives and modernization of the tax system, as well as increasing the efficiency of tax collection and suppression of the gray economy. This achieves two key goals…
The first is the precise determination of the amount of VAT collected within the Federation, and the second is the precise determination of other tax obligations arising from those transactions. By establishing this system of monitoring transactions, a higher level of fiscal stability of public finances is ensured, as the efficiency in the collection of both indirect and direct taxes increases”, explained the FBiH Ministry of Finance.
This bill was supported by the Association of Employers of FBiH.
“In the previous period, the FBiH Employers’ Association held numerous internal consultations, as well as meetings with the managers and expert services of the FBiH Ministry of Finance, during which more than 40 pages of suggestions, remarks and comments were submitted. After detailed analysis, it was determined that the Ministry accepted a significant number of these recommendations.
The association is currently conducting an additional analysis of the complete text, after which additional amendments will be prepared in accordance with the prescribed procedures and in cooperation with representatives of the executive and legislative authorities. The association emphasizes that it is an extremely important law that should help relieve the burden on the economy, reduce the gray economy, and bring order to a number of key business issues in BiH, as well as in transactions abroad,” reads the announcement of the FBiH Employers’ Association. Independent newspaper.
