In the Law on VAT, many Demands of Businessmen will be incorporated

September 12, 2017 5:00 PM

The chairman of the Council of Ministers of BiH Denis Zvizdic said that the new Law on the VAT, alongside with expert opinions and analysis, will be accepted and the demands of many businessmen in BiH that the deadline for paying VAT be moved to the end of the month will be included.

“I support these demands of businessmen associations and they’re justified and surely will better the business environment in BiH, since moving the deadline for paying the VAT will increase companies’ liquidity,” Zvizdic said in a press release from the Council of Ministers.

He added that tax legislation will be simultaneously adjusted with the decision about the deadline for the deadline of fulfilling all monetary duties between businessmen in financial transactions.

“Alongside the extension, as a measure to support the development of the business sector in a way foreseen by the Reform Agenda, I expect the Indirect Tax Authority to act in accordance with the directions of the Council of Ministers and create the necessary preconditions for businesses to start paying VAT and other taxes electronically, which will decrease the use of resources and time needed for that,” Zvizdic said.

He emphasized that other amendments are being prepared, namely increasing the limit for entering the VAT system, adjusting local legislation with the EU’s legislation, as well as introducing an e-system for payments, which are supposed to have a real and effective goal relating to the VAT Law.

“That goal will mean understanding the needs of business, in the sense of making their financial acting easier, further development and new investments and, in the end, what’s most important, creating new jobs,” Zvizdic said.




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