The Association of Employers in the Federation of Bosnia and Herzegovina and the Union of Employers of the Republic of Srpska welcomed the adoption of amendments to the Law on Value Added Tax of Bosnia and Herzegovina in the first reading under summary procedure in the House of Representatives of the Parliamentary Assembly of BiH.
With the proposed changes, VAT would be paid on the last day of the month, not on the 10th of the month, as is now the case.
Employers, they point out, support this change because they consider the existing deadline too short, especially if they have two weekends and a holiday in this period, and if the taxpayer does not file a report within the legally stipulated deadline, he is fined by the competent inspections.
Also, the deputies of the House of Representatives of the Parliamentary Assembly of BiH have adopted an amendment to the Law on VAT of BiH, which provides for an increase in the threshold for the mandatory registration of VAT payers from the existing 50,000 to 100,000 KM. Employers insisted on the adoption of this change, because it significantly simplifies and facilitates business operations, especially micro and small enterprises in Bosnia and Herzegovina.
"For the business community, the decision of the representatives of the House of Representatives of the Parliamentary Assembly of Bosnia and Herzegovina and the adoption of amendments to the Law on VAT BiH is encouraging, for which we sincerely thank them. This is a signal to us that in the Parliamentary Assembly of BiH there is a willingness to work on improving the business environment in Bosnia and Herzegovina, strengthening the competitiveness of our economy and harmonizing tax policy in the field of indirect taxes with the countries of the region and the Member States of the European Union. We expect that this bill will soon be considered both in second reading and at the House of Peoples and will take effect as soon as possible. The Employers' Association in the Federation of Bosnia and Herzegovina and the Union of Employers of the Republic of Srpska continue to work in accordance with the creation of better legal solutions when it comes to regulations within the competence of Bosnia and Herzegovina", stated the association of employers of the Federation of Bosnia and Herzegovina and the Republic of Srpska.