House of Peoples adopts law amendments: Threshold for company entry into VAT system increased

(Patria) - The House of Peoples of the Parliament of Bosnia and Herzegovina today adopted amendments to the Value Added Tax (VAT) Law, moving the threshold for a company's entry into the VAT system from 50,000 KM to 100,000 KM in annual revenue.

This legal solution was previously adopted by the House of Representatives, and with today's adoption in the House of Peoples, conditions have been met for its publication in the Official Gazette of Bosnia and Herzegovina and entry into force.

The initial proposal, submitted to the procedure by representatives of the SDS and PDP, was for the VAT Law amendments to also move in the direction of VAT being paid on the last day of the month, rather than the 10th, as is currently the case. This was also a demand from the business community.

However, the SNSD did not agree with this. Subsequently, Deputy Speaker of the House of Representatives Nebojša Radmanović (SNSD) submitted an amendment that removed the possibility of moving the deadline for submitting the tax return to the end of the month. That amendment was adopted, reports Faktor.ba.

Delegate Zlatko Miletić (Movement "For New Generations") said today that he has information from the Indirect Taxation Authority (UIO) of Bosnia and Herzegovina that the date could possibly be moved to the 20th of the month, and that this should be kept in mind when the next opportunity for amendments to the VAT Law arises.