We present all 10 measures of the FBiH Government to save the economy

(Patria) - Following the session of the Government of the Federation of BiH, Prime Minister Fadil Novalić stated that the draft Law on Mitigating the Consequences of Coronavirus on the Economy in this entity has been adopted.

Novalić said that the budget of the Federation of BiH will have to be rebalanced for the implementation of this law.

"With this law, we are creating an obligation for the FBiH to ensure minimal conditions for mitigating the consequences on the economy. For the realization of this Law, a budget rebalance is being done and every item in the budget is being reviewed."
 
The law provides for 10 measures: 

1. Subsidizing contributions for mandatory insurance:

- At the FBiH level, we guarantee the payment of contributions on the minimum wage to maintain employment

- We call on other levels of government to further support employers and craftsmen with their measures based on information from the field 

2. With the law, we have enabled all levels of government to reallocate funds from various funds. For example, funds for public shelters, compensation from the reallocation of agricultural land, and others. From these funds, cantons and municipalities should prepare programs and provide additional support to the population and the economy. This particularly applies to support for activities that are prohibited or made impossible to operate, as well as the abolition of parafiscal taxes and fees. 

3. With the law, we ensure the stability of all budget payments, pensions, veteran, social, and other benefits.
4. Entrepreneurs are exempted from the obligation to pay advance profit tax.
5. Craftsmen are exempted from the obligation to pay advance income tax.
6. The calculation and payment of default interest on public revenues are suspended during the state of emergency and for 90 days after its termination. 
7. All legal, civil, non-litigation, and enforcement proceedings are suspended during the state of emergency. 
8. For all delays in payment of obligations between business entities, the calculation of default interest is suspended.  
9. Statute of limitations periods are suspended while the state of emergency lasts and for 30 days after the state of emergency ends. 
10. A Guarantee Fund is established, to which the Government will allocate a deposit of 80 million KM, through which loans to small and medium-sized enterprises will be guaranteed. With the application of multipliers, 400 million KM will be made available to small and medium-sized businesses for liquidity needs.