Text of new VAT law to be sent for consultations to entity parliaments

(Patria) - The Management Board of the Indirect Taxation Authority (ITA) of BiH at today's session gave consent for the Draft Law on Value Added Tax (VAT) to be submitted to the competent committees of the entity parliaments for consultations, after which it will be reconsidered at a session of the Management Board and sent to public debate.

"The Draft VAT law was proposed by the ITA to align with European directives and its goal is to facilitate the work of the business community. At today's session of the Management Board, the report on the work of the ITA for 2018 and amendments to the Rulebook on the internal organization of the Authority were adopted, which, among other things, will resolve the issue of work at the border crossings Svilaj and Bratunac," it was announced by the Management Board of the ITA.

Today, the members of the Management Board adopted a decision on the amount of compensatory interest for the second half of 2019, which amounts to 12 percent and relates to certain customs debts. At today's session, there was no agreement among the entity representatives for the adoption of decisions related to temporary settlements for past years, nor was the Decision on determining temporary coefficients for the distribution of funds for the period April-June 2019 adopted.

The members of the Management Board took note of the information from the ITA regarding the execution of the judgment of the Court of BiH in favor of the Republika Srpska due to the lack of decisions on settlements in 2009 and 2010.