Employers' Association in FBiH Welcomes Adoption of the Law on Fiscalization of Transactions in FBiH: Accelerate Other Reforms as Well

(Patria) - The Employers' Association in the Federation of Bosnia and Herzegovina welcomes the adoption of the Law on Fiscalization of Transactions in both houses of the Parliament of FBiH last week, and publication in the Official Gazette of FBiH and the official entry into force of this law are awaited.

The adoption of this law represents an important step forward in strengthening fiscal discipline, combating the grey economy and unfair competition in the business environment, and modernizing the business climate in FBiH. Employers have particularly high expectations regarding the filling of public funds through the application of this law. As employers have emphasized for years, the overly expensive business environment is one of the key reasons for slow development, insufficient domestic and foreign investments, and difficult business operations. On the other hand, government institutions announce that this law will contribute, among other things, to filling the budget, but also enable entry into the second phase of relieving the business sector.

The Employers' Association in FBiH has been actively participating in the process of drafting this law for years, since the working group for its preparation began its work, through the work of the Legal and Economic Council of the Association and other expert bodies of the UPFBiH tasked with preparing proposals and comments on the Law. On that occasion, numerous internal consultations and meetings were held with representatives of the Ministry of Finance of FBiH and many other actors in the preparation of the Law. During the entire process of preparing this important Law, the Association continuously submitted a huge number of suggestions, remarks, and proposals of the UPFBiH with the aim of improving the legal text and introducing additional order into business operations.

The Ministry of Finance of FBiH, during the preparation phase of the Law, accepted a large number of employers' recommendations that were incorporated into the final text, thereby further improving it, while a smaller part of the proposals was additionally incorporated through amendments in the parliamentary procedure.

The Law is not ideal from the employers' perspective, but it is certainly an important step in the comprehensive reform of the fiscalization system, which should aim to build a modern, digital, and transparent fiscal framework in FBiH. We expect accelerated implementation of the Law, adoption of by-laws, and visible and measurable effects in the shortest possible time.

Future actions of social partners, i.e., the authorities, employers, and trade unions, must be directed towards further relief of the economy and development through strengthening the competitiveness of domestic companies and crafts, and creating conditions for more productive business operations and a better position for employers and workers in the system.

The Employers' Association in FBiH continues to make its capacities available to the competent authorities, aware of the importance of accelerating this reform for business operations, as well as for work and labor relations in companies, and for the overall social policy in society.