UPFBiH supports the adoption of the new Law on Fiscalization of Transactions in FBiH, but will have certain amendments

(Patria) - The Association of Employers in FBiH, after the Government of FBiH presented and adopted the Draft Law on Fiscalization of Transactions in the Federation of Bosnia and Herzegovina at its sessions on November 17 and 18, continued internal consultations on the text of this significant law.

Representatives of the Legal and Economic Council of UPFBiH and the working group responsible for preparing proposals and comments on the aforementioned law, familiarized themselves with the new text and concluded that the Law has been further improved and modernized compared to the previous version. In the previous period, UPFBiH held numerous internal consultations, as well as meetings with the management and expert services of the FBiH Ministry of Finance, during which more than 40 pages of suggestions, remarks, and comments on the text of the Law were submitted with the aim of introducing additional order in business operations in FBiH.

After detailed analyses, it was determined that the Ministry has accepted a significant number of these recommendations.

The Association is currently conducting a further analysis of the complete text, after which, in accordance with the prescribed procedures and in cooperation with representatives of the executive and legislative authorities, work will be done on preparing additional amendments, with the aim of achieving the highest quality, most precise, and concrete text possible, which implies legal, administrative, technical, and financial improvements.

The Association emphasizes that this is an extremely important law that should help in relieving the economy, reducing the grey economy, and introducing order in numerous key business issues in BiH, as well as in transactions with foreign countries.

The Association supports the authorities in continuing this initiated reform and, for its part, will provide every professional and experiential contribution to the adoption and application of the Law.