House of Representatives: Amendments to the VAT refund law for the purchase of the first property adopted

(Patria) - The House of Representatives of the BiH Parliament unanimously adopted the Bill on Amendments to the Value Added Tax Law tonight, which relates to the refund of VAT on the purchase of the first property for all adult individuals, legal entities residing in the territory of BiH.

One of the reasons for adopting these amendments is the social character of the proposed changes, as we are facing high apartment prices in BiH, and with these amendments, purchasing the first property would be more affordable for young people.

The intention is that every adult person residing in BiH has the right to apply for a VAT refund when purchasing their first property, which has not been previously traded, reports Fena.

The tax relief in question would mean that buyers do not gain the right to a VAT reduction for luxury items, i.e., the right would be limited to the VAT refund related to the usual area of 40 square meters of residential space for the buyer and an additional 15 square meters for each household member who has not previously exercised the right to a refund for the purchase of their first apartment.

In the first reading today, the Bill on Amendments to the Criminal Code of BiH, proposed by MP Denis Zvizdić, was also adopted.

The amendments prevent the commutation of prison sentences to fines, for example, in cases such as inciting national, racial, and religious hatred, discord, and intolerance, international human trafficking, human smuggling, as well as other criminal offenses against humanity and values protected by international law.

The Report on the Execution of the Budget of BiH Institutions and BiH's International Obligations for 2023, as well as the Report on the Work of the Council of Ministers of BiH for 2023, were also adopted.