Did you know that the Republic of Srpska is preparing to launch a new fiscalization system that will prevent tax evasion and increase public revenue quite soon, at the beginning of 2024?
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Latest update: The Republic of Srpska will launch a new fiscalization system starting in February 2024.
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Republic of Srpska
Author: Kristina Dosen
Category:
Fiscal subject related
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882
Content accuracy validation date:
14.12.2023
Content accuracy validation time:
12:58h
During Q1 2024, all business entities in the Republic of Srpska will receive new fiscal cash registers for which they will not have to allocate money but will receive them free of charge at the expense of the budget of the Republic of Srpska, as stated by the Minister of Finance, Z. Vidović.
When it comes to the beginning of the transition to the new fiscalization in this country, the authorities refer to the first phase as the test phase of the new fiscalization system, which, according to the current plan, can start as early as February 2024.
Vidović also noted that the Government of Srpska has been talking about a new fiscalization for a long time, but that there was a standstill, first due to the pandemic, and then "the tender being dragged on for a year and a half..".
Additionally, the Minister of Finances explained that the current expectation is that from May next year, that system could be fully implemented in practice.
The test phase of the new fiscalization will start sometime in February 2024, and all business entities will receive new fiscal cash registers for free from the budget of the Republic of Srpska.
The new fiscal cash registers will be connected to the Tax Administration server, which will collect and verify the data of all transactions. If there is no internet or electricity, the fiscal cash registers will store the data and send it later. The Tax Administration inspectors will be able to track and audit the transactions retroactively.
Business entities that issue illegal or fake receipts will face penalties and sanctions. As of the latest announcement, the new fiscalization system is expected to be fully operational in May 2024.
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