The Federation of Bosnia and Herzegovina (FBiH) has adopted a Draft Law on Fiscalization of Financial Transactions, marking the first step toward modernizing its fiscal system. The draft law, addressing outdated technologies and aligning with digitization trends, covers receipt issuance, electronic fiscal systems, transaction recording, and penalties. The proposal will be reviewed by the FBiH Parliament starting November 27, 2024, and aims to establish a new fiscal framework to enhance economic compliance and oversight.
The Draft Law on Fiscalization in the Federation of Bosnia and Herzegovina has just been adopted!
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Federation of Bosnia and Herzegovina
Author: Tara Nedeljković
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Fiscal subject related
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Content accuracy validation date:
22.11.2024
Content accuracy validation time:
08:43h
The Government of the Federation of BiH (FBiH) has just adopted the Draft Law on Fiscalization of Financial Transactions, which is a key step for the preparation of all other activities in the fiscal reform that is planned, said the Prime Minister of BiH.
For further steps, the Prime Minister of Bosnia and Herzegovina found that the current plan is for the Draft Law on Fiscalization to be considered on November 27 at the session of the House of Representatives of the FBiH Parliament and then in the House of Peoples for further adoption.
The established Draft Law on Fiscalization of Transactions in the Federation of BiH, which refers to further parliamentary procedures, regulates the obligation to issue receipts, electronic fiscal systems used for issuing receipts, obligations to record transactions, the supervision system in the area of fiscalization of transactions, penalty provisions, as well as other issues of importance for fiscalization in the territory of the Federation of Bosnia and Herzegovina.
As the proponent explained, the process of fiscalization of turnover, i.e., transactions in the economy of the Federation of Bosnia and Herzegovina, is already established because there is a fiscalization system regulated by the Law on Fiscal Systems ("Official Gazette of FBiH," No. 81/2009), which was adopted in 2009 and implemented from 2010/2011. However, given that the process of fiscalization uses somewhat outdated technological solutions and that the process of fiscalization is integrated into the operations of business entities, the existing legal framework is not sufficient to follow the development of information technologies and the development of digitization of business operations that are needed.
As stated previously, this draft is planned to be further developed and discussed in the parliamentary procedure and soon for the proposal of the law to be finished and adopted. This first adopted draft text marks the beginning of the process of developing the legal framework for introducing a new fiscal system to the Federation of Bosnia and Herzegovina soon.
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