News

Amendment of Regulation on Method and Conditions of Cash Payments

Tax news, October 2015

The Amendment of Regulation on Method and Conditions of Cash Payments was published on 23 October 2015 in the “Official Gazette of FBiH”, number 82/15. The Regulation enters into force on 31 October 2015.

The Amendment defines that business entities in performing their business activities are authorized to make payments in cash and bank account payments for purposes of VAT refund to foreign citizens, according to VAT provisions. Amendment also prescribes prohibition of performing and receiving cash in wholesale.

Regarding cash deposit, business entities whose daily cash receipt does not exceed BAM 200 or those 15 kilometres or more distant from authorized payment institution, are obliged to make cash deposit within 5 working days, while games of chance organizers are obliged to make deposits for the last 7 days, but no later than following Tuesday. Stated provisions do not apply to entrepreneurs who make flat Income tax payments. Other business entities are obliged to deposit cash during the same or on the next working day.

The Amendment extends penalty provisions and prescribes fines in the amount from BAM 5,000.00 to BAM 10,000.00 for business entities which perform and receive cash payments in wholesale.

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Samir Hadžić
Senior Consultant | Tax & Legal Practice
Deloitte Advisory Services d.o.o. Sarajevo
Jadranska bb, 71 000 Sarajevo, Bosnia and Herzegovina
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Haris Jašarević
Senior Consultant | Tax & Legal Practice
Deloitte Advisory Services d.o.o.
Jadranska bb, 71000 Sarajevo, Bosnia and Herzegovina
Direct: +387 33 277 560 | Fax: +387 33 277 561 | Mobile: +387 61 161 102
hjasarevic@deloittece.com | www.deloitte.com\ba

Emir Ibišević
Manager | Tax & Legal Practice
Deloitte Advisory Services d.o.o.
Jadranska bb, 71000 Sarajevo, Bosnia and Herzegovina
Direct: +387 33 277 560 | Fax: +387 33 277 561 | Mobile: +387 61 396 047
eibisevic@deloittece.com | www.deloitte.com\ba
 

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