Amendments on the Law on penalty interest on public revenues in Federation BiH
Tax Alert,August 2014
AThe Law on amendments of the Law on penalty interest on public revenue in Federation BiH, has been published in Official gazette FBiH no. 66/14 dated 15 August 2014 and will be in effect from the following day.
The applicant which has fulfilled the conditions for write off of interest prescribed by Article 1 paragraph 3 or Article 2a of the Law on penalty interest on public revenue (please note that Article 2a prescribes, amongst other requirements, that the right on write off of penalty interest on public revenue is realised based on application filed by the taxpayer at latest on 30 June 2013 to the authorised FBiH Tax Authority), and has fully settled the main debt liability by 31 December 2014, will have the right to write off calculated penalty interest.
If the applicant settles the main debt between 31 December 2014 and 30 June 2015 they will have right on write off at 50% rate.
Calculated interest is defined as interest calculated on late payment of public revenues until the day of their payment.
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