Starting from January 2022, a new model of fiscalisation will come into force in the Republic of Srpska. That will enable the suppression of the gray economy, and will benefit both employers and citizens, because the same conditions will be created for all business entities, and citizens, who use budget funds.
The RS Ministry of Finance said that the transition to the new fiscalisation system will eliminate the shortcomings in practice and will provide more funds for better salaries, pensions and social benefits.
The existing system in RS was introduced in August 2007 with the adoption of the Law on Fiscal Cash Registers, and since then it has been noticed that, in practice, some taxpayers found a way to circumvent the strict requirements of the old fiscal system and trade goods and services by issuing fictitious fiscal invoices, which do not even seem to deviate from the prescribed form.
Owing to that, the Working Group for Fiscalisation also analyzed several similar models, such as the ones in Serbia, Croatia and Belgium, and based on those, recommended a change in the RS fiscalisation model.
The proposed system should ensure that all transactions arrive securely and encrypted at the Tax Administration and are located there in the same way, but remain at the same time selectively readable and accessible to taxpayers or authorized persons.
The basis of this model should be a digital certificate issued by a certification body independent of fiscal equipment manufacturers and taxpayers, and invoice verification must be available to customers immediately upon receipt of the invoice.
What is more, it is expected to bring multiple savings for employers, such as reducing paper consumption and printer maintenance cost, as well as internet costs, since this new system has a completely different way of transmitting data.
It is also planned to improve the direct communication of economic entities with the Tax Administration of the RS and the Indirect Taxation Authority of BiH, where no additional time will be spent, and the transfer will take place faster.
Last but not least it is worth mentioning that if set at a higher level it will repress tax evasion.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.