Bosnia and Herzegovina’s New Fiscal Reform: Modernizing Financial Transactions

• The Federation of Bosnia and Herzegovina is updating its fiscal system with a new draft law aimed at modernizing financial transactions
• The current fiscal system has been in place since 2010/2011, governed by the Law on Fiscal Systems adopted in 2009
• The new draft law includes the introduction of new fiscal devices, electronic invoices, and expanded taxpayer obligations
• A central system for real-time reporting to the Tax Administration is a key feature of the proposed changes
• The draft law is currently undergoing parliamentary procedures and is expected to be finalized by early 2025
• Post-law adoption, the first by-laws and the official deadlines for transitioning to the new system are anticipated
• The new fiscalization system will broaden the scope of entities required to issue fiscal receipts and enhance transaction monitoring
• Innovations in the draft law include new rules for fiscal receipts and the introduction of electronic invoices as a new document type
• The government acknowledges limitations in the existing legal framework and aims to address these through the new law
• Details on the transition process and deadlines will be clearer once the law is adopted and the first by-laws are established

Source: fiscal-requirements.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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