The Institute for Youth Development KULT submitted an initiative for amendment of the Law on VAT to the Governing Board of the ITA.
It is an initiative by which the Institute advocates for amendments to the Law on VAT according to which:
- taxpayers would pay VAT according to paid instead of issued invoice for the delivered goods and provided services, and had the right to deduct the input tax at the moment when they pay received goods and services to their supplier;
- the deadline for payment of the VAT was moved from the 10th to the last day of the month for the previous month.
Amendments are related to tax payers who have an annual traffic of goods and services (not including VAT) up to one million BAM.
The initiative was started in early March this year, and so far it has been supported by about 30,000 business people gathered around economic and trade chambers and associations that have the help of the economy in the focus of their work.
According to current legal regulations, employers are required to pay the tax obligations, although they did not collect their claims. This ultimately leads to illiquidity of many businesses and discontinued operations.
Advocating for changes to the Law on VAT is implemented in the framework of “Poslovni prostor BH”, which is run by the Institute for Youth Development KULT. The initiative is part of the Civil Society Sustainability Project in BiH, which is conducted by Centers for Civil Initiatives (CCI) and the Civil Society Promotion Centre (CSPC), which is supported by the US Agency for International Development (USAID).
(Source: Radiosarajevo.ba)
