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Dajana Topic |
A country's fiscal system is the complete setup of government revenue and expenditures and the way in which government agencies carry them out. This system is governed by fiscal policy, which comes from decisions made by the governing body. The law on fiscal systems in the Republika Srpska came into effect at the end of 2008. While the first deadline for fiscalisation and putting into operation the fiscal record turnover in the Federation was the end of 2010.
Any person who is registered in the appropriate register for goods or services supply is obliged for recording of every single turnover over fiscal devices, irrespective of the method of payment (cash, cheque, credit cards, credit transfer).
The law prescribes exceptions to about 14 activities that are exempt from fiscalisation. Among them are independent farmers, artisans of the old and traditional arts, art institutions, public companies in the energy, utilities, telecommunications, postal services, companies in the field of social security, religious organisations, banks and insurance companies, libraries, archives, museums, sales through vending machines, shoeshine business and carriers as well as activities of education (preschool, elementary, middle and high).
Approved fiscal devices or their parts can be sold only by a registered manufacturer/agent.
The taxpayer is required to keep a daily report book for each fiscal device, in each calendar year.
The taxpayer is also required to create and to print a daily report at the end of working day, at least once a day, if there is any turnover during that day. A periodic report should also be created and printed on the last day of each tax period. Each printed daily and periodical report needs to be filed in a daily report book in chronological order.
If the customer settles payment via the invoice, then the taxpayer is required to enter on the invoice the fiscal number, based on the fiscal device which the turnover is registered in.
Since fiscal policy has direct and measurable effects on employment and consumer income, it straddles both economic and political agendas. Businesses must understand a country's fiscal system to operate effectively within its borders.
Dajana Topic (dajana.topic@eurofast.eu)
Eurofast Global, Banja Luka Office /B&H
Tel: +387 51 340 680
Website: www.eurofast.eu
