Treasury sets up Central Register of Invoices

A private company delivering medical equipment to a hospital will no longer be able to charge for the delivered goods if their invoice is not registered with the recently established Central Register of Invoices. Not only that – if the invoice is not registered with this electronic database of unpaid bills, managed by the Treasury Administration, the said company might pay a fine ranging from 100,000 to 2 million dinars.

These are the key stipulations of the amendments to the Law on Deadlines for Settlement of Financial Liabilities in Commercial Transactions, adopted in December 2017. Companies will have to register with the Treasury Administration, while state institutions have recently sent memos to their private suppliers informing them of the new manner of payment.

Officially, this electronic database of invoices should be launched on 1st March. Unofficially, the beginning of the implementation of this new service will be postponed by one month, as not all technical requirements have been met yet.

Public sector entities which make a payment based on an unregistered invoice also stand to pay a fine which ranges from 5,000 to 150,000 dinars.

The provisions apply to all entities doing business with the state in any capacity, and the intention of the legislators was to finally put this aspect of the public sector’s operations in order. The status of each invoice will be monitored in the register. According to the said Law, the state must settle all its financial liabilities within 40 days, whereas the deadline for the payment of the invoices issued by private companies is 60 days.

As the Ministry of Finance explains, the establishment of the Central Register of Invoices will contribute to a more efficient settlement of liabilities within the deadlines defined by law, a reduction in the number of late payments and an improvement in planning and managing public funds. The main reason for the adoption of the aforementioned amendments is to improve the system of tracking the issued invoices, as well as to have a better control over settlement of financial liabilities.

All interested business entities that want to register may do so electronically as well, on the official website of the Treasury Administration.

At first glance, seems that registration of invoices won’t be that easy for private companies. They will have to register the following information about the invoice – the name or the unique number of the public institution that receives the invoice, the invoice number, the total amount due, the debtor’s registration number, as well as their tax identification number (PIB), official address, e-mail address and phone number.

Whereas the deadline for the registration of the invoice is not stated anywhere, the law clearly defines that, after the invoice is registered, the issuer must send it to the debtor within three days.

(Politika, 20.02.2018)

http://www.politika.rs/sr/clanak/398722/Drzava-osniva-registar-neplacenih-racuna

This post is also available in: Italiano

Share this post

Leave a Reply

Your email address will not be published. Required fields are marked *

scroll to top
× Thinking to invest in Serbia? Ask us!