February 26, 2014

The National Assembly of Republika Srpska reviewed the Draft Law on the unique system of multilateral compensations and assignments, which governs the legal framework for their implementation and sale of receivables in Srpska.

The improvement of the liquidity of the real sector in Srpska is the reason for the adoption of this Draft Law, said the Minister of Finance of the Republic of Srpska, Zoran Tegeltija.

This Draft Law specifies that parties included in the budget system of Republika Srpska have the duty to report due uncontested pecuniary liabilities.

The decision on the implementation of multilateral compensations and assignments, adopted by the Srpska Government for each multilateral compensation, regulates the reporting of obligations of legal entities involved in the budgetary system of Srpska.

The Draft Law has introduced advance tax clearance for those entities that consider that this facilitates the collection of amounts due by other insolvent companies.

The proposed law prescribes that the unified system of multilateral compensation and assignment is to be led by the Banjaluka Stock Exchange of Securities, while participants can also get access to the system through authorized organizations.