Electronic point-of-sale registers obligatory from June

Serbian Minister of Trade, Tourism, and Services Slobodan Milosavljevic and Minister of Finance and Economy Bozidar Djelic said Wednesday that the government’s decree adopted on Jan 20 requires that all those in sales and services must introduce electronic point-of-sale registers between June 1 and Dec 31, 2003. The decree will help the government tackle the gray economy and promote non-cash payment options in Serbia.

Milosavljevic said the estimated 300,000 point-of-sale registers to be introduced throughout Serbia will enable the tracking of daily financial transactions.

The decree also stipulates that at least one component of a point-of-sale register must be made in Serbia, in order to stimulate the local electronics industry and create jobs. But the decree does not specify which companies will manufacture the components.

Domestic firms who wish to produce the components will have to obtain certificates from a government-appointed commission.

Upon receiving the certificate, producers will have to give a EUR 500,000 guarantee deposit and provide a servicing network across Serbia. To prevent misuse, tax fraud and other kinds of abuse, the repair services will be authorised to seal the registers. Only inspectors will have access to the registers’ memory.

„Fees for violation of this decree will be very severe, and controls will take place more often,“ Milosavljevic said. The Serbian Public Revenue Service will handle the registration of point-of-sale registers. Businesses will be required to keep a daily report book.

Farmers, market merchants and newspaper hawkers are exempted from the decree.

Djelic said that the point-of-sale registers will have to be able to read credit cards. A project that will make credit cards cheaper and even free-of-deposit is being prepared in co-operation with the National Bank of Yugoslavia as well as commercial banks.

At Tuesday’s session, the Serbian government adopted the decree on electronic point-of-sale registers that defines the system of recording sales with point-of-sale registers, as well as the required technical features of the registers.