Tax paying is the primary obligation

Mr. Bozidar Djelic, Serbian minister of finance and economy, warned all businessmen that they will have to pay their taxes to the State, before the January 2003. salary pay-off. If they fail to this obligation, the possible fines are very high, and even the imprisonment penalty could be applied, because tax evasion is now treated as a criminal act.

Should we remind that in accordance to the Law on Payment Operations, all legal persons not having opened an account in a commercial agent bank by January 1st 2003, they are committing an economic violation, for which are provided fines, going from 300.000 to three million dinars.

As broadcasted by Tanjug, the finance minister estimated that the payment operations system should need at least three months to get operating smoothly, and thus “we should need mutual confidence and patience from all the businessmen, financial and public institutions”.

The legal persons should bring their daily receipts to the commercial agent banks – and only the liquid banks – and the banks will carry out the cash transfers within the National Bank branch offices. The beneficiaries of budgetary funds are not obliged to open their new bank account. According to the decision of the National Bank of Yugoslavia, as of January 1st 2003, all legal persons are no longer allowed to issue accept orders as a guarantee for the payment claims. All orders issued by December 31st 2002, will have a maturity term not longer than June 30th 2003, after which date, the issued orders could be exchanged for another payment mean (i.e. bills of exchange).