Minister of Finance and Economy Mladjan Dinkic announced that a law on payment deadlines in commercial transactions will be passed by the end of November, stipulating the that the state shall pay its obligations within 45 days, and companies within 60 days.
Speaking in the Chamber of Commerce of Serbia, where a public debate on the Draft law on payment deadlines in commercial transactions was held, Dinkic explained that the aim of this document is to make the state the generator of economy liquidity and to introduce greater financial discipline.
The Minister also said that the law will become effective as of 31 March 2013, so that the state and the economy could prepare for its implementation, but noted that it will not be applied retroactively.
Health institutions and the state Fund for Health Insurance will be exempt from this rule, which will have the payment deadline of 90 days.
Dinkic explained that companies will be able to settle their obligations in a period longer than 60 days if the payment is made in instalments, but in this case the maximum deadline is 90 days, with the payment in two equal instalments.
According to him, the agreements of farmers on the procurement of seeds, pesticides and chemical fertilizers will also be exempt from the law.
The Minister clarified that the restrictions of the payment period principally refers to trade, where payment delays are the longest.
Penalties for non-compliance with the deadlines are debt interests and fines for enterprises, state bodies and persons in charge, Dinkic said.
Dinkic also announced that the Treasury Administration will control whether the state respects the 45 day payment period and added that the creation of the IT system which will enable this control is underway.
Source Serbia Gov.
