What does the new fiscalization system bring?

Wednesday, 18. Nov 2020.

The long announced change of the fiscalization system in Serbia is bringing important new features, which, above all, are supposed to ensure the optimal control and reduction of the shadow economy, Aleksandar Vasic, a member of the Managing Board of the Association of Tax Advisors of Serbia, says and reminds that the fiscalization system has been present in Serbia for 15 years. The draft of the new Law on Fiscalization is currently up for public discussion, and the Ministry of Finance, in cooperation with the Chamber of Commerce of Serbia, has also organized an online public discussion, which involved a considerable number of interested companies and experts.

– The quick progress of technology enables the implementation of new technological solutions in this area as well, so each fiscal bill, at the moment it is issued, is sent online, in real time, to the Tax Administration. On the other hand, the purchasers will be able to check the veracity of the bill thats been issued to them at any moment – Vasic emphasizes.

The fiscalization system, he explains, will facilitate things for the economy to a great extent, primarily through administrative unburdening, but also reduced operating costs.

– With the implementation of the new system, the very procedure of fiscalization will be much quicker and simpler, and the most important advantage is that there will practically be no need for any additional written or printed document. The obligation of printing out and keeping reports from fiscal cash registers, evidence and tape copies is becoming a thing of the past. Direct savings are big, and the indirect ones which pertain to saving time and eliminating the possibility of inadvertent violation of the regulations are enormous – Vasic believes.

During the public discussion, manufacturers of fiscal devices expressed some dilemmas regarding data safety, but, as our interviewee points out, they have been assured by the Tax Administration that the system will be fully safe and functional.

– Through a special fiscalization portal, companies will be able to view the data theyve submitted to the Tax Administration at any moment, which should make operations easier for them and provide security in case of potential controls – he says.

The price of switching to the new fiscalization system

Switching to a new fiscalization system certainly comes with a price, because adapting the existing devices and software and procuring new ones costs money.

– The state will provide around RSD 8 billion for the implementation of this system, so the economy expects some of those funds to be directed at the measures of exempting the economy from at least some costs – Vasic says.

Let us remind that Serbian Finance Minister Sinisa Mali has also announced that the state will handle the costs of implementing the new cash registers.

– The state will handle most of the costs of implementing those cash registers and the companies will not be burdened by it. It will cost around 3.5 to 4 billion dinars and we believe that this investment will pay off – Mali said earlier.

The new fiscalization system is expected to be fully implemented on January 1, 2022.

Ivana Milovanovic

Source: eKapija

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