BOSNIAN TAXATION AUTHORITY REJECTS INITIATIVE FOR ZERO VAT RATE

SARAJEVO, Bosnia (September 19,2008) - The Bosnian Indirect Taxation Authority’s Governing Board has rejected an initiative by the FBIH Entity Finance Minister to amend the VAT (Value Added Tax) Act, along with all the other initiatives for introducing zero VAT rates for certain groups of products.

Furthermore, the excise tax task force reported to the Board about its work so far. The Board reminded that the entire procedure of adopting and proclaiming amendments to that law needs to be over in time for the new excise tax act to take effect from January 1, 2009. A final proposal of amendments is therefore expected at the next meeting of the Board.
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