Fines to companies and directors for failure to meet payment deadlines

Source: Tanjug Monday, 17.08.2015. 13:53
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Fines to companies and directors that fail to meet prescribed payment deadlines and the introduction of budget control are stipulated by new amendments to the Law on Payment Deadlines as means to bring order into the reconciliation of financial obligations.
Representatives of the economy sector remind that the Law on Deadlines for Reconciliation of Financial Obligations in Commercial Transactions, which was adopted 2012, prescribed payment deadlines of up to 45 days for the public sector and up to 60 days for the private sector, but the deadlines mainly exceeded 120 days in practice.
As experts claim, the chain of non-payment will be interrupted in this attempt becuse new amendments will introduce stricter penalties for failure to respect the deadlines, but also because Serbia is obligated to maintain financial discipline in agreement with the International Monetary Fund (IMF).
By the way, amendments to the Law are taking effect on the eighth day of their announcement date in the Official Gazette.
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