- Amendments to the Foreign Exchange Act in RS

Beside to extending deadlines for the collection or payment of exports and imports of goods and services, the new Law on Amendments to the Foreign Exchange Act, which came into force on 27th March, 2014. year, brings several important benefits.

1              The adoption of new amendments to the Act, the RS Government adopted the Decision on the abrogation of the Decision on compensation debts and claims, cession and assuming the debt in transactions with abroad. To perform these tasks will no longer be required to seek approval from the Ministry of Finance of RS, but these jobs can be done only on the basis of a written contract entered into in accordance with the regulations which regulates obligation relations, which must contain the identification src of the contracting parties, the src the basis on which they occur claims and debts that are the subject of the contract, including information about the debtor and the creditor, as well as information about the currency and the amount of assets and liabilities which are the subject of the contract. Resident whose accounts have been blocked by an order for enforced collectioncan not enter into these agreements, nor can settle financial obligations as described above, except if the law stipulates otherwise.

2              Article 13 of the Act, which stipulated that a resident shall, prepaid goods or services imports into the Republic within six months from the date of the payment of goods or services, and if it does not, shall make a return in advance amount paid within eight days after the expiration of 6 months has been deleted. As the deadlines on import extended, these provisions have lost their meaning.

3              With the new changes, it is enabled freely payment or transfer of funds in order to acquire ownership of real estate abroad by residents and non-residents in the Republic, if the contract is entered into in accordance with the regulations governing property-legal relations, and only if the resident settled all tax and other statutory obligations.

4              Adopted a provision that provides that a resident is obliged to use a loan from a non-resident and approves non-resident loan through a bank account.

5              New amendments stipulate that the resident shall, funds from foreign currency accounts abroad, bring into the Republic within 30 days of the termination of the basis for which foreign currency account opened.