- New amendments to the Income Tax Act

New amendments to the Income Tax Act provide for a greater right to basic personal allowance, which now amounts to BAM 6,000 per year. This means that the tax base is reduced in the amount of 1/12 of the deduction, and is paid to the worker with the payment of earnings. Penalties for violating these provisions:

-          from BAM 3000 to BAM 9000 for legal entities,

-          BAM 1500-4500 for entrepreneurs, as well as

-          BAM 1000-3000 for a responsible person in a legal entity are also prescribed.

The amendments will come into force on 1 September 2018.