ITA collects BAM 97 million from excise tax

NEWS 14.05.2018 15:47
Source: N1

Spokesperson of the Indirect Taxation Authority of Bosnia and Herzegovina (ITA) Ratko Kovacevic said that the ITA collected BAM 97 million (around EUR 45 million) in the first three months after the introduction of the Law on Excise Tax, but the funds have not been directed towards the Bosnian entities and the Brcko District.

“I would like to remind everyone that these are the dedicated funds. In parallel with the amendments to the Excise Tax Law, a set of other laws has also been adopted, such as the Indirect Taxation Law and the Single Payment Account and the Distribution of Revenues Law,” Kovacevic said. “In this way a special sub-account has been opened with the Central Bank of Bosnia and Herzegovina where the ITA does monthly transfers of funds collected on the basis of a special toll amounting to BAM 0.25 per litre of derivatives marketed in the Bosnia market because these funds are dedicated solely for the construction of highways and reconstruction other roads in Bosnia.”

He explained why the said funds cannot be directed towards the entities and the Brcko District.

“I have to say that those BAM 97 million are on a special sub-account of ITA's single account. These funds cannot be provided to end users, the entities of the Federation of Bosnia and Herzegovina and the Republika Srpska, as well as the Brcko District, until the ITA Management Board adopts a special act on the coefficient for the division of these funds to end users. The moment ITA adopts this act and the act is published in the Official Gazette, thus coming into force, the ITA will divide the funds among the end users,” Kovacevic concluded.  

(EUR 1 = BAM 1.9558)