Tax Fines Up to 40.000 EUR for Fake Fiscal Receipts

By , 31 Jul 2019, 20:53 PM Business
Tax Fines Up to 40.000 EUR for Fake Fiscal Receipts Copyrights: HCP Fiscal Montenegro

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31 July 2019 - A company which fails to issue electronic fiscal receipt risks will pay fines of up to 40.000 EUR, which is a lot higher than the maximum envisaged by the law.

The Law on Electronic Fiscalization of Goods and Services defines fines ranging from 8.000 EUR to 40.000 EUR for a legal entity, 2.000 – 12.000 EUR for an entrepreneur and 1.300 – 4.000 EUR for a natural person who fails to issue a fiscal receipt. The law defines a fine ranging from 6.000 EUR to 20.000 EUR if VAT is not calculated immediately.

Representatives of the Ministry of Finance said that the decision on an increase in fines was a recommendation of the International Monetary Fund. They believe stricter fines will be more effective. Commenting on the expected effect of higher fines, President of the Assembly Committee on Economy, Predrag Sekulić, said that he had very high hopes for the effectiveness of higher fines.

“I believe this will have a positive impact on the reduction of the grey economy,” stated Sekulić, as CdM reports.

Economic analyst and Professor in the Faculty of Management, Vasilije Kostić, says that the number of fines could have an important role but only “under specific conditions”.

“Under given circumstances, the amount of fines is not an adequate instrument and will not result in any improvement. It is necessary to enable the functioning of the whole mechanism,” said Kostić

He also added that, this time, the International Monetary Fund and international institutions “are wrong”.

“Their opinion is based on consequential and consistent systems that exist in their countries,” explains Kostić.

“Parts of the mechanism prior to imposing fines do not function appropriately, in some cases they do not even exist. Those who have some “connections” always avoid paying fines. In a system like that, amount of fines can not improve anything, nothing’s going to change,” stressed out Kostić.

He also said that this would only sharpen the sense of social injustice.

“Punishment system in our country does not produce desired results and does not enjoy the majority support of the society. Everybody who violates a regulation shall be punished. But it is a social process and it takes time,” concluded Kostić.

Read more news about business in Montenegro at TMN's dedicated page.

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