On December 14, 2017 the latest amendments to the Law on Deadlines for Settlement of Financial Obligations in Commercial Transactions were adopted.

The amendments came into force on December 25, 2017 and they introduce for the first time the concept of the Central Register of Invoices, established by the Ministry of Finance – Treasury Administration. The Central Register of Invoices will become operational on March 1, 2018. Legal entities can register as users on the website of the Central Register of Invoices starting from February 6, 2018.

The importance of the Central Register of Invoices lies in the obligation of a creditor to register all invoices or any other request for payment issued to debtors that are direct and indirect budget users, the Republic and local self-management units (including any state-owned company) i.e. to the entities that make payments using their accounts held with the Treasury Administration whose account number starts with “840”. A public or private entity, as creditor, is required to register any invoice or a request for payment issued to a public sector entity with the Central Register of Invoices before providing such invoices/requests to the debtor. The registration is made electronically using web application in accordance with internal technical instructions of the Treasury Administration at HTTPS://CRF.TREZOR.GOV.RS. Within three days thereafter, the creditor is obliged to provide the invoice or a request for payment to the debtor.

The debtor (a public sector entity) is obliged to settle its obligation only if the invoice or the request for payment is duly registered. The amendments impose certain penalties for infractions; a creditor shall be fined if he does not register such an invoice or a request for payment, while a debtor shall be fined if it settles its obligation under the invoice or request for payment that has not been duly registered.

For more information regarding this Amendments, please contact us at OFFICE@PRICAPARTNERS.COM