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Bosnia changes VAT penalties


Bosnia changes VAT penalties

The 2014 Bosnian Indirect Tax Procedures Law implemented a range of increased fines and interest charges for non-compliance from 1 January 2014.

The new flat charge for late payments of VAT is 5% of the taxable amount due.  This was 10%.  Late payments of VAT will also result in a daily penalty of 0.06% of the VAT.  This is a 0.02% increase from the previous 0.04% daily rate.

The current Bosnian VAT rate is 17%.  The compares to the EU average VAT rate of just over 21%.


VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.