7 minutes agoThis is the Economic Recovery Bill that will be in force by the end of 2021
Periskopi(6 years ago)
(6 years ago)The need for an economic recovery law to be adopted following the release of the COVID-19 pandemic to help the economy is now absolutely necessary. Kosovo's government has prepared the Economic Recovery Bill. Actually, he's expecting comments. But what does this bill contain? This bill is published by the finance ministry. Bill for [...]
The need for an economic recovery law to be adopted following the release of the COVID-19 pandemic to help the economy is now absolutely necessary. Kosovo's government has prepared the Economic Recovery Bill. Actually, he's expecting comments. But what does this bill contain?
This bill is published by the finance ministry. The economic recovery bill- COVID-19 aims to relax the legal restrictions that exist in many laws affecting mainly financial issues.
With this bill, certain laws are meant to be fulfilled and amended. Among the most important are: Fulfilling and changing the Law for the Founding of the Kosovar Fund for Cremary Guarantee. Meeting and changing the Law for Kosovo Pension Funds; Fulfilling and changing the Law on Personal Taxation; The Fulfilling and Changing Law No. 05L-037 for Added Value Tax; The Fulfilling and Changing Law No. 03/L-048 Public Finance Management; The fulfillment and change of Law No.06/L-105 for Taxation in Corporation Orders; Fulfilling and changing the Law on Tax Administration and Procedures. Meeting and changing for the Kosovo Privatisation Agency; The Fulfilling and Changing Law No. 05L-057 for the foundation of the Kosovar Fund for Cremed Consistent writes news.net.
In Fulfilling and Changing Law No. 04/ L-101 for Kosovo Pension Funds, exclusively with the aim of economic recovery, participants can draw ten percent (10%) of FKPK's pension savings, in line with Article 12A of this law. After Article 12 of the LFPK, the new article is added with the central 12A, text as follows: Paying individual pension savings for economic recovery. 1. Participants could attract ten percent (10%) of pension savings in FKPK or pension funds, in case of the economic crisis caused by the pandemic.
In order to attract tools according to paragraph 1 of this article, participants apply in a nearby electronic form The KKPK within three (3) months of entry into force of this law.
In order to review the requirements, at the request of the BKPK, the Civil Record Agency and other relevant institutions share the participants' necessary data, with the aim of reviewing the requirements.
Requests approved by the FKPK are transferred to the bank accounts of beneficiaries, to financial institutions licensed by the CEC, and vehicle withdrawal is done only through bank accounts.
In order to implement this article, in case the minister of finance authorises the Central Procurement Agency for developing the necessary procurement activity on behalf of the KKP.
Tools drawn to this article are exempt from personal income tax.
Meanwhile, in fulfilling and changing Law No. 03L-048 for Public Finance Management and Responsibilities, at the end of paragraph 6 of this law adds text: In particular, with the aim of economic recovery, privatisation tools can be used for all categories of expenditures, with the aim of implementing economic recovery, exempting the wage category and additions. Article 22A LMFPP, following paragraph 7.2, adds text as follows: However, this exception is not implemented in 2020 and 2021.
Article 9 fulfillment and changing Law No.06/L-105 for Taxation in Corporation Orders. Here after paragraph 8, the new paragraph, with the bottom nine, is added with the text as follows. . Except between paragraphs 1 and 8 of this article, with the aim of economic recovery, the finance minister may extend the tax payment deadline to two (2) years from the date of the law's entry into force. The criteria for delaying deadlines are determined by the Finance Ministry.
The Fulfilling and Changing Law No. 03 L-222 for Tax Administration and Procedures, complete and changed with Law No. 04/ L- 102, with Law 04/ L-15 and Law No. 04/L-23. Except for paragraphs 1 through 3 of this article, for not paying the tax declaration influenced by the 2020 and 2021 along with the provisions of this article, according to the following criteria: Not paying the tax declaration for 2020 is not pronounced administrative punishment, provided the payment is made in the first quarter of 2021; and not paying the tax declaration for 2021 is not pronounced administrative punishment, provided the payment is made in the first quarter of 2022. All administrative penalties pronounced in 2020 are abolished by ATK, and delays are handled according to paragraph 4 of this article.
Kosovo and economic municipalities are collecting comments on drafting a document that summarizes business community inputs for the Economic Regeneration Law
This law will remain in force until 31.12.2021.
