Amendments to Law on Terms of Settlement of Monetary Obligations in Commercial Transactions

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On 23 December 2019, the National Assembly of the Republic of Serbia adopted the Law on Amendments to the Law on the Terms of Settlement of Monetary Obligations in Commercial Transactions (“Amended Law”).

A significant novelty stipulated by the Amended Law is the introduction of electronic invoices.

Electronic invoice is an invoice, a provisional and closed situation, or other appropriate request for payment, compiled as an electronic record, which must contain the signature or other identification mark of the responsible person, respectively the person authorized to issue that invoice, or an electronic signature according to the law.

The Amended Law regulates the procedure of registering, submitting and recording electronic invoices issued by creditors in commercial transactions between the public sector and business entities, or between public sector entities, in which public sector entities are debtors.

Registration and submission of electronic invoices. - Unlike non-electronic invoices, which are registered in the Central Register of Invoices, creditors will be obligated to register electronic invoices in the system of electronic invoices.

The delivery of electronic invoices to debtors will be performed through the system of electronic invoices. The date of registration of the electronic invoice shall be considered the date of service of the electronic invoice to the debtor. If the registration of an electronic invoice was made on the day when the public sector entity was closed for business, the delivery would be deemed to have been made on the following working day.

Recording of electronic invoices. – Electronic invoices will be recorded in the Central Register of Invoices, based on data obtained from the system of electronic invoices. Each electronic invoice will have its unique identification number.

Checking, accepting and rejecting electronic invoices. - Electronic invoices will be checked by accessing the system of electronic invoices.

The debtor will be able to accept or reject the electronic invoice within eight days. If the debtor neither accepts nor rejects the invoice within the given deadline, it will be considered as accepted.

The Amended Law also provides for penalties for misdemeanors which arise from (1) the failure to register electronic invoices issued; or (2) the settlement of a monetary obligation based on an electronic invoice that has not been registered and delivered.