LAWON PERFORMING PAYMENTS BY LEGAL PERSONS, SOLE TRADERS AND NATURAL PERSONS NOT ENGAGED IN BUSINESS ACTIVITY("Off. Herald of RS", No. 68/2015) |
Article 1
This Law shall govern rights and obligations of legal persons, sole traders and natural persons who do not carry out business activity, in connection with opening of a current and other payment account, as well as with performance of payment transactions through such account.
The provisions of this Law relating to legal persons shall also apply to branches of foreign companies that are established in accordance with the law governing establishment of companies.
Article 2
Legal persons and sole traders shall open a current account with a payment service provider which, in accordance with the law governing payment services, can maintain a current account (a bank, and/or the Treasury Administration), maintain funds on such account and perform payment transactions through such account.
Legal persons and sole traders may have more than one current account with the same payment services provider and current accounts with several payment services providers.
Notwithstanding paragraph 1 of this Article, legal persons and sole traders, as electronic money holders in accordance with the law governing payment services, shall not be obliged to perform payment transactions through a current account on the basis of purchase and sale of goods and services with such money.
The provisions of paragraphs 1 to 3 of this Article shall also apply to legal persons and sole traders when performing international payment transactions, in accordance with the regulations on foreign currency operations.
The minister responsible for financial affairs may prescribe detailed conditions and method of payment referred to in paragraph 3 of this Article, as well as other cases where legal persons and sole traders shall not be obliged to perform payment transactions through a current account.
Article 3
Legal persons and sole traders shall deposit dinars received in cash on any grounds into their current account within seven working days.
The provision of paragraph 1 of this Article shall not apply to persons referred to in the same paragraph who are authorized by the competent authority to perform exchange operations, and who perform cash deposits in dinars, realized through exchange operations, in accordance with the regulation governing exchange operations.
If a sole trader requests cash payment from a current account, a bank shall pay out such money to him/her immediately, without fee, with a proviso that where it comes to cash payment in an amount exceeding 600,000 dinars or effective foreign money in an amount whose dinars counter value according to the official middle exchange rate of the National Bank of Serbia exceeds 600,000 dinars - the bank shall pay out funds exceeding 600,000 dinars to him/her, without fee, no later than the following working day.
The minister responsible for financial affairs shall prescribe the conditions and method of payment and payments to be made in cash in dinars from current accounts of legal persons and sole traders.
Article 4
Natural persons who do not carry out business activity may, for performance of payment transactions, have current and other payment accounts with payment services providers determined by the law governing payment services.
Persons referred to in paragraph 1 of this Article, as electronic money holders in accordance with the law governing payment services, may perform payment transactions with such money.
The provisions of paragraphs 1 and 2 of this Article shall also apply where natural persons who do not carry out business activity perform international payment operations, in accordance with the regulations on foreign currency operations.
Article 5
Legal persons and sole traders may also settle mutual monetary obligations by means of contracting the change of creditors, i.e. debtors in certain contracts (assignation, cession, debt accession, debt assumption, debt assignment, etc.), by means of setoff (compensation) and otherwise in accordance with law.
Legal persons and sole traders shall not settle mutual monetary obligations in the manner referred to in paragraph 1 of this Article if their accounts are frozen at the moment of payment due to execution of enforced collection, unless otherwise determined by the law governing tax procedure.
Obligations settled in the manner referred to in paragraph 1 of this Article, unless they have been settled by means of setoff (compensation), shall be recorded through an account with a payment services provider, at least once a month, as a rule at the end of the month.
Payment of mutual obligations and claims referred to in paragraph 1 of this Article shall be performed as a payment transaction between participants.
Article 6
Supervision over the application of the provisions of this Law by legal persons and sole traders shall be performed by the Ministry of Finance - Tax Administration.
Article 7
A misdemeanor fine ranging from 50,000 to 2,000,000 dinars shall be imposed on a legal person:
1) If it fails to open a current account with a payment service provider which, in accordance with the law governing payment services, can maintain a current account or it fails to maintain funds on such account or fails to perform payment transactions through such account, in accordance with this Law (Article 2, paragraph 1);
2) If it fails to deposit dinars received in cash on any grounds into its current account within seven working days (Article 3, paragraph 1);
3) If its accounts have been frozen at the moment of payment due to execution of enforced collection, and it settles financial obligations contrary to Article 5, paragraph 2 of this Law (Article 5, paragraph 2).
For actions referred to in paragraph 1 of this Article a responsible officer in the legal person shall also be punished for the misdemeanor - with a fine ranging from 5,000 to 150,000 dinars.
For actions referred to in paragraph 1 of this Article a sole trader shall also be punished for the misdemeanor - with a fine ranging from 10,000 to 500,000 dinars.
Article 8
The secondary legislation referred to in Article 3, paragraph 4 of this Law shall be adopted by the minister responsible for financial affairs within 60 days from the day of entry into force of this Law.
Until the day the secondary legislation referred to in paragraph 1 of this Article becomes applicable, the Rulebook on Conditions and Method of Payment in Cash in Dinars for Legal Persons and Natural Persons Engaged in Business Activity ("Official Herald of RS", No. 77/11) shall apply, unless contrary to this Law.
Article 9
This Law shall enter into force on the eighth day after the day of publication in the "Official Herald of the Republic of Serbia", and shall apply as of 1 October 2015.