Notice by the Ministry of Finance | KPMG | RS

Notice by the Ministry of Finance related to the obligation of banks in executing payment orders for salary payments

Notice by the Ministry of Finance

On 5 June 2012 the Ministry of Finance issued Notice no. 011-00-326/2012-04 related to the application of article 30a of the Law on Tax Procedure and Tax Administration, which will become effective as of 1 July 2012.

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Article 30a of the Law prescribes that a bank will release payment of salaries and salary compensation, only if payment is made concurrently of related taxes and contributions for mandatory social insurance to the appropriate account of public institutions, calculated in accordance with the law.

If there are insuffi cient funds on the bank account of the payer for concurrent payment of salaries and salary compensation, and of related taxes and contributions, the bank shall only allow for payment of the proportional portion of salaries and salary compensation and related taxes and contributions.

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