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22nd November 2021, Skopje – Time limit, wherein public sector may settle its monetary liabilities towards the private sector, will be shortened. Draft-Amendments to the Law on Financial Discipline prepared by the Ministry of Finance, stipulate gradual reduction of the time limit for settling the monetary liabilities of public sector entities, which accounts are kept within the Single Treasury Account of the Ministry of Finance, from 60 days to 30 days, as well as reduction of the time limit for settling the monetary liabilities of public sector entities, which accounts are kept within the Health Insurance Fund Treasury Account, from 90 days to 60 days.

What is proposed in the Draft Law, published on the Single National Electronic Register of Regulations of the Republic of North Macedonia, is for the time limit for settling the monetary liabilities of public sector entities, which accounts are kept within the MoF Single Treasury Account, to be 50 days starting January 2023, 40 days as of January 2024 and 30 days starting January 2025. Time limit for settling the monetary liabilities of public sector entities, which accounts are kept within the Treasury Account of the Health Insurance Fund of Macedonia, is proposed to be 80 days starting January 2023, 70 days as of January 2024 and 60 days starting January 2025.

According to the amendments, the time limits for settling the monetary liabilities, are being harmonized with the EU Late Payment Directive.

Existing Law on Financial Discipline stipulates that time limits for settlement of monetary liabilities exceeding 60 days may not be envisaged in a business transaction between public sector entity and economic operator from the private sector, in case when public sector entity appears as debtor.

It is also regulated that in case when Health Insurance Fund of Macedonia and beneficiaries of the financial resources of the Health Insurance Fund of Macedonia, public health institutions and public institution in the field of health for the needs of the public health institutions, university clinics, bureau and emergency department, appear as debtors, a time limit for settlement of monetary liabilities for more than 90 days cannot be determined.

Law on Financial Discipline has been in force since May 2014, providing for sound collection of the claims and ensuring the liquidity of companies.

Also available in: Macedonian Albanian

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