25th August 2022, Skopje – Public sector will settle liabilities to the private companies in 30 days. Draft amendments to the Law on Financial Discipline, proposed by the Ministry of Finance and accepted by the Government, stipulate for the time limit for settling the government liabilities to the private sector, to be reduced to 30 days starting 2025.
Proposal stipulates gradual shortening of the time limit for settling the liabilities of the public sector entities, which accounts are kept within MoF’s Treasury Account. Thus, the existing 60-day time limit is to be reduced to 50 days starting 1st January 2023, which will be reduced by additional 10 days, i.e. 40 days as of 1st January 2024, while shortening to 30 days as of 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 the Republic of North Macedonia, is also shortened from 90 to 60 days. In other words, under the proposed amendments, time limit for settling the monetary liabilities of these entities is proposed to be 80 days starting January 2023, 70 days as of January 2024 and 60 days starting January 20225.
Amendments are aimed at harmonizing the time limits for settling the monetary liabilities, 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 the Health Insurance Fund of the Republic of North Macedonia and the beneficiaries of the financial resources of the Health Insurance Fund of the Republic of North 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 exceeding 90 days cannot be determined.
Existing Law on Financial Discipline has been in force since May 2014, providing for sound collection of the claims and ensuring the liquidity of companies.
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