15th June 2023, Skopje – Government shortened the time limit for settling the liabilities towards the private companies to 30 days. Legal amendments regulating such obligation, were prepared by the Ministry of Finance, and adopted by the Parliament within the 117th session thereof.
Adopted Law stipulates shortening of the time limits, under which, public sector entities, which accounts are kept with the Treasury Department of both the Ministry of Finance and the Health Insurance Fund, are obliged to submit the requests for paying the due invoices towards the economic operators to the MoF’s and Health Insurance Fund’s Treasury Departments, as well as the time limits, under which the Ministry of Finance, i.e. the Health Insurance Fund will make payment of the funds referred to in the submitted invoices.
Time limit for settling the 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 30 to 90 days. As per the proposed amendments, the liabilities of these entities are to be paid within 80 days, to be reduced to 70 days starting January 2024, followed by shortening the time limit to 60 days as of January 2025.
Under the legal amendments, time limit for settling the state liabilities to the private sector, is reduced to 30 days. 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 initial 60-day time limit is shortened to 50 days, to be additionally reduced by another 10 days, i.e. to 40 days as of 1st January 2024, to be followed by a 30-day time limit starting January 2025.
“This results in creating business predictability, thus also supporting the liquidity of the economy. This is particularly significant in times of economic crisis”, as pointed out by Minister of Finance, Fatmir Besimi.
Amendments constitute harmonization with the Directive 2011/7/EU of the European Parliament and of the Council of 16th February 2011 on combatting late payment in commercial transactions, where the time limit for settling the liabilities of public sector entities is 30 days, while the time limit for the health sector is 60 days.
Law on Financial Discipline has been in force since May 2014, providing for sound collection of the claims and ensuring the liquidity of companies.