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Dec 15, 2017 16:04 EEST
SARAJEVO (Bosnia and Herzegovina), December 15 (SeeNews) – The House of Representatives of Bosnia's state-level Parliamentary Assembly said on Friday it has adopted changes to the excise tax law envisaging an increase in excise taxes on biofuels and bioliquids, and road tolls.
The amendments to the tax legislation, which were passed in the House of Peoples of Bosnia's parliament last week, are expected to unlock critical funding from the International Monetary Fund (IMF).
On November 24, Bosnia's government said it adopted and sent to parliament a modified bill on changes to the excise tax law. The draft legislation was agreed to by entity level finance ministries and their respective prime ministers, as well as by members of the state-level government, following a series of consultations and with the active support of the EU delegation in Sarajevo.
Under the bill, excise taxes will not increase, except on biofuels and bioliquids; instead, road tolls will rise by 0.15 marka ($0.09/0.08 euro) per litre. This will secure the necessary funds for the construction of motorways and the construction and reconstruction of all other types of roads, the government noted at the time.
According to local media, the current road toll equals 0.25 marka per litre of fuel.
In November, the IMF said it is not releasing funds to Bosnia and Herzegovina until the country's parliament adopts a new law on excise taxes.
In September last year, the IMF approved a three-year 553.3 million euro loan ($648.2 million) to Bosnia to support the country's economic reform agenda. However, the IMF delayed the release of the second loan tranche in May, after the Bosnian authorities failed to meet the agreed reform targets.
Bosnia and Herzegovina is made up of two entities, the Federation and the Serb Republic. The country is now hoping to restart the funding and investment cycle.
(1 euro=1.95583 marka)
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