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The country is under sanctions by the United Nation’s Security Council and/or the UK Government. Currently B2B Hub is not providing legal and financial services for the present country.

Bosnia and Herzegovina

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About

Bosnia and Herzegovina

Capital
Official languages
Population 
Currency

ISO 4217

Sarajevo

Bosnian, Croatian, Serbian

3,320,928 (as of 2019)

Convertible Mark

BAM

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Economy

"Bosnia and Herzegovina has seen a steady improvement in its economy over the past few years. According to the World Bank, the country’s GDP grew by 3.2% in 2019, and is expected to grow by 3.3% in 2020. The unemployment rate has also decreased from 22.2% in 2017 to 19.2% in 2019. Inflation has been relatively low, with an average rate of 1.7% in 2019.

The country’s exports have also seen a steady increase, with exports reaching $4.3 billion in 2019, up from $3.7 billion in 2018. The main exports are metals, machinery, and transport equipment. The main trading partners are Croatia, Serbia, and Germany.

Overall, Bosnia and Herzegovina’s economy is showing signs of improvement, with steady growth and low inflation. The country’s exports are also increasing, which is a positive sign for the future."

Taxation

Taxation in Bosnia and Herzegovina (BiH) is a complex and decentralized system, with taxes being administered by different entities, including the state-level government, the two entities (the Federation of Bosnia and Herzegovina and Republika Srpska), and the Brčko District. 


Personal income tax is levied on all residents of BiH, as well as non-residents who earn income in the country. The tax rates are progressive, ranging from 10% to 25%, depending on the income level. The first BAM 12,000 (around USD 7,300) of annual income is exempt from taxation, and there are various deductions and credits available to reduce the tax liability. Non-residents are subject to a flat tax rate of 10% on their Bosnian-sourced income.


Corporate income tax is levied on all companies and businesses operating in BiH. The standard corporate tax rate is 10% on the net taxable income. However, certain businesses such as startups and small businesses may be eligible for tax holidays or reduced tax rates under certain circumstances. 


The tax year in BiH runs from January 1st to December 31st. The deadline for filing personal income tax returns is usually March 31st of the following year, while the deadline for filing corporate tax returns is generally June 30th. Taxpayers are required to make advance tax payments on a monthly or quarterly basis, depending on the entity in which they operate.


Payments can be made online or in person at designated banks. The penalty for late payment or non-payment of taxes can range from 0.05% to 0.1% per day of the tax due, depending on the entity in which the taxpayer operates. Additionally, interest may be charged on any outstanding tax liability.


Overall, taxation in BiH is a complex and decentralized system, with different rules and procedures in place depending on the entity in which the taxpayer operates. Therefore, it is important for taxpayers to consult with local tax advisors or government authorities to ensure compliance with the relevant tax regulations.

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B2B hub provides fillable PDF application forms, you can simply save the filled form and send us by email clicking here  reg@b2bhub.uk or live chat

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