LEGISLATION ON OVERDUE PAYMENTS IN THE REPUBLIC OF MACEDONIA AND RECOMMENDATIONS FOR BUSINESS ENTITIES
LEGISLATION ON OVERDUE PAYMENTS IN THE REPUBLIC OF MACEDONIA AND RECOMMENDATIONS FOR BUSINESS ENTITIES

Summary/Abstract: In the last few years, the Republic of Macedonia has adopted a number of legislative acts regulating the financial discipline of economic entities in business relations. One of the most significant new laws is the Financial Discipline Act. However, there is still a lack of specific and reliable indicators showing to what extent the economic entities doing business in the Republic of Macedonia are capable of fulfilling the obligations stipulated in this Act, which is supposed to establish order in servicing the financial obligations. We need a clearer picture of the financial condition in Macedonian companies and, of course, in the public sector. In this paper, the author analyzes the legal provisions contained in the Financial Discipline Act and some other legal solutions, in an effort to give an initial answer to the following question: Is there an economically justified financial discipline of business entities in their financial transactions in Macedonia, or is it just a tendency to establish financial discipline primarily among economic entities?! On the other hand, we will tackle certain disputable questions pertaining to the implementation of the Financial Discipline Act and particularly concerning the degree of compliance of the Macedonian law with the Directive 2011/7/EU.

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