Economy, Domestic Economy

New Business Law

New Business LawNew Business Law

Parliament has passed a law which obliges businesses to provide all information in their trades and transactions including their unique economic code. Based on the law, the code is necessary for all contracts and invoices. Future transactions or contracts that do not display the economic code will face a punishment which could be as much as 2% of the amount of the signed contract. All the manufacturers, importers, exporters, and service providers are required to have a unique economic code once they register their office addresses. This will enable the country’s tax enforcement offices to trace all the transactions and contracts.