Payment Restrictions in Macedonia

Payment Restrictions in Macedonia

From January 1, 2024, the ban on companies with blocked payment accounts to make payments through compensation and cession came into force and will not be delayed.

With the introduction of the Payment Transaction Law in 2007, a provision was introduced that prohibits companies participating in the payment transaction from making payments through compensation if they have a blocked transaction account. The law determines that payment through compensation includes mutual coverage of monetary obligations and claims between participants in the payment transaction using compensation, cession and other methods for mutual settlement of obligations.

This ban also applies to budget users, user units and other institutions that have accounts in the Treasury General Ledger, as well as to public health institutions.

Over time, the application of this ban on companies was repeatedly postponed and did not enter into force, unlike the ban on budget users, which was active from the beginning.

In 2022, the Law on Payment Transactions was replaced by the new Law on Payment Services and Payment Systems, where the compensation provisions of the previous law were carried over without amendment. However, the introduction of the ban on companies with blocked payment accounts was delayed until the end of 2023.

On January 1, 2024, no amendments were made to the Law on Payment Services and Payment Systems to further delay this ban. Even though the Ministry of Finance has prepared amendments to the law, they do not include proposals to postpone the ban on payment through compensation.

Finally, from January 1, 2024, companies with a blocked payment account are not allowed to make payments through compensation, cession, or other similar mechanisms.

Related Posts