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In the Republic of Macedonia, the legislator has tried to solve the problem of late payment in commercial transactions by enacting the Financial Discipline Act. The justifications for enacting this Act were the illiquidity of the business sector and the implementation of the EU Directive on combating late payment in commercial transactions. Yet, the Act includes several differences in comparison to the regime envisaged in the Directive. The time limits governing the performance of monetary liabilities in transactions between economic operators (undertakings) are identical with those in the EU Directive; however, the Act does not regulate payment in installment and does not provide for an extension of time limits unless expressly agreed. On the other hand, public authorities have a few privileges: time limits for commercial transactions between public authorities and economic operators are identical with the time limits for transactions between economic operators (whereas in the Directive time limits for public authorities are shorter); contracts on perennial procurement are exempt from compliance with this Act; and particular categories of public authorities should comply with the general time limits for commercial transactions as of 1 January 2016. Additionally, considering the prescribed misdemeanor sanctions applicable in cases where the debtor has failed to pay within the prescribed time limits, the purpose of the Financial Discipline Act remains unclear. Has it been enacted to increase or to reduce the liquidity in the national economy?

Implementation of directive 2011/7/EU on combating late payment in commercial transactions in the Republic of Macedonia: The Financial Discipline Act