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  • Georgia Updates Tax Legislation
    The Government of Georgia is attempting to simplify the country’s Tax Code after Georgia signed its Association Agreement (AA) deal with the European Union (EU) in mid-2014. While major tax reforms regarding corporate income tax took place in 2017, Georgia continues to modify and update its tax system, bringing several updates into force as of the beginning 2018. VAT Returns...
  • Double Tax Treaty between Croatia and Kosovo Enters into Force
    Croatia and Kosovo have been historically involved in a good economic and political relationship and are continuing to strengthen the commercial exchange. Croatia sees Kosovo as a good opportunity for export and significant investment, in areas such as construction and infrastructure, whereas Kosovo perceives Croatia as one of the most important strategic partners for their entrance into NATO and the...
  • Serbia Narrows Down List of Services Subject to Withholding Tax
    Significant changes affecting a wide range of companies in Serbia have been introduced via amendments to the provision related to application of withholding tax. Article 40, paragraph 1, item 5 of the Law on Corporate Profit Tax regulates the taxation of services provided by foreign entities by subjecting them to withholding tax. It will apply as of April 1st, 2018....
  • Albania Approves Changes to Accounting Standards; Introduces IFRS 15
    The Albanian legislative act which defines the general principles and rules for the preparation of accounting standards, financial statements and accounting records is the law No.9228, dated 29.04.2004, “On Accounting and Financial Statements”. According to article 3 of this law, “accounting standards” are the general principles or rules for the normalization of accounting, defined by the law, which serves as...
  • Ukraine Amends the List of Low-tax Jurisdictions
    On 27 December, 2017 the Cabinet of Ministers of Ukraine amended the list of low-tax jurisdictions which is used for transfer pricing purposes. Per Ukrainian tax rules, in order for a jurisdiction to be considered a low-tax one, its corporate income tax rate should be lower than the Ukrainian one by 5 percentage points (or more). Additionally, countries which have...
  • Cyprus: Transitional Agreement for Cost of Living Allowance contribution
    As of 1st January 2018, companies that grant Cost of Living Allowance (COLA) should incorporate the allowance into their current base salary, as per the Cyprus Chamber of Commerce and Industry’s decision dated December 13th 2017. The above mentioned transitional decision applies to any agreement where at the time of the agreement COLA was to be granted. Please see below...
  • Changes in the Bulgarian VAT Act effective as of 2018
    An adopted amendment in the VAT Act in Bulgaria concerns supplies in stages. If an agreement for delivery in stages specifies so, then each completed stage shall be considered as a separate supply. The amendment applies to the supply services as well as goods. An additional change is the fact that the deadline for submitting an application for mandatory VAT...
  • Osobni odbitak i porezne olakšice u 2018
    Osobni odbitak predstavlja neoporezivi dio dohotka i kojim se umanjuje osnovica za izračun poreza na dohodak. Od 1. siječnja, 2017. godine, uvedena je nova metoda obračuna osobnog odbitka čime se njegov osnovni iznos povećao na 3.800 kuna. Taj se iznos može dalje uvećavati primjenom odgovarajućeg koeficijenta za uzdržavane članove uže obitelji i/ili djecu, uz mogućnost dodatnog uvećanja kod invaliditeta uzdržanih...
  • Georgia Receives Funds from IMF
    The International Monetary Fund’s Executive Board completed its first review of Georgia’s performance within the three-year extended arrangement under the Extended Fund Facility (EFF). An International Monetary Fund (IMF) team visited Tbilisi from September 25 to October 9, 2017 and conducted discussions on the first review of the program supported by an Extended Fund Facility. The program was initiated to...
  • Georgia Signs Free Trade Agreement with China
    By way of further development of the country`s economy, facilitation of the trade and liberalization of its tax regime, Georgia has signed an agreement with China on the creation of free trade zones in Georgia. The China-Georgia Free Trade Agreement (FTA) was ratified in May 2017 and the Memorandum of Understanding was signed by Chinese Vice Minister of Commerce and...
  • Electronic Services of Indirect Taxation Authority of Bosnia and Herzegovina
    On November 16, 2017 the Governing Board of the Indirect Taxation Authority (ITA) issued the Instruction on Registration of Users of the ITA Electronic Services. The Instruction entered into force on December 9, 2017. All taxpayers are obliged to register for ITA e-services via the ITA official portal by January 1, 2019 at the latest. However, the large taxpayers that...
  • Ukrainian Government Approves Draft Law on Withdrawn Capital Tax
    At a meeting held on October 4, the Cabinet of Ministers of Ukraine approved the bill “On Amendments to the Tax Code related to the tax on withdrawn capital”. The Bill proposes to introduce a tax on the withdrawn capital instead of the profit tax. In addition, the acceptance of the bill will involve the following: - Change of methodological...
  • Changes in Croatian Personal Allowance in 2018
    Personal allowance represents a non-taxable part of the general personal income, decreasing thus the basis for the calculation of personal income tax. As of January 1, 2017 a new calculation method was introduced according to which the basic personal allowance rate increased to 3,800 HRK. This rate can be further increased by applying corresponding coefficients for supported members of immediate...
  • New Framework on Personal Data Protection in Businesses
    The new European General Data Protection Regulation (EU 2016/679), also known as GDPR, aims to protect individuals with regards to the processing of their personal data and the free movement of such data. The Regulation is a stronger and modernized version of the 1995 Data Protection Directive (95/46/EC), and differs to the extent that it has now direct horizontal effect...
  • New office address in Tirana: Giving you one more reason to visit us!
    We are pleased to announce that we have moved offices in Tirana to accommodate our growing team! Our new offices details are as follows: Kajo Karafili st, P. Nova, k. 4, Tirana 1001 Phone: +355 42 248 548 Fax: +355 42 424 448 Email: tirana@eurofast.eu Please update your address books and come visit us! We look forward to your visit...
  • FYR Macedonia: Ministry of Finance Publishes 2018 Budget; Introduction of Progressive Tax on Standby
    The FYR Macedonian government plans to spend 3.44 billion euros in 2018, which is 300 million euros less than what it plans to receive as revenue, with a target to reduce the deficit down to 2.7%. A highest percentage of the state expenditures is foreseen to be related to social welfare and child protection, with 33% of the budget allocated...
  • Iran’s Exports to Europe Grow 107%
    Iran has experienced a 107% increase in exports to the Europe (EU) compared to the last year. The trade between Iran and the EU has gone up 62 percent between January and September 2017, compared to the same period in 2016. The trade increased from €9.10 billion in 2016 to €14.78 billion in 2017. Iran exported €3.49 billion of goods to...
  • Double Tax Treaty between Cyprus & Jersey Enters into Force in 2018
    Officials of Jersey and Cyprus have signed a Double Taxation Agreement (DTA) on 11 July 2016 in London. The agreement – negotiations for which had lasted since 2013 - will come into force on 1st January 2018. Senator Bailhache for the Government of Jersey stated that “the signing of the DTA with Cyprus continues Jersey’s firm and longstanding commitment to...
  • Cyprus amends VAT; Imposes 19% on Sale of Building Land and Leasing
    On November 3, 2017, The Cyprus House of Representatives approved a new VAT Law which amended the main VAT Law N.95 (I)/2000. It was published in the Official Gazette of the Republic of Cyprus on 13 November 2017 and came into force as of 2 January 2018. The new law introduces VAT at the standard rate for the sale of...
  • Cyprus & Mauritius Revise Double Tax Treaty
    The existing agreement signed between the Republic of Cyprus and the Republic of Mauritius for the avoidance of double taxation as well as the prevention of fiscal evasion with respect on taxes on income and capital has been revised. On 23 October 2017, in Pretoria, South Africa, the two countries signed an amending protocol that adds to the existing convention’s...
  • Iran: VAT Exemption for Hybrid & Electric Vehicles
    According to the Law on clean air, adopted by the Iranian parliament on July 16, 2017, Mr. Mohammad Masihi, an official from the tax administration has stated that all homegrown, ecofriendly, zero-emission hybrid and electric cars and motorcycles will benefit from tax exemption. The old and high emission transport system is one of the main causes of pollution in metropolises...
  • Albanian Government Reduces VAT Rate for Accommodation Services
    On November 2017, before the approval of the budget for the 2018 fiscal year, the Government of Albania approved the Decision of the Council of Ministers no.652, dated 10.11.2017, which made several changes to DCM no. 953/2014 on the implementing provisions of the Value Added Tax law. Some of the major changes of the new by-law include the lowering of...
  • Albania Approves Budget for 2018
    The Albanian Parliament, after a long session and numerous debates, approved the budget for the 2018 fiscal year. The draft budget was accompanied by the relevant Report and several presentations. According to the Albanian government, the 2018 budget will have more resources available. This will be due to the government’s target to deepen and expand the fight against informality. Particular...
  • Income Tax Treaty between Montenegro & Portugal
    The Parliament of Montenegro, on its 26th convocation on 11 October 2017, adopted the Law ratifying the agreement signed between Montenegro and Republic of Portugal on avoiding double taxation and prevention of tax avoidance. The taxes to which this Convention applies include the Montenegrin corporate profit tax and personal income tax as well as the Portuguese personal income tax, corporate...
  • Double Tax Treaty between FYR Macedonia & Belgium Enters into Force
    Following a very long ratification process, the 2010-dated double tax treaty concluded between FYR Macedonia and Belgium finally entered into force on July 17, 2017. The treaty - generally applicable from January 1, 2018 - replaces the old treaty signed between former Yugoslavia and Belgium in 1980. The DTT defines maximum withholding tax rates of 15% on dividends (or 5%...
  • Bosnia and Herzegovina ratifies updated treaty with Romania
    On 27 June 2017, the Prime Minister of Bosnia and Herzegovina adopted a decision ratifying the income tax treaty between Bosnia & Herzegovina and Romania, which was signed on 6 December 2016. When it becomes effective (pending Romania’s ratification), the treaty will replace the former Yugoslavia - Romania Income and Capital Tax Treaty dated 1986. The Treаty provides for the...
  • Croatian Tech Companies drive economic growth and development
    The Technology Fast 50 Report for 2017 showed an interesting development among Croatian tech companies. The said report featured 8 Croatian companies in this year’s edition. Specifically, the featured companies included: Rimac Automobili (ranked 10 out of 50), Code Consulting (23/50), Telum (25/50), Profico (28/50), Undabot (35/50), Hangar 18 (40/50), Gauss (45/50) and Infinum (49/50). The eligibility criteria included the...
  • Georgian Virtual Zone Entities offer new opportunities for IT companies
    Georgia is becoming an increasingly popular jurisdiction for doing business both domestically as well as internationally. The attractiveness factors include the country’s top ranks in international ratings on ease of starting and maintaining a business as well as the fact Georgia has proven itself to be a corruption-free destination. Additionally, due to a number of benefits - such as the...
  • An Interview with a Taxander
    Let’s begin with the facts, how long have you worked with Taxand and which firm do you work for? I work with Taxand almost 4 years and I lead the  TP department of Eurofast Taxand Cyprus, responsible for client portfolio in South East Europe and Mediterranean. Tell us about your team Our team is diverse! Due to our regional presence...
  • Albanian government plans to include small businesses in the VAT scheme
    The Valued Added Tax is one of the most important taxes in the Albanian fiscal regime. . According to the current legal provisions all businesses are subject to VAT declaration and payment, with the exception of small businesses, which are considered to be the ones with annual turnover below LEK 5 million (about EUR 37,000). Recent developments have introduced the...
  • Albanian unemployment rate drops during Q2
    The Albanian Institute of Statistics (INSTAT) has reported that during the second quarter of 2017 the unemployment rate in Albania has decreased to 13.9%. This is the lowest level of unemployment since 2012. In 2014 the level of unemployment reached the highest level - a record 18.2% - and since than it has been constantly declining. The unemployment rate is...
  • A year in review: Egypt introduces tax changes and investment incentives in 2017
    The last year has seen the Egyptian Government focus on economic transformation, resulting in a bundle of decisions and laws supporting initiatives which aim to improve the living standard of Egyptian citizens. Below we provide an overview of the major developments that have taken place in 2017. VALUE ADDED TAX On September 2016, the VAT law no. 67/2016 was issued...
  • Standard & Poor’s confirms FYR Macedonia’s BB-/BB credit rating and stable outlook
    S&P has confirmed FYR Macedonia’s BB's credit rating, with a stable outlook. The report contests that the political crisis has been overcome with the formation of the new government and expects policy continuity. It also plans for improved confidence and intensification of economic growth. The economic growth for 2017 was revised to 1%, due to the negative GDP trends in...
  • FYR Macedonian minimum salary increased; incentives introduced
    The FYR Macedonian Parliament adopted the amended Law on Minimum Salary on September 18, 2017. The previously-valid net minimum salary of MKD 10,080 has been increased to MKD 12,000. The amounts apply to full time employment. The amendment affects a number of companies whose employees have been receiving the bare minimum salary. For the purpose of easier transition in the...
  • Montenegro hikes VAT rate; amends excise duties
    Montenegro has recently sharpened its focus on fiscal consolidation with a target to achieve budget surplus and to establish a declining trend in the level of public debt from 2019. On the revenue side, additional measures will be aimed at further harmonization of the excise policy with the one of the EU. Additionally, the Government is set to increase the...