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  • Notional Interest Deduction, BEPS and Tax Structuring
    In 2015, Cyprus introduced the Notional Interest Deduction (‘NID’) in its tax law. The NID is notional interest deduction on new equity which can be set against taxable income generated by the company as a result of the funds from the new equity. NID is equal to the interest yield of the 10-year government bond yield of the country in...
  • Forex trading in Serbia: a brief legislative overview
    Forex trading in the Republic of Serbia is regulated by the Law on Capital Markets, the Law on Foreign Exchange Transactions and the Decision on Trading with Financial Derivatives. A Forex company provides demo accounts on certain platforms with real time info, enabling users to practice, while they open real accounts at foreign traders (partners of the Forex company in...
  • Double Tax Treaty between Iran and Hungary enters into force
    The first agreement on the avoidance of double taxation and prevention of fiscal evasion between Hungary and Iran entered into force on 1 January 2017. Iran has concluded more than 40 tax treaties but very few of them provide for zero withholding tax rates on rental income and consulting fees. Thus, this specific tax treaty can be a good platform...
  • Bulgaria amends VAT Law
    Recent important amendments to the Bulgarian Law on Value Added Tax (VAT) have become applicable as of January 1, 2017. The amendments are related to mixed supplies of assets and immovable property, tour operator margin scheme, obligation for VAT registration in case of inheritance as well as changes in the rules for supplies made by a person acting in his...
  • International Automatic Info Exchange to commence in 2017
    International automatic exchange of financial account information (AEoI) – an issue of global importance[1] closely discussed and analyzed by professionals and market players during the last year - is constantly evolving, and, thus, requires further analysis and attention. We have already provided the basics of AEoI and its global standard in previous articles while in this article we would like...
  • Serbia adopts amendments to VAT Law
    On December 28th, 2016, the Serbian Parliament adopted the Law on Amendments to the Law on VAT (Official Gazette of RS, No. 108/2016). The Law came into force on January 1st, 2017, and the greatest impact of this law will be felt by companies trading across borders. The most significant change is the amendment of the criteria for determining the...
  • National Bank of Ukraine simplifies currency control rules
    The National Bank of Ukraine has recently announced some changes in currency control rules. The changes were approved by the National Bank of Ukraine on February 23, 2017 and took effect from 25 February 2017. The National Bank adopted the below simplifications: - Cancelation of individual licenses for Ukrainian individuals from the National Bank of Ukraine - Simplification of foreign...
  • Cyprus: Startup Visa for Third Country Nationals
    On 15th of February 2017, Cyprus adopted the “Startup Visa” (Startup Permit Scheme) for third country nationals interested in residing and investing in innovative businesses in Cyprus. Specifically, it allows talented entrepreneurs from third countries (Non EU, Non EEA), be it individuals or group of investors, to reside in Cyprus and to establish and/or operate and develop their own innovative...
  • Goodbye back-to-back loans, welcome Transfer Pricing!
    The Cyprus Tax Authorities, taking into consideration the International developments (OECD/G20 initiative – BEPS) have decided to proceed with the alteration of the current tax regime in relation to profit margins on loans between related parties. Specifically, it is expected that as of 1st of July 2017, all loans between Cyprus Tax Resident Companies and their related companies, will now...
  • Double Taxation Treaty between Albania and Iceland becomes effective
    On 26th of September 2014, the Republic of Albania and the Republic of Iceland signed a treaty for the avoidance of double taxation and the prevention of tax evasion regarding income tax. This agreement was ratified by both countries and entered into force on the 6th of January 2016. Under the treaty provisions, its general implementation has begun as of...
  • Romania: Robust growth 2017-2018
    The winter 2017 Economic Forecast published by European Commission argues that the economies of all EU Member States are expected to grow in 2017 and 2018, even if the growth forecasts are surrounded by higher-than-usual uncertainty. The EC expects euro area GDP growth of 1.6% in 2017 and 1.8% in 2018. GDP growth in the EU as a whole is...
  • FYR Macedonia expects GDP growth despite political uncertainty
    Amidst political instability and with no Government in sight yet, the FYR Macedonian National Bank has stated it expects the country’s economic stabilization in 2017. The National Bank sold a 25 billion denar worth of 28-day bills at a rate of 3.25%, lower than the January rate of 3.50%, therefore effectively lowering the benchmark interest rate. The Bank has also...
  • Amendments to Profit Tax Law in Republic of Srpska of Bosnia and Herzegovina
    The National Assembly of the Republic of Srpska (RS) adopted amendments to the Profit Tax Law on 28 December 2016. The main changes have become effective as of 1 January 2017 and will be briefly presented in this article. With the amendments, the Law clarifies the definition of "taxable person" and harmonizes the concept of residence with the Profit Tax...
  • Tax debt payment plan introduced in Montenegro
    The Ministry of Finance of Montenegro and the Tax Administration of Montenegro have created a new program in the current tax system by way of tax incentive for companies with tax debt. The newly introduced program will facilitate payment of debt related to corporate income tax, personal income tax, social contributions, VAT and tax on real estate The relevant Law,...
  • Treaty between Georgia and Liechtenstein enters into force
    Georgia has increased its DTT portfolio to now count 54 countries following the addition of one more treaty entering into force in late 2016. The double taxation avoidance agreement signed between Georgia and Liechtenstein in May 2015 entered into force on 21 December 2016 and is effective as of the beginning of 2017. It aims at increasing economic cooperation between...
  • Ukraine’s new financial restructuring law enters into force
    On 14 July 2016, the Ukrainian Parliament adopted the Law of Ukraine “On Financial Restructuring” No. 1414-VIII (the “Law”) which, based on its transitional provisions, entered into force on 19 October 2016 and will remain valid for 3 years as of the day of its entrance into force. The Law introduces the procedure of voluntary financial restructuring of legal entities...
  • Georgian Free Industrial Zones
    Georgia nowadays is becoming an increasingly popular jurisdiction for investments and export – import transactions with CIS and EU countries. Among other factors, the attractiveness is also due to the absence of strict currency control rules and the availability of free trade regimes with European and other foreign countries. Additional advantages include the absence of corruption, the transparent conditions of...
  • AIFs سرمایه گذاری در ایران از طریق صندوق های سرمایه گذاری جایگزین قبرس
    صندوق هاي سرمايه گذاري جايگزين (Alternative Investment Funds - AIFs) در قبرس، به تازگي توسط قانون قبرس معرفي شده  است که امکان سودآوري بيشتر و استفاده از گستره وسيع تري از ابزارهاي مالي و استراتژي هاي سرمايه گذاري را نسبت به نهادها و صندوق هاي سرمايه گذاري سنتي فراهم مي سازد. عدم وجود محدوديت در مورد نوع صندوقي که AIFs...
  • افتتاح حساب بانکی در اروپا برای ایرانیان با تشریفات معمول بانکی, و بدون نیاز به اقامت
    مشکلات در ارتباط های بین المللی بانکی یکی از مسائل اصلی  پسا تحریم برای ایران بوده و کماکان بسیاری از بازرگانان و شرکت های بین المللی با آن دست و پنجه نرم می کنند. با گذشت بیش از یک سال از لغو تحریم ها و محدودیت های وضع شده توسط سازمان ملل و اتحادیه اروپا و امتناع بسیاری از بانک...
  • Opening a bank account in Europe for Iranians
    International banking has been of particular interest to Iranians during the post-sanction period in Iran. The focus on banking is still evident, with many businessmen and international companies on the lookout for viable solutions. More than a year has passed since the lifting of sanctions and restrictions imposed by the United Nations and the European Union and still many European...