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  • To Petya or NotPetya; this is how to protect yourself!
    A new ransomware has risen and is spreading across Europe like wild fire. This new malware is creating chaos across businesses, from supermarkets to shipping ports, ad agencies and law firms. The new ransomware - code named “NotPateya” - shares some very similar characteristics to a very recent malware “Wannacry”. About NotPateya NotPateya gets its name from an older malware...
  • Cyprus tax residency in 60 days
    A proposed law has been presented which will be amending the rules for determining tax residency of individuals in Cyprus.  Specifically, the 183 day rule is expected to be replaced with the below mentioned three criteria which must be met cumulatively for an individual to be considered a tax resident of Cyprus: - Remains in Cyprus for at least sixty(60)...
  • Austria broadens cooperation with Iran
    Just a few weeks after the agreement between the Italian Bank, Popolare di Sondrio, and Iran, a notable shift in activity between Iran and another EU country – Austria - can be noted as well. Following the Tehran visit of Austrian Finance Minister, Hans Jörg Schelling, on 11th June it was announced that Austria has allocated a €1 billion credit...
  • Saving Agrokor, Croatia’s biggest food and retail concern
    Over the past few months, Croatia’s economy focus is primarily set upon the status of its biggest food and retail group, Agrokor d.d. The company that employs around 60,000 people in Croatia, Slovenia, Serbia, Bosnia & Herzegovina and Hungary and the core business of which - Konzum supermarkets - engages over 2,500 suppliers, is facing bankruptcy. The accumulated debt of...
  • Notable improvements in EU – Iran banking and trading relations
    Following the removal of sanctions imposed to Iran as well as the resulting reopening of Iran to the international banking system after the, Saman Bank - one of Iran’s private banks -  announced the opening of its office in Italy, Europe during May 2017. The target of such a development is to provide a simpler method for direct transactions with...
  • Cyprus signs the Multilateral Instrument
    Cyprus - along other 67 countries and jurisdictions - formally signed the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (“MLI”) on 7 June 2017 in Paris. The MLI will implement a series of tax treaty measures to update the existing network of bilateral tax treaties and reduce opportunities for tax avoidance by...
  • Law on Financial Operations in the Federation of Bosnia and Herzegovina (FBiH)
    The Law on financial business activities in FBiH was published in the Official Gazette of FBiH No. 48/16 in June 2016, while it became effective as of December 30, 2016. The Law is the result of harmonization of BiH’s legislation with the EU directives on combating late payments. The main purpose of the Law, however, is to attempt to protect...
  • Protocol Amending FYR Macedonia – Germany Tax Treaty Ratified by Germany
    At the end of March 2017, the German Federal Council has approved the protocol amending the tax treaty concluded with FYR Macedonia. The amending protocol was signed by both countries during November 2016 and amends the treaty signed in 2006. The protocol’s goal is to intensify the cooperation in the realm of tax collection. With the purpose in mind, it...
  • Romania changes classification of occupations
    Romania has recently amended its classification of occupations and published it in the Official Gazette dated April 4, 2017. The National Occupations Classification (known as COR) is a legal act which defines the six digit codes assigned to each job position, with job positions clustered by occupational sectors. It is mandatory for each employee in Romania to be assigned a...
  • Cypriot Permanent Residency and Citizenship by Investment
    Cyprus, one of the sunniest and safest locations in Europe, is an ideal location for both EU and non EU nationals looking for a high quality standard of living. The recently introduced simplified procedures for issuing Permanent Residency and Citizenship in Cyprus have made this relocation much easier and have increased the foreign investments into the island. Permanent Residency in...
  • Cypriot Work Permit for Non-EU Businessmen
    The recent increase in the interest of third-country (non-EU) nationals to temporarily or permanently reside in Cyprus is a direct result of the country’s attractive living and working conditions. Tax incentives, a solid legal system aligned with EU law, stability as well as safety, are all factors contributing to Cyprus becoming a strong business hub, as businessmen worldwide have identified...
  • Visa-free EU regime introduced for Ukraine
    The Ukraine-EU relations have recently reached a new milestone following an ongoing trend of positive developments. After long negotiations and numerous delays, on May 17, 2017, Ukraine and the EU finally signed a legislative act granting an EU visa-free regime for Ukrainian citizens. At a press conference following the signing ceremony, the President of Ukraine, Petro Poroshenko, stated: “Today is...
  • A faster way to a Cypriot Citizenship: are you eligible?
    In 2016, the Cypriot Government announced certain amendments on the criteria which must be met by investors who wish to apply for a ‘’fast track’’ citizenship scheme. The amendments have essentially made the Cypriot Citizenship-by-Investment program more beneficial for investors and families. The most important change features the reduction of the minimum amount of investments from 2.5 million to 2...
  • Ratification of Egypt – Kuwait Income Tax Treaty
    On 23rd of February, 2017 the Egyptian President Abdel Fatah El Sisi issued the presidential decree no. 155 of 2016 ratifying the Income Tax Treaty concluded between Egypt & Kuwait on 16th of December 2014. The convention between Egypt and Kuwait serves the purpose of avoidance of double taxation in connection with the applied taxes on income in both countries...
  • Προθεσμίες για τους φόρους του 2016 στην Ελλάδα
    i. Στις 20 Ιουνίου είναι η προθεσμία για να δηλωθούν τα εισοδήματα που προήλθαν από μερίσματα, τόκους και επενδύσεις εκμεταλλεύσεις. ii. Τέλη Μαΐου η υποβολή ετήσιας δήλωσης φορολογίας εισοδήματος νομικών προσώπων. iii. Μέχρι 15 έκαστου μήνα γίνεται η καταβολή χαρτοσήμου για δάνεια που συνάφθηκαν και καταχωρήθηκαν στα λογιστικά βιβλία του προηγούμενου μήνα μεταξύ εμπορικών ή μεταξύ εμπορικών εταιριών, καθώς και μεταξύ εμπόρων ή εμπορικών εταιριών και...
  • Πιο γρήγορα και πιο εύκολα η σύσταση εταιρίας στην Ελλάδα
    Με το νόμο 4441/2016 (ΦΕΚ Α 27/6.12.2016) υιοθετήθηκαν διατάξεις με σκοπό την απλοποίηση και βελτίωση των διαδικασιών μίας στάσης για τη σύσταση επιχειρήσεων που καθιέρωσε για πρώτη φορά ο καταργούμενος νόμος 3853/2010(ΦΕΚ Α΄90). Στο πνεύμα αυτό εισήχθησαν η ηλεκτρονική (χωρίς ανθρώπινη επαφή) σύσταση επιχειρήσεων, καθώς και άλλες αλλαγές στις Υπηρεσίες Μίας Στάσης (ΥΜΣ) με στόχο τη μείωση του χρόνου και...
  • Ενδοομιλικές Συναλλαγές: Νέα ημερομηνία για την κατάρτιση Φακέλου Τεκμηρίωσης & ευνοϊκότερα πρόστιμα
    Σημαντικές αλλαγές προέκυψαν στο τοπίο των ενδοομιλικών συναλλαγών στην Ελλάδα. Συγκεκριμένα, ο φάκελος τεκμηρίωσης που αποτελείται κατά περίπτωση από το Βασικό Φάκελο Τεκμηρίωσης και τον Ελληνικό Φάκελο Τεκμηρίωσης, καταρτίζεται πλέον έως τη λήξη της προθεσμίας υποβολής της ετήσιας δήλωσης φορολογίας εισοδήματος και συνοδεύεται από τον Συνοπτικό Πίνακα Πληροφοριών ο οποίος υποβάλλεται ηλεκτρονικά στη φορολογική διοίκηση εντός της ίδιας προθεσμίας. Η...
  • Αξίζει η επένδυση σε ακίνητα στην Ελλάδα του σήμερα;
    Τα τελευταία επτά χρόνια, οι τιμές των ακινήτων στην Ελλάδα σημειώνουν σημαντική πτώση. Γεννάται λοιπόν το ερώτημα: Αξίξει τον κόπο μια επένδυση σε ακίνητο τώρα; Η αγορά ακινήτου στην Αθήνα τη συγκεκριμένη χρονική στιγμή στοιχίζει από 19 έως 33.000 ευρώ. Ένα ακίνητο λοιπόν, με 5.000€ κόστος αναπαλαίωσης, μπορεί να αποφέρει μέσω ενοικίασης, μηνιαίο εισόδημα ύψους 1000€. Αν το εβδομαδιαίο έσοδο...
  • OECD’s BEPS 13 implemented in Croatia
    With a total of 15 action points, the OECD’s Base Erosion and Profit Shifting (BEPS) project aims at fighting the artificial shift of profits from jurisdictions with high taxes to tax havens, often as a part of an entirely legal strategy used by MNEs. The BEPS Action 13 (Transfer Pricing Documentation and Country-by-Country Reporting) imposes to multinationals the so-called Country-by-Country...
  • Albania changes Hydrocarbons Law
    By adopting law no.6/2017, the Albanian Parliament amended the 1993 Law on Hydrocarbons (Exploration and Production). These last changes aim to make the law more easily applicable, as well as to bring it closer to the acquis of EU. The amendments also focus on safeguarding these important public assets. Law no.6/2017 dated 02.02.2017 includes several definitions which were not originally...