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  • The Amended Cyprus ip box regime – Hebrew
    חוק מיסוי הקניין הרוחני המתוקן של קפריסין   03/11/2016 בהמשך למאמרנו האחרון בנושא התיקון הצפוי לחוק מיסוי הקניין הרוחני של קפריסין (Cyprus IP Box Regime), ב-14 באוקטובר 2016, הצביע בית הנציגים של קפריסין על תיקון לחוק מיסוי הקניין הרוחני של קפריסין. חוק מיסוי הקניין הרוחני החדש מגדיר מהם נכסים בלתי מוחשיים מוכרים, רווחים/הכנסות מוכרים, הכנסה כוללת והוצאות מוכרות, וכן קווים...
  • Iran’s GDP marks 11.1% growth
    According to Fars news, Iran’s non-oil GDP has grown 6.4 percent in the past year. Mohammad Baqer Nobakht, Iran’s Government Spokesman, has stated that the country’s GDP growth of gross domestic product (including the oil sector) stands at 11.1% for the previous year. Previously, the Central Bank of Iran had announced that the country’s GDP growth was 12.5% in the...
  • Moldova publishes clarification on nil VAT rate for technical assistance projects
    The Moldavian tax office announced that for services performed by subcontractors for the beneficiaries of technical assistance projects a nil VAT rate shall be applied. The State Tax Service published a written clarification on 22 June 2017 with details on the specific application that is to be prepared. Based on article 104 (c1) of the Tax Code (TC), the State...
  • Kyrgyzstan introduces tax incentives
    The Kyrgyzstan Parliament adopted a draft of a new law that provides for tax incentives for companies with a preferential scope of business. Legal entities with a scope of business that falls under the description of preferential activities (except mining and mineral processing activities) are now subject to nil corporate income tax rate. Moreover, the competent tax authority may provide...
  • Croatia implements Advance Pricing Agreements (APAs)
    APAs were recently implemented in the Croatian tax legislation. Our Transfer Pricing team briefly presents the main points of the Croatian legislation related to an APA. Transfer pricing legislation was introduced in Croatia by way of the Corporate Income Tax Act (CIT) on 1 January 2005. However, the Croatian tax authorities have only recently recognized its importance. The implementation of...
  • 10 reasons a Cyprus citizenship can change your life
    No more Work Visa headaches Having a Cyprus citizenship broadens your professional opportunities and career growth, as only EU citizens have the freedom to move to an EU country and be easily employed without a work permit. Access to medical benefits, including free healthcare A European Health Insurance Card is free of charge for any EU citizen and allows one...
  • Georgia’s GDP shows higher growth rate than initially expected
    Since 2003, Georgia has embarked on a journey of continuous reforms towards liberalization of the economy. As a result, in recent years Georgia’s economy has been steadily growing. The country’s most important economic sectors include agriculture, mining (manganese and copper) and manufacturing.  In the past decade Georgia has also been heavily investing in energy independence by focusing on hydropower. The...
  • Kyrgyzstan ratifies double tax treaty with Georgia
    On 22 June 2017, the parliament of Kyrgyzstan approved the bill ratifying the tax treaty signed with Georgia on 13 October 2016. Currently, the ratification from Georgian side is still pending, and in order to become law and to be ratified, the bill still needs to be signed by the Presidents. The 2016-signed treaty covers taxes on income and profit...
  • Foreign Direct Investment in Romania on the rise
    Romania is one of the largest markets in Central and Eastern Europe with over 21 million people. Attractively located between the EU, Balkans and CIS (Commonwealth of Independent states), Romania also has a maritime door via the port of Constanta on the Black Sea, providing access to the Southeast European markets. Romania’s resources are varied and plentiful; skilled labor force,...
  • Amendments to Air Protection Law in Republic of Srpska of Bosnia and Herzegovina
    The National Assembly of the Republic of Srpska (RS) adopted the amendments to the Air Protection Law (the Law) on 27 April 2017. With the amendments, the new Law is now harmonized with the European Union acquis communautaire. “In order to prevent, reduce and to a possible extent, stop the pollution caused by the industrial activities and follow the principles...
  • IPA between Albania and United Arab Emirates enters into force
    During the visit to Albania of the United Arab Emirates Minister of Energy In October 2015, the two countries signed an Investment Protection Agreement. This Agreement was published in the Albanian Official Gazette in December 2015. Article 20 of the agreement provided that the entry in force of the agreement would depend on the domestic constitutional provisions of each signatory...
  • Agreement on Social Security between Montenegro and Slovakia
    Montenegro and Slovakia have enjoyed friendly relations and close cooperation in many areas of mutual importance, which is confirmed by the continuous high-level political dialogue. There is a mutual interest in fostering collaboration in various areas. The relations between the two countries have been further strengthened by the participation in various multilateral forums and organizations while intensive cooperation has also...
  • Montenegro and United States sign an Intergovernmental Agreement to implement FATCA provisions
    Montenegro has shown its commitment to improving compliance with international tax standards. The FATCA Agreement is yet another example of a set of steps taken towards broadening the cooperation between the US and Montenegro and following the international standards of cross-border tax assistance. The US Ambassador, Margaret Ann Uyehara and Montenegrin Finance Minister, Darko Radunovic, signed an Intergovernmental Agreement (IGA)...
  • What makes Cyprus your future forever home?
    Cyprus is an undeniably attractive location for both business and pleasure. Recently, it was listed as one of the best places to relocate among a total of 23 countries worldwide. It ranked fifth on the Knight Frank Global Lifestyle Review. Cyprus was also ranked as 32nd place in the Forbes list for best destinations for business in 2017. Forbes evaluated...
  • New FYR Macedonia Finance Minister focuses on public debt and borrowing costs
    FYR Macedonia’s new Finance Minister, Dragan Tevdovski, has stated his intention to undertake actions to resolve the growing problem of public debt by lowering the costs of borrowing despite the need to continue borrowing. In a statement during a press conference, Tevdovski has said that most of the borrowing will continue to take place predominantly in the domestic market at...
  • Cyprus releases long-awaited Transfer Pricing guidelines on intra-group financing
    As of 1st July 2017, the tax treatment of intra-group financing arrangements has been amended in Cyprus.  Intra-group financing transactions refers to finance activities between related parties (as defined in Section 33 of the Income Tax Law), including permanent establishments in Cyprus. Based on the Interpretative Circular issued by the Cyprus Tax Department, intra-group financing arrangements must be taxed from...
  • Albania approves Law on remission of unpaid tax and custom duties
    With Law no.33/2017, which was approved on the 21st of April 2017 and entered into force on the 7th of May 2017, the Albanian Parliament relieved businesses from old unpaid tax and custom duties. The Law completely dismissed tax and custom duties arising before 2010 irrespective of their type and origin, whether liabilities or fines. For the period between January...
  • 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
    On 14th July 2017, the House of Representatives voted into law the revised criteria for determining the tax residency of individuals in Cyprus. Specifically, a second test is added in addition to the 183 day rule for individuals who do not spend more than 183 days in Cyprus or another jurisdiction.  As per the new test, all of the following...
  • 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...