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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...
  • Euro Parliament Approves Visa-Free Schengen Travel for Georgia
    Anticipated for a long time, the preliminary approval on visa- free regime for Georgia was given in December 2016 while on 2nd of February 2017 European lawmakers have ratified the visa liberalization, with a vote of 553 to 66 and 28 abstentions. EU diplomats have stated that the final European Parliament vote is expected at the next plenary session, on...
  • Službe za zapošljavanje u Hrvatskoj
    Zakonski okvir Osnovni zakoni koji reguliraju zapošljavanje u Republici Hrvatskoj su Zakon o radu, Kolektivni ugovori, Zakon o obveznim doprinosima te propisi o zaštiti prava zaposlenika. Poslodavci, zaposlenici i sindikati mogu ugovoriti radne uvjete koji su povoljniji za zaposlenika od onih propisanih Zakonom o radu, ali isto tako mogu biti ovlašteni ugovoriti i nepovoljnije uvjete. Plaća za rad je regulirana...
  • Hrvatska: Važna porezna reforma koja stupa na snagu u siječnju, 2017
    Prvog siječnja 2017 godine Hrvatska se suočila sa novim, preustrojenim poreznim sustavom, koji bi prema riječima Vlade trebao stati na kraj praksi čestih izmjena, te konačno postaviti temelje za investitorski atraktivno okruženje.  Vlada je pripremila sveobuhvatnu reformu izmjenom čak petnaest zakona vezanih uz poreze. Većina propisa stupa na snagu 1.1.2017. uz nekoliko iznimaka koje se počinju primjenjivati u 2018. ili...
  • Cyprus introduces installment payments for overdue taxes
    The Cyprus House of Representatives approved on Friday 27th of January 2017 a bill which provides for the payment of overdue taxes by monthly installments. The scheme covers income tax, VAT, special defense contribution, immovable property tax, capital gains tax, stamp duties, special contribution for employees, pensioners and self-employed persons, and inheritance tax. According to this new law the repayment...
  • Employment Services in Croatia
    Applicable Laws The main laws that regulate employment in the Republic of Croatia include Labour Acts, Wage Directives, Social Security Acts and Employment Protection Acts. Employers, employees and trade unions can stipulate working conditions more favourable to the employees than the ones prescribed by the Croatian labour acts as well as less favourable if authorised to do so. Labour wages...
  • Egypt to issue Executive Regulations of VAT law
    In anticipation from all concerned parties, the Egyptian Minister of Finance announced the issuance of the Executive Regulations of the Value-Added Tax law no. 67/2016 by the beginning of February 2017 after reviewing its draft by the People’s Assembly (the Egyptian Parliament) and approving it. The VAT law no. 67/2016 was issued early in September 2016 to repeal and replace...
  • Greek House Prices continue to drop; open doors to foreign investors
    House prices in Greece have been dropping for the last seven years, albeit now at a slower pace. This raises the question of whether it is worth investing in Greek real estate, at this time. Athens is an attractive market right now; one can buy apartments in Athens for as little as EUR 19,000-33,000, renovate them for EUR 5,000 and...
  • Китай инициирует создание зоны свободной торговли с Россией
    Заместитель Министра Торговли Китая г-н Киан Кеминг выдвинул предложение о заключении договора о создании зоны свободной торговли между странами – членами Шанхайской Организации Сотрудничества (ШОС), а именно: Китаем, Казахстаном, Киргизстаном, Россией, Таджикистаном и Узбекистаном. В результате учреждения зоны свободной торговли страны-члены ШОС смогут устранить тарифные и нетарифные барьеры, создать благоприятные условия для развития своих конкурентных преимуществ и достичь либерализации торговли...
  • Соглашение об Ассоциации между ЕС и Молдовой
    Соглашение об Ассоциации, заключенное между Европейским Союзом (ЕС) и Молдовой, вступило в силу, в результате чего создана зона свободной торговли (дословно с английского «deep and comprehensive free trade area (DCFTA), в переводе на русский «глубокая и всеобъемлющая, зона свободной торговли (ГВЗСТ)»). Подписание Соглашения об Ассоциации (СА) с ЕС было инициировано 29 ноября 2013 года в Брюсселе. В итоге, Соглашение было...
  • Льготы и преимущества для иностранных инвесторов, инвестирующих в Узбекистан
    Законодательством Республики Узбекистан предусмотрено предоставление иностранным инвесторам национального режима, то есть условий инвестирования не менее благоприятных, чем для резидентов Узбекистана. При этом, на основании инвестиционного договора между Правительством Республики Узбекистан и иностранным инвестором, последнему могут быть также предоставлены дополнительные гарантии и меры защиты, в частности, при инвестировании в приоритетные отрасли, обеспечивающие устойчивый экономический рост, прогрессивные структурные изменения экономики страны; в...
  • Финансирование и экономическое развитие Таджикистана
    Таджикистан - наименьшее по площади государство Средней Азии, на западе и северо-западе граничит с Узбекистаном, с Киргизией на севере, с Китаем на востоке, с Афганистаном  на юге. Таджикистан богат природными ресурсами, но так как 93 % территории республики занимают горы, их добыча затруднена слаборазвитой инфраструктурой. Таджикистан расположен вдали от основных евразийских транспортных потоков. В настоящее время Таджикистан борется с такими проблемами, как нехватка продовольствия, дефицит электроэнергии, неэффективное использование...
  • С 1 января 2017 года в Азербайджане действуют правила трансфертного ценообразования
    Благодаря изменениям в Налоговый Кодекс Республики Азербайджан («НКА»), принятым в декабре 2016 года[1], статья 14 НКА, раскрывающая до ныне только суть рыночных цен, теперь дополнена положениями о правилах трансфертного ценообразования («ТЦО»). Как сказал партнер по налоговым и юридическим вопросам международной компании PricewaterhouseCoopers Азербайджан Майкл Аэрн «по сравнению с изменениями за последние несколько лет, поправки 2017 года являются знаковыми с точки...
  • Изменения в регулировании деятельности Свободных Экономических Зон Республики Беларусь
    Режим Свободных Экономических Зон («СЭЗ») на территории Республики Беларусь действует с 1998 года[1]. Основные принципы работы СЭЗ: наличие на той или иной части территории Беларуси специального правового режима, устанавливающего более благоприятные, чем обычные, условия ведения бизнеса, в частности, льготный порядок налогообложения. На сегодняшний день действуют 6 СЭЗ: Брест, Витебск, Гродноинвест, Гомель-Ратон, Минск, Могилев. 30 декабря 2016 года Президент Республики Беларусь...
  • Кипр и Россия ввели мораторий на действие изменений к статье 13 СОИДН
    7 октября 2010 года между Россией и Кипром был заключен Протокол, который внес изменения в ранее действующее Соглашение между Правительством Российской Федерации и Правительством Республики Кипр об избежании двойного налогообложения в отношении налогов на доходы и капитал от 5 декабря 1998 года (далее – «Соглашение», «СОИДН»). С 1 января 2017 года должны были вступить в силу новые положения статьи 13...
  • Определяем контролируемые операции по новым критериям
    Правила трансфертного ценообразования существуют в Украине еще с 2013 года. Внешнеэкономические операции со связанными лицами-нерезидентами, продажа товаров (с текущего года – предоставление услуг) через комиссионеров-нерезидентов, а также операции с нерезидентами, зарегистрированными в странах, которые включены в список Кабинета Министров Украины («КМУ»), - считаютсяконтролируемыми. С 1 января текущего года действует расширенный перечень критериев для признания налоговыми органами Украины операцииконтролируемой[1]. Теперь не...