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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...
  • Clarifications published on dividends paid between Bulgaria and Moldova
    Moldova has recently clarified certain requirements related to the taxation of dividends distributed during the period 2008-2015 to residents of Bulgaria, in the context of the application of the double tax treaty concluded between the two countries in 1998. According to the treaty, Bulgarian residents who hold at least 51 % of the capital of a dividend-distributing Moldavian company are...
  • Ukraine lowers rate of tax on dividends
    The Parliament of Ukraine has decreased the personal income tax rate from 18% to 9% under certain conditions. It is expected that the law - adopted on 23rd March 2017 - will be applicable retroactively from 1 January 2017 for the following cases: - dividends coming into Ukraine from foreign sources accrued on shares, investment certificates and corporate rights; -...
  • 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...