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  • Bosnia and Herzegovina ratifies updated treaty with Romania
    On 27 June 2017, the Prime Minister of Bosnia and Herzegovina adopted a decision ratifying the income tax treaty between Bosnia & Herzegovina and Romania, which was signed on 6 December 2016. When it becomes effective (pending Romania’s ratification), the treaty will replace the former Yugoslavia - Romania Income and Capital Tax Treaty dated 1986. The Treаty provides for the...
  • Croatian Tech Companies drive economic growth and development
    The Technology Fast 50 Report for 2017 showed an interesting development among Croatian tech companies. The said report featured 8 Croatian companies in this year’s edition. Specifically, the featured companies included: Rimac Automobili (ranked 10 out of 50), Code Consulting (23/50), Telum (25/50), Profico (28/50), Undabot (35/50), Hangar 18 (40/50), Gauss (45/50) and Infinum (49/50). The eligibility criteria included the...
  • Georgian Virtual Zone Entities offer new opportunities for IT companies
    Georgia is becoming an increasingly popular jurisdiction for doing business both domestically as well as internationally. The attractiveness factors include the country’s top ranks in international ratings on ease of starting and maintaining a business as well as the fact Georgia has proven itself to be a corruption-free destination. Additionally, due to a number of benefits - such as the...
  • An Interview with a Taxander
    Let’s begin with the facts, how long have you worked with Taxand and which firm do you work for? I work with Taxand almost 4 years and I lead the  TP department of Eurofast Taxand Cyprus, responsible for client portfolio in South East Europe and Mediterranean. Tell us about your team Our team is diverse! Due to our regional presence...
  • Albanian government plans to include small businesses in the VAT scheme
    The Valued Added Tax is one of the most important taxes in the Albanian fiscal regime. . According to the current legal provisions all businesses are subject to VAT declaration and payment, with the exception of small businesses, which are considered to be the ones with annual turnover below LEK 5 million (about EUR 37,000). Recent developments have introduced the...
  • Albanian unemployment rate drops during Q2
    The Albanian Institute of Statistics (INSTAT) has reported that during the second quarter of 2017 the unemployment rate in Albania has decreased to 13.9%. This is the lowest level of unemployment since 2012. In 2014 the level of unemployment reached the highest level - a record 18.2% - and since than it has been constantly declining. The unemployment rate is...
  • A year in review: Egypt introduces tax changes and investment incentives in 2017
    The last year has seen the Egyptian Government focus on economic transformation, resulting in a bundle of decisions and laws supporting initiatives which aim to improve the living standard of Egyptian citizens. Below we provide an overview of the major developments that have taken place in 2017. VALUE ADDED TAX On September 2016, the VAT law no. 67/2016 was issued...
  • Standard & Poor’s confirms FYR Macedonia’s BB-/BB credit rating and stable outlook
    S&P has confirmed FYR Macedonia’s BB's credit rating, with a stable outlook. The report contests that the political crisis has been overcome with the formation of the new government and expects policy continuity. It also plans for improved confidence and intensification of economic growth. The economic growth for 2017 was revised to 1%, due to the negative GDP trends in...
  • FYR Macedonian minimum salary increased; incentives introduced
    The FYR Macedonian Parliament adopted the amended Law on Minimum Salary on September 18, 2017. The previously-valid net minimum salary of MKD 10,080 has been increased to MKD 12,000. The amounts apply to full time employment. The amendment affects a number of companies whose employees have been receiving the bare minimum salary. For the purpose of easier transition in the...
  • Montenegro hikes VAT rate; amends excise duties
    Montenegro has recently sharpened its focus on fiscal consolidation with a target to achieve budget surplus and to establish a declining trend in the level of public debt from 2019. On the revenue side, additional measures will be aimed at further harmonization of the excise policy with the one of the EU. Additionally, the Government is set to increase the...
  • Ukrainians eyeing foreign citizenships in wake of automatic exchange of information
    Ukraine has recently announced the plan to start an automatic exchange of information on financial accounts under the international Common Reporting Standard as of 2020, pertaining to data relating to 2019. This decision will affect businessmen wishing to protect their confidential data. Applying for a residence permit or citizenship in another county during the current year will ensure the tax...
  • Ukraine officially announces intention to join automatic exchange of information
    Ukraine is planning to commence with an automatic exchange of information on financial accounts of non-residents under the international Common Reporting Standard as early as 2020, according to statements of the press service of the Cabinet of Ministers of Ukraine following the meeting of Finance Minister Alexander Danilyuk with OECD representatives on September 27, 2017. The first exchange of tax...
  • Cyprus’ income tax exemptions: What you need to know!
    On 24 July 2017, the Cyprus Tax Department issued Interpretative Circular 2017/4 in relation to income tax exemptions, sections 8(21) and 8(23) of the Income Tax Law 118 (I)/02. The specific criteria of sections 8(21) and 8(23) are listed below: Exemption of section 8 (21):  Employees are exempt from income tax on 20% of their remuneration or €8,550 (whichever amount...
  • Bulgaria implements CbC reporting into legislation
    CbC reporting was implemented in the Bulgarian Legislation via its introduction in the Act to Amend and Supplement the Tax and Social Security Procedure Code (TSSPC), published in issue 63 of the State Gazette on 04.08.2017. Bulgarian tax authorities are trying to implement stricter rules to combat tax avoidance. Through the introduction of the CbC report in the Bulgarian legislation...
  • Cyprus: Introducing the new VAT appeal procedure
    The Cyprus VAT Act has been amended in relation to the procedure to be followed for an appeal against an assessment issued by the Tax Department. This amendment has come into force as of 7 July 2017. Specifically, the appeals should be submitted to the Tax Tribunal first and then to the Administrative Court, instead of to the Minister of...
  • Serbia ranked world leader in job creation
    Serbia has been ranked world leader in the number of new jobs created in 2016 - as a proportion of the population size - and therefore the best place to invest, according to the Global Location Trends report by the US technology company IBM. Also, based on the criterion of the number of created jobs compared to the number of...
  • Signature of the first double tax treaty between Luxembourg and Cyprus
    What will the impact be on cross border structuring? Introduction and background On 8 May 2017, Luxembourg and Cyprus signed their first double tax treaty (“Lux/Cyprus DTT”). Through this tax treaty, both countries aim to strengthen their economic and commercial relationship. While Cyprus broadens its tax treaty network as Luxembourg was one of the few EU countries with which it...
  • Temporary Employment Services in Serbia
    The concept of staff leasing has existed for years in Serbia and enables companies to flexibly employ workers through agencies specialized in this type of service. Nevertheless, what constitutes a challenge is the lack of a clear and comprehensive legal framework related to the provision of such services.  Serbia ratified the International Labor Organization’s Convention 181 (C181 on Private Employment...
  • Cyprus Government to finance the implementation of Environmental Management Systems
    Within the framework of the State Grants Scheme for the year 2017 and as a result of the general framework of Eco-Management and Audit Scheme, the Cyprus Government announced a program of financial support to the organizations which will implement an Environmental Management System (EMAS). The Ministry responsible for the management and support of this particular project is the Ministry...
  • Cyprus rated safest country for young people
    According to the global youth mortality rates based on the World Health Organisation’s (“WHO”) data for 2015, Cyprus has been analysed to be the safest of 184 countries for young people, among a list of jurisdictions including the United Kingdom, Switzerland, Germany and many other respectable countries. The most dangerous country is considered to be Sierra Leone, where one youth...