News

Subscribe to our news feed

Take a moment to subscribe to our custom news feed which will be delivered via email.

Your Name (required)

Your Email (required)

  • Kosovo ratifies tax treaty with Austria
    On the 8th of June 2018, the republics of Kosovo and Austria signed the Convention for elimination of double taxation with the purpose to develop their economic relationship and to enhance their co-operation in tax matters. On July 27, 2018, Kosovo ratified the treaty; thus it will be effective from the following year. The convention will be applied to income...
  • Serbia-San Marino DTT enters into force
    Serbia and San Marino signed a DTT on April 16, 2018, thus effectively resulting in the removal of San Marino from the Serbian list of countries with a preferential tax regime. The Law on Confirmation of the DTT was adopted by the Serbian Assembly on September 25, 2018 and San Marino is expected to start the application of the DTT...
  • E-residency introduced in Georgia
    Georgia is becoming a very attractive destination to both live and do business in. The low cost of living and the relatively simple process for obtaining a residence, coupled with its status as an entrepreneur-friendly country with reduced tax burden make it one of the prime corruption-free investment destinations with low business costs. In addition to the simplicity of obtaining...
  • Brexit: spotlight on opportunities in Croatia
    In June 2016, the citizens of Great Britain voted to leave the European Union. In order to implement the referendum result and pursuant to the article 50 of the Lisbon Treaty, the UK government presented in March 2017 the Notification of Withdrawal. The exit process thus formally started, however, the use of the article 50 is unprecedented and over the...
  • DEVELOPMENT IN THE NORTH OF MONTENEGRO: THE NEXT BIG THING?
    Many know Montenegro for its reputation as a rapidly growing high-end destination, following recent multi-million euro developments on the coast. But, what makes this Mediterranean country a true pearl of the Balkans is the perfect blend of its northern and southern parts. Northern Montenegro is a bit more wild, untouched and yet to be discovered. Deep inside its breathtaking nature...
  • Georgia announces new Customs Code
    Georgia continues to pursue a business-friendly tax and customs policy, which - along with economic reform - implies a complete harmonization of the legislation with EU standards. At this stage, work on the new Customs Code project has been completed with the participation of experts from the European Union, fully meeting the standards of the European Union. The approach to...
  • Approach of Greek authorities in determining a valid foreign proof of tax residence
    In Greece, an individual who has moved abroad must file an application to the local authorities in order to demonstrate a new address should they wish to change their status from resident to non-tax resident. Such an application is typically filed by March 10th of the year following the year during which the individual changed the residence and it is...
  • Το Μαυροβούνιο ως βασικός προορισμός για Επενδυτές και Ιθαγένεια
    Μια μικρή μεσογειακή χώρα, ανάμεσα στα σύνορα των χωρών της πρώην Γιουγκοσλαβίας, βρίσκεται στο προσκήνιο για την ταχεία και βιώσιμη ανάπτυξή της. Τα εκπληκτικά βουνά και η καθαρή θάλασσα, σε συνδυασμό με τις 240 ηλιόλουστες ημέρες το χρόνο κατά μέσο όρο, καθιστά το Μαυροβούνιο ελκυστικό προορισμό για τουρίστες και επενδυτές από όλο τον κόσμο. Από το 2006, όταν η χώρα...
  • Take a sneak peek into the top 3 development projects in Montenegro
    With just 650,000 inhabitants and total area of 13,812 km2 Montenegro is considered to be the smallest country in the Balkans. It is frequently said that it is actually a small country with a big Government-backed effort for multidirectional growth. From the coast and up to the north, cornerstones have already been set up for many attractive projects and luxury...
  • New Cyprus legislation improves rights of expecting and new mothers
    Becoming a parent is undoubtedly a special and unique experience and as such requires careful consideration and approach for both parents. Women’s care during pregnancy and the post-partum period are two of the most important segments which have to be taken into account very seriously, not only by the individual but also by their employers. With almost half of the...
  • Montenegro as a key destination for Investors and a new home for global citizens
    A tiny Mediterranean country, settled between the borders of ex-Yugoslavia member states, is in the spotlight for its rapid and sustainable growth. The beautiful blend of stunning mountains and clear sea, combined with an average of 240 sunny days per year, makes Montenegro a destination attractive for tourists, investors and global citizens alike. Since 2006, when the country gained its...
  • Central Bank of Egypt defends Secrecy of Bank Accounts
    Head of the Tax Authority (ETA) of Egypt, Emad Sami, revealed on August 26th that an amendment to the Income Tax Act has been drafted to allow the Minister of Finance to access corporate bank accounts in order to help combat tax evasion, causing immediate reaction of the Governor of Central Bank of Egypt (CBE), Tariq Amer. Tariq Amer responded...
  • Tax incentives for Research and Development in Croatia
    In the period between 2007 and 2014, tax incentives in Croatia for research and development projects were granted based on the Act on Scientific Activity and Higher Education, namely articles 111 a) to 111 f). However, in June 2014 the European Union issued the Commission Regulation (EU) No. 651/2014 concerning certain categories of state aid, which used significantly different terminology,...
  • Albania changes Law on Income Tax; introduces incentives for agro tourism
    The Albanian Council of Ministers proposed a draft law to the Albanian Parliament, which introduces several changes to the income tax. The draft law was approved by the Albanian Parliament on the 9th of July 2018. The Law affects the income tax of several sectors of the country’s economy: farmers involved in agricultural cooperation societies, businesses that operate in the...
  • Serbia amends VAT Law; extends possibilities for VAT refund to foreign companies
    On April 19th, 2018, the Serbian Parliament adopted the Law on Amendments to the VAT Law. The adopted Law was published in the Official Gazette No. 30/2018 and came into force on 1st of July 2018, with the exception of certain provisions which will be applicable as 1st of January 2019. The latest amendments to the VAT Law are conditioned...
  • Georgia concludes Double Tax Treaty with Saudi Arabia
    On 14 March 2018, officials from Georgia and Saudi Arabia signed an income tax treaty which has been forwarded for ratification. The main goal of signing the agreement is to increase economic cooperation between Georgia and Saudi Arabia and attract more foreign investments, said Georgia’s Finance Ministry. The existing taxes to which this Agreement shall apply include profit tax, income...
  • Treaty between Russia and Cyprus: Russian MoF clarifies dual tax residence status of individuals
    On the 6th of June 2018, the Ministry of Finance of Russia (hereinafter “MoF”) published a Guidance Letter No. 03-04-06/33393 as of 17th of May 2018 clarifying the tax residency status of an individual who appears to be a dual tax resident of Russia and Cyprus. The MoF clarified that if a Russian resident individual provides the Russian tax agent...
  • Favorable terms for BH entities exporting to USA
    With the new revision of the US Congress, the Decision on extending the GSP (Generalized System of Preferences), which allows goods produced in Bosnia and Herzegovina to have authorized customs treatment on import into the United States, was adopted. For all entities exporting or planning to export to the United States market, the validity of the General System of Preferences...
  • FYR Macedonia extends application of preferential VAT rate to first sale of residential buildings once again
    In 2009, as an anti-crisis measure, the FYR Macedonian government introduced the application of the preferential VAT rate of 5% to the first sale of residential buildings. While initially planned to be in force until the end of 2011, the application was already extended twice: the first time in late 2011 whereby its validity was prolonged until the end of...
  • Citizenship by Investment in Montenegro
    The global geopolitical situation, has motivated a significant number of worldwide millionaires to move its wealth to western and European markets, contributing considerably to the development of the “rich immigration”. This trend triggered Government of Montenegro to draw capital that will provide significant value to the existing economy and assist to the expansion of various forms of business through the...
  • جمهوری صربستان، مقصد ایرانیان برای گردشگری و تجارت
    با افزایش سطح روابط بین جمهوری اسلامی ایران و جمهوری صربستان و تمایل دو کشور به توسعه همکاری ها در زمینه های مختلف از جمله گردشگری، فرهنگی و تجاری باعث شده است که توافقنامه هایی بین این دو کشور از سال گذشته به اجرا درآید. در همین راستا سفر به صربستان برای ایرانیان تنها با گذرنامه ایرانی و بدون اخذ...
  • Bulgaria introduces possibility for electronic storage of employment documents
    The Bulgarian Ministry of Labour and Social Politics recently adopted an ordinance for employment-related electronic documents and the requirements for their creation and storage in an employee’s file. The ordinance is effective as of 19th May 2018 and is based on Art. 128b, para 3 of the Labour Code. The new ordinance provides the possibility of an electronic file of...
  • BH’s Republic of Srpska issues Rulebook on Tax adviser License
    Almost 10 years after the adoption of the Law on Tax Consultancy, on 14 February 2018 the Ministry of Finance adopted the Rulebook on Tax Advisers' Licenses (the Rulebook), which then entered into force on 22 February 2018. The Rulebook prescribes conditions and procedures for obtaining a tax adviser's license and for registration of tax agencies. As a result, tax...
  • Albania changes Law on Building Tax
    In November 2017, with Law no.107, the Albanian Parliament changed the methodology on which the payment of the tax on buildings was based, introducing fundamental amendments. The building tax is a local tax which is calculated, administered and collected by the local authorities. The new methodology has been applicable since the 1st of April 2018. Since the institutions and the...
  • Serbian arm’s length interest rates for 2018
    The Ministry of Finance of Serbia has adopted the Rulebook on arm's length interest rates for 2018 ("Official Gazette of the Republic of Serbia", No. 18/18). The new rulebook applies when determining corporate income tax in 2018, while when determining the income tax for 2017, the interest rates to be used are those prescribed by the Rulebook on arm's length...
  • Mandatory disclosure for intermediaries
    On 13 March 2018, the EU Economic and Financial Affairs Ministers adopted the European Commission's proposal of June 2017, amending Directive 2011/16/EU. The amendments are in regards to mandatory automatic exchange of information in the field of taxation in relation to reportable cross-border arrangements in order to disclose aggressive tax planning arrangements. The aim of the Directive is to enhance...
  • Citizenship by Investment in Montenegro
    The recent geopolitical situation in the Middle East has motivated a significant number of Asian high net worth individuals to consider moving westward towards European markets, contributing considerably to the development of the so-called “rich immigration”. With the above in mind, the Montenegrin Government has been working on an attractive citizenship-by-investment program which is expected to provide a significant boost...
  • Cyprus: New Alternative Investment Funds Legislation
    On 10th July 2018, the Cyprus parliament approved the new alternative investment funds (AIF) legislation which will replace the existing law and which enables, for the first time in Cyprus, the establishment of Registered Alternative Investment Funds (RAIF) in Cyprus. This is a major advancement in the field as it will significantly reduce the time and cost for establishing an...
  • Republic of Srpska introduces new law on the deadlines for settlement of financial obligations in commercial transactions
    The National Assembly of Republic of Srpska adopted a Law that regulates the deadlines for settlement of financial obligations and penalties applicable in case of failure to comply. The law - published in the Official Gazette no. 31/18 – is effective as of 24th April 2018. The Law applies to legal entities on the territory of Bosnia and Herzegovina, with...
  • Cyprus updates DTTs and protocols; signs new ones
    During 2017, and the first quarter of 2018, various double tax treaties’ (DTTs) developments have taken place in Cyprus, with a number of new DTTs, protocols and amending protocols being signed and coming into force. The list of countries with which Cyprus maintains DTTs currently stands at 63 which is a significant number for such a small island as Cyprus....
  • IMF Issues Mission Statement for Albania in March 2018; Asks for More Reforms
    Based on Article IV of the Article of Agreements of IMF, during March 2018, an IMF mission visited Tirana, with the aim of evaluating economic developments for the Post-Program Monitoring (PPM) discussions. Albania, which has been a member of the IMF since 1991, has received substantial IMF credit. The PPM process commences after the expiration of these programs, with a...
  • Greece: Separate Taxation of Married Individuals with Different Residency
    Following the decision of the Greek court, it is now possible for spouses to submit separate individual annual tax returns depending on their tax residency. This decision comes as a solution to the problem of married couples who live separately due to various reasons, such as when one of them lives abroad due to professional engagements. Until now, it was...
  • Amendments to the Law on Excise Duties in Bosnia and Herzegovina
    Amendments to the Law on Excise Duties in Bosnia and Herzegovina On 15 December 2017, the Parliament adopted long-delayed amendments to the Excise Law in Bosnia and Herzegovina (BiH) following a 15-hour long debate in parliament and resistance from the major opposition parties. The amendments entered into force on 3 January 2018 and are applicable as of 1 February 2018....
  • Income Tax Treaty between Georgia and Moldova
    On 31 January 2018, the Moldovan Cabinet approved the income tax treaty with Georgia. The treaty, signed 29 November 2017, is the first of its kind concluded between the two countries and will enter into force after the ratification instruments are exchanged. The Treaty was signed following the Georgia – Moldova Business Forum held in Tbilisi, in April 2017, where...
  • Ugovor o izbjegavanju dvostrukog oporezivanja između Hrvatske i Kosova
    Hrvatska i Kosovo su povijesno povezane ekonomski i politički i nastavljaju s jačanjem trgovinskih razmjena između dviju zemalja. Hrvatska u Kosovu vidi priliku za izvoz i značajne investicije u područjima poput gradnje i infrastrukture, dok Kosovo Hrvatsku smatra najvažnijim strateškim partnerom u pregovorima i pripremama za pristupanje NATO-u i Europskoj Uniji. Gospodarska suradnja sada postaje jednostavnija, obzirom da je Ugovor...