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  • 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...
  • Belarus – a Leap forward; Legalizes Cryptocurrency and Provides Incentives for Related Income
    On December 21, 2017, the President of Belarus signed the law “On the Development of a Digital Economy” (“Law”). After its entry into force on March 22, 2018, businesses based on blockchain technology will become legally regulated in Belarus. The Law defines the key terms of cryptocurrency business, explains the meaning of the terms cryptocurrency, virtual wallet, mining, token and...
  • Ukraine Boosts Attractiveness with new Law on Limited and Additional Liability Companies
    On February 6, 2018 the Law “On Limited and Additional Liability Companies” (“Law”) was adopted by the Verkhovna Rada of Ukraine. On February 20, 2018 the Law has been forwarded to the President for signature. It will enter into force 3 months after its publication in the official parliamentary newspaper “Holos Ukrainy”. With this legal act, Ukraine will be one...
  • Cyprus: Simplified Procedures for Debtor/Bankrupt Bank Account Opening
    In the context of streamlining procedures and avoiding lengthy processes, the Insolvency Service and the Bankruptcy and Liquidation Companies’ Division of the Registrar of Companies and Official Receiver of Cyprus announced that the procedure followed for granting authorization to open or maintain a debtor or bankrupt bank account has been abolished. Consequently, the approval of the Official Receiver previously required...
  • Georgia Updates Tax Legislation
    The Government of Georgia is attempting to simplify the country’s Tax Code after Georgia signed its Association Agreement (AA) deal with the European Union (EU) in mid-2014. While major tax reforms regarding corporate income tax took place in 2017, Georgia continues to modify and update its tax system, bringing several updates into force as of the beginning 2018. VAT Returns...
  • Double Tax Treaty between Croatia and Kosovo Enters into Force
    Croatia and Kosovo have been historically involved in a good economic and political relationship and are continuing to strengthen the commercial exchange. Croatia sees Kosovo as a good opportunity for export and significant investment, in areas such as construction and infrastructure, whereas Kosovo perceives Croatia as one of the most important strategic partners for their entrance into NATO and the...
  • Serbia Narrows Down List of Services Subject to Withholding Tax
    Significant changes affecting a wide range of companies in Serbia have been introduced via amendments to the provision related to application of withholding tax. Article 40, paragraph 1, item 5 of the Law on Corporate Profit Tax regulates the taxation of services provided by foreign entities by subjecting them to withholding tax. It will apply as of April 1st, 2018....
  • Albania Approves Changes to Accounting Standards; Introduces IFRS 15
    The Albanian legislative act which defines the general principles and rules for the preparation of accounting standards, financial statements and accounting records is the law No.9228, dated 29.04.2004, “On Accounting and Financial Statements”. According to article 3 of this law, “accounting standards” are the general principles or rules for the normalization of accounting, defined by the law, which serves as...
  • Ukraine Amends the List of Low-tax Jurisdictions
    On 27 December, 2017 the Cabinet of Ministers of Ukraine amended the list of low-tax jurisdictions which is used for transfer pricing purposes. Per Ukrainian tax rules, in order for a jurisdiction to be considered a low-tax one, its corporate income tax rate should be lower than the Ukrainian one by 5 percentage points (or more). Additionally, countries which have...
  • Cyprus: Transitional Agreement for Cost of Living Allowance contribution
    As of 1st January 2018, companies that grant Cost of Living Allowance (COLA) should incorporate the allowance into their current base salary, as per the Cyprus Chamber of Commerce and Industry’s decision dated December 13th 2017. The above mentioned transitional decision applies to any agreement where at the time of the agreement COLA was to be granted. Please see below...
  • Changes in the Bulgarian VAT Act effective as of 2018
    An adopted amendment in the VAT Act in Bulgaria concerns supplies in stages. If an agreement for delivery in stages specifies so, then each completed stage shall be considered as a separate supply. The amendment applies to the supply services as well as goods. An additional change is the fact that the deadline for submitting an application for mandatory VAT...
  • Osobni odbitak i porezne olakšice u 2018
    Osobni odbitak predstavlja neoporezivi dio dohotka i kojim se umanjuje osnovica za izračun poreza na dohodak. Od 1. siječnja, 2017. godine, uvedena je nova metoda obračuna osobnog odbitka čime se njegov osnovni iznos povećao na 3.800 kuna. Taj se iznos može dalje uvećavati primjenom odgovarajućeg koeficijenta za uzdržavane članove uže obitelji i/ili djecu, uz mogućnost dodatnog uvećanja kod invaliditeta uzdržanih...