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  • 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...
  • Serbia will allow foreigners to purchase agricultural land
    In 2008, the Serbian Government signed a Stabilization and Association Agreement with the EU, adopting a timeframe for the gradual removal of trade barriers. Nine years later, during 2017, the Government drafted a law authorizing foreign ownership of up to two hectares of agricultural land, provided that a 10-year citizenship of the buyer has preceded the purchase and that the...
  • Croatia simplifies registry of employees and working hours
    A New Ordinance on the content and method of maintenance of employees’ registry (NN 73/2017) is to enter into force on September 1, 2017, aiming at the simplification of the employer’s obligation to keep records of its own employees as foreseen by art. 5 of the Croatian Labor Act. It is important to remember that employers who fail to act...
  • Croatian authorities warn against European Business Number (EBN) scam
    Many Croatian entrepreneurs have recently received a letter urging them to apply for a so-called EBN (European Business Number). The letter contains a form with a fictitious deadline and was sent to a large number of recipients to multiple countries, this time particularly targeting Dutch companies. It is not the first time that the Hamburg-based company DAD Deutscher Adressdienst GmbH...
  • Croatian local taxes: what is new in 2017?
    The Local Taxes Act (“Act“), as a part of the 2017 Croatian Tax Reform, entered into force on January 1, 2017. The main change includes the introduction of the new Real Estate Tax (not to be confused with the Real Estate Transfer Tax) and the abolishing of the Company Name Tax. Aside from the Real Estate Tax, no further taxes...
  • The Amended Cyprus ip box regime – Hebrew
    חוק מיסוי הקניין הרוחני המתוקן של קפריסין   03/11/2016 בהמשך למאמרנו האחרון בנושא התיקון הצפוי לחוק מיסוי הקניין הרוחני של קפריסין (Cyprus IP Box Regime), ב-14 באוקטובר 2016, הצביע בית הנציגים של קפריסין על תיקון לחוק מיסוי הקניין הרוחני של קפריסין. חוק מיסוי הקניין הרוחני החדש מגדיר מהם נכסים בלתי מוחשיים מוכרים, רווחים/הכנסות מוכרים, הכנסה כוללת והוצאות מוכרות, וכן קווים...
  • Iran’s GDP marks 11.1% growth
    According to Fars news, Iran’s non-oil GDP has grown 6.4 percent in the past year. Mohammad Baqer Nobakht, Iran’s Government Spokesman, has stated that the country’s GDP growth of gross domestic product (including the oil sector) stands at 11.1% for the previous year. Previously, the Central Bank of Iran had announced that the country’s GDP growth was 12.5% in the...
  • Moldova publishes clarification on nil VAT rate for technical assistance projects
    The Moldavian tax office announced that for services performed by subcontractors for the beneficiaries of technical assistance projects a nil VAT rate shall be applied. The State Tax Service published a written clarification on 22 June 2017 with details on the specific application that is to be prepared. Based on article 104 (c1) of the Tax Code (TC), the State...