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  • 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...
  • Bulgarian new AML measure requires urgent action by companies
    In March 2018, the 4th EU Money Laundering Directive was implemented, known as MLD4, which came into force in June 2017. With this Directive, Bulgaria adopted a new anti-money laundering measure that was transposed in the relative legislation. Among the main innovations in the MLD4 and the Bulgarian AML Act is the obligation for collecting and filing information on ultimate...
  • Romania increases minimum differentiated wage
    The Romanian Government has adopted an emergency ordinance on 9th of November 2018 which provides for the amendment of the Labour Code. The changes introduce the definition of a minimum differentiated salary, dependent on the length of the work and / or the level of education. The Ministry of Labor has stated that the amendments aim at establishing a basic...
  • Croatia signs agreement on avoidance of double taxation with Japan
    2018 is a year in which Croatia and Japan celebrate the 25th anniversary of their diplomatic relations. This milestone is further marked with the signing of the agreement on avoidance of double taxation, which took place on October 19, 2018. The official document, Agreement between Japan and the Republic of Croatia for the elimination of double taxation with respect to...
  • Amendments to the Law on Cash Registers in Brčko District
    On 17 October 2018, the Assembly of Brčko District adopted amendments to the Law on Cash Registers, essentially narrowing the list of persons who are subject to an obligation to register invoices using cash registers. The new amendments now grant the exemption from the above obligation to a number of taxpayer categories including farmers not registered for VAT, farmers and...
  • Cyprus hikes social contributions in 2019; introduces NHIS
    Cyprus Social Insurance Fund (SIF) contributions will increase starting from January 2019 while contributions for the implementation of the National Health Insurance System (NHIS) will commence in March 2019. Social Insurance Contributions rate hikes from 2019 As from 1 January 2019, an additional rate of contribution to the Social Insurance Funds will be increased by 0.5 percentage points both by...
  • FYR Macedonia introduces progressive personal income tax
    After 10 years of 10% flat personal income tax rate in FYR Macedonia, the Minister of Finance has recently announced a draft law on progressive personal taxation which will become effective as of 1 January 2019. Aiming at a creation of a more fair tax system, the Ministry of Finance is currently fine-tuning the personal tax reform. The proposed provisions...
  • 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,...