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  • 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...
  • Georgia Receives Funds from IMF
    The International Monetary Fund’s Executive Board completed its first review of Georgia’s performance within the three-year extended arrangement under the Extended Fund Facility (EFF). An International Monetary Fund (IMF) team visited Tbilisi from September 25 to October 9, 2017 and conducted discussions on the first review of the program supported by an Extended Fund Facility. The program was initiated to...
  • Georgia Signs Free Trade Agreement with China
    By way of further development of the country`s economy, facilitation of the trade and liberalization of its tax regime, Georgia has signed an agreement with China on the creation of free trade zones in Georgia. The China-Georgia Free Trade Agreement (FTA) was ratified in May 2017 and the Memorandum of Understanding was signed by Chinese Vice Minister of Commerce and...
  • Electronic Services of Indirect Taxation Authority of Bosnia and Herzegovina
    On November 16, 2017 the Governing Board of the Indirect Taxation Authority (ITA) issued the Instruction on Registration of Users of the ITA Electronic Services. The Instruction entered into force on December 9, 2017. All taxpayers are obliged to register for ITA e-services via the ITA official portal by January 1, 2019 at the latest. However, the large taxpayers that...
  • Ukrainian Government Approves Draft Law on Withdrawn Capital Tax
    At a meeting held on October 4, the Cabinet of Ministers of Ukraine approved the bill “On Amendments to the Tax Code related to the tax on withdrawn capital”. The Bill proposes to introduce a tax on the withdrawn capital instead of the profit tax. In addition, the acceptance of the bill will involve the following: - Change of methodological...
  • Changes in Croatian Personal Allowance in 2018
    Personal allowance represents a non-taxable part of the general personal income, decreasing thus the basis for the calculation of personal income tax. As of January 1, 2017 a new calculation method was introduced according to which the basic personal allowance rate increased to 3,800 HRK. This rate can be further increased by applying corresponding coefficients for supported members of immediate...
  • New Framework on Personal Data Protection in Businesses
    The new European General Data Protection Regulation (EU 2016/679), also known as GDPR, aims to protect individuals with regards to the processing of their personal data and the free movement of such data. The Regulation is a stronger and modernized version of the 1995 Data Protection Directive (95/46/EC), and differs to the extent that it has now direct horizontal effect...