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  • 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...
  • 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...
  • New office address in Tirana: Giving you one more reason to visit us!
    We are pleased to announce that we have moved offices in Tirana to accommodate our growing team! Our new offices details are as follows: Kajo Karafili st, P. Nova, k. 4, Tirana 1001 Phone: +355 42 248 548 Fax: +355 42 424 448 Email: tirana@eurofast.eu Please update your address books and come visit us! We look forward to your visit...
  • FYR Macedonia: Ministry of Finance Publishes 2018 Budget; Introduction of Progressive Tax on Standby
    The FYR Macedonian government plans to spend 3.44 billion euros in 2018, which is 300 million euros less than what it plans to receive as revenue, with a target to reduce the deficit down to 2.7%. A highest percentage of the state expenditures is foreseen to be related to social welfare and child protection, with 33% of the budget allocated...
  • Iran’s Exports to Europe Grow 107%
    Iran has experienced a 107% increase in exports to the Europe (EU) compared to the last year. The trade between Iran and the EU has gone up 62 percent between January and September 2017, compared to the same period in 2016. The trade increased from €9.10 billion in 2016 to €14.78 billion in 2017. Iran exported €3.49 billion of goods to...
  • Double Tax Treaty between Cyprus & Jersey Enters into Force in 2018
    Officials of Jersey and Cyprus have signed a Double Taxation Agreement (DTA) on 11 July 2016 in London. The agreement – negotiations for which had lasted since 2013 - will come into force on 1st January 2018. Senator Bailhache for the Government of Jersey stated that “the signing of the DTA with Cyprus continues Jersey’s firm and longstanding commitment to...
  • Cyprus amends VAT; Imposes 19% on Sale of Building Land and Leasing
    On November 3, 2017, The Cyprus House of Representatives approved a new VAT Law which amended the main VAT Law N.95 (I)/2000. It was published in the Official Gazette of the Republic of Cyprus on 13 November 2017 and came into force as of 2 January 2018. The new law introduces VAT at the standard rate for the sale of...
  • Cyprus & Mauritius Revise Double Tax Treaty
    The existing agreement signed between the Republic of Cyprus and the Republic of Mauritius for the avoidance of double taxation as well as the prevention of fiscal evasion with respect on taxes on income and capital has been revised. On 23 October 2017, in Pretoria, South Africa, the two countries signed an amending protocol that adds to the existing convention’s...
  • Iran: VAT Exemption for Hybrid & Electric Vehicles
    According to the Law on clean air, adopted by the Iranian parliament on July 16, 2017, Mr. Mohammad Masihi, an official from the tax administration has stated that all homegrown, ecofriendly, zero-emission hybrid and electric cars and motorcycles will benefit from tax exemption. The old and high emission transport system is one of the main causes of pollution in metropolises...
  • Albanian Government Reduces VAT Rate for Accommodation Services
    On November 2017, before the approval of the budget for the 2018 fiscal year, the Government of Albania approved the Decision of the Council of Ministers no.652, dated 10.11.2017, which made several changes to DCM no. 953/2014 on the implementing provisions of the Value Added Tax law. Some of the major changes of the new by-law include the lowering of...
  • Albania Approves Budget for 2018
    The Albanian Parliament, after a long session and numerous debates, approved the budget for the 2018 fiscal year. The draft budget was accompanied by the relevant Report and several presentations. According to the Albanian government, the 2018 budget will have more resources available. This will be due to the government’s target to deepen and expand the fight against informality. Particular...
  • Income Tax Treaty between Montenegro & Portugal
    The Parliament of Montenegro, on its 26th convocation on 11 October 2017, adopted the Law ratifying the agreement signed between Montenegro and Republic of Portugal on avoiding double taxation and prevention of tax avoidance. The taxes to which this Convention applies include the Montenegrin corporate profit tax and personal income tax as well as the Portuguese personal income tax, corporate...
  • Double Tax Treaty between FYR Macedonia & Belgium Enters into Force
    Following a very long ratification process, the 2010-dated double tax treaty concluded between FYR Macedonia and Belgium finally entered into force on July 17, 2017. The treaty - generally applicable from January 1, 2018 - replaces the old treaty signed between former Yugoslavia and Belgium in 1980. The DTT defines maximum withholding tax rates of 15% on dividends (or 5%...