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  • Standard & Poors confirmed the stable outlook for Montenegro
    The credit rating Agency ''Standard & Poors'' confirmed in its new Report that Montenegro has a stable B+/B credit rating. The growth of the Montenegrin economy increased to 4.7% in 2018, exceeding the last year’s projections of 3.5% annual growth. Thus the credit analysis confirmed that Montenegro is on a right track. According to the published report, the positive rating...
  • List of selected Agents for Montenegrin Citizenship by Investment Program Published
    The Montenegrin Secretariat for Development Projects published on their official website the Decision on Selection of Agents for the CBI program, which states that only 3 out of 22 applications were successfully submitted. The Secretariat selected the following three companies: 1. Henley & Partners Government Services Ltd. 2. Arton Group GmbH 3. Apex Capital Partners The next step for the...
  • Tax department clarifies Cyprus 60-day rule for nominee directors
    Effective as of 1st of January 2017, the so-called “60 day rule” for the purposes of establishing Cyprus tax residency for individuals is of importance to those seeking Cypriot residency. Under the rule, individuals are considered tax residents of Cyprus and benefit from the island’s tax regime if they: • reside in Cyprus for a period of 60 days; •...
  • Draft Law on Amendments to the Law on Fiscal Cash Registers in Republic of Srpska
    The Government of Republic of Srpska has published the Draft Amendments to the Law on Fiscal Cash Registers. The changes relate predominantly to the levels and to the duration of the sentence in certain misdemeanor procedures. The maximum penalties are foreseen for non-issuance of fiscal receipts, and their amount varies from BAM 10 up to BAM 20,000. For the same...
  • Albanian companies given incentives to distribute profits
    The new fiscal year in Albania has started with significant changes introduced in the Law on Income Tax. The new law provisions provide for a reduction of the income tax rate on dividends and income sharing, for the shareholders and partners of legal entities, from the previously valid rate of 15% to 8%. This, as well as other changes to...
  • Serbia amends Corporate Income Tax Law; introduces incentives and amends depreciation rules
    Changes to the Serbian Corporate Income Tax Law came into effect on January 1, 2019. One of the incentives introduced is the abolishment of the 10% limit on the deductibility of advertising and promotional expenses recognized as expenses in the tax balance sheet. Another significant incentive is that a double deduction of costs directly associated with research and development in...
  • New Bulgarian legislation introduces requirement for employment of people with disabilities
    Bulgarian companies with staff exceeding 50 employees are obliged to open workplaces for people with disabilities, as per the new Disability Act which has entered in force as of 1st January 2019. In order to ensure the employment of people with permanent disabilities in the normal working environment, the legislator has foreseen that employers with personnel headcount ranging from 50...
  • Greece: Corporate tax relief voted by the Greek Parliament
    The Greek Parliament recently voted in favor of the reduction of the tax rate on income arising from dividends. As a result, the rate has been amended to 10%, from the previously valid 15%. The new decreased tax rate (10%) shall apply on income from dividends gained from 1.1.2019 onwards and received by individuals, legal persons as well as legal...
  • Recent Developments in the Cyprus Companies Law Cap 113
    Within the framework of the legislative reform and reorganization of the Cyprus Registrar of Companies, the Cyprus Government has proceeded to the following amendments in the Cyprus Companies Law Cap 113: I. Abolition of the 0.6% variable charge on the Share Capital of a Cypriot Company The Council of Ministers proceeded with the abolishment of the 0.6% variable charge on...
  • Changes in Croatian legislation: Third chapter of the Tax Reform
    The Croatian government is working relentlessly on the recovery of the Croatian economy. Two rounds of tax reforms already took place in 2017 and 2018 respectively, with a third chapter being opened currently. As of January 1, 2019, a total of 80 laws and bylaws have been amended, most of them related to tax issues. We are hereby summarizing an...
  • New Pension scheme introduced in Georgia
    A Pension reform was initiated by the Government of Georgia and entered into force on January 1, 2019. This scheme consists of the activation of a so-called “funded pension”, to which everyone will make a minor contribution - the employee, the employer and the state treasury. Participation in the new scheme contributions is mandatory and is imposed on employers, resident...
  • COMPANY SETUP AND ADMINISTRATION IN BULGARIA
    Congratulations, you have chosen a very perspective country to invest in; one with a stable economy in the last few years, an easy procedure for company registration and a transparent tax system with a short list of taxes and social security obligations. It is our pleasure to assist you in this process; but before you start you have to make...
  • Montenegro Citizenship by Investment Program News: Government opens applications for Agents and Due – Diligence Firms
    The Government of Montenegro adopted the Decision on criteria, method and procedure for selection of persons who may acquire Montenegrin citizenship by admission for the purpose of implementation of special investment program of particular importance for the business and economic interest of Montenegro during its 99th session, effectively defining and announcing the beginning of the Citizenship by Investment Program as...
  • Montenegro – Portugal Income Tax Treaty enters into force
    On 10th December 2018, Portugal published Notice no. 144/2018 in the Official Gazette, announcing the new income tax treaty with Montenegro. The treaty covers Montenegrin corporate profit tax and personal income tax and Portuguese personal income tax, corporate income tax, and surtaxes on corporate income tax. The treaty applies from 1st January 2019 and follows the general OECD model. The...
  • MEPs agree on new rules to tax digital companies’ revenues
    On December 13, 2018, the Members of the European Parliament (MEPs) confirmed their legislative proposals in respect to the imposition of a Digital Services Tax (hereinafter “DST”) for entities with digital presence - as opposed to physical presence - or substance, in a given County. The Parliament is pushing for an approval before the end of its mandate which expires...
  • Few things to know before starting a business in Montenegro
    According to the latest World Bank 2018 annual ratings, Montenegro is ranked 50th among 190 economies in the ease of doing business ratings. In the long-term, the ease of doing business is projected to trend around 58.00 in 2020, according to the World Bank forecast. Many have chosen Montenegro as a location for their business for the following reasons: a...
  • Albania changes Law on Gambling
    On October 25 2018, the Albanian government approved the changes to the law on gambling which will become effective as of January 1, 2019. The changes will have an essential impact on the gambling industry; the second largest employer in Albania, after the energy sector. Sports betting and slot machines will be closed until December 31, 2018 and will be...
  • The Accounting profession: winds of change
    Robotic process automation (RPA) is affecting all sorts and types of industries, and the accounting profession is by no means an exception. RPA can help companies from multiple industries execute various business processes quickly and accurately. This can be achieved at reduced costs with less need for human intervention. Now more than ever before, there is fear that automatic work...
  • Alignment of the Croatian AML Act to the 4th EU Directive
    The first Croatian Anti-money laundering Act was adopted in 1997 and with it, Croatia implemented international standards and sets out strong grounds for the prevention and fighting of money laundering and terrorism. In 2008, effective as of January 1, 2009, the Croatian Parliament passed a new AML Act, aligning thus to the acquis communautaire. The Directive 2005/60/EC on the prevention...
  • 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...