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  • 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...
  • 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; increases tax expenditures for companies
    After 10 years of 10% flat personal income tax rate in FYR Macedonia, the Ministry of Finance has recently abolished the approach and introduced the Law on progressive personal taxation which has become effective as of 1 January 2019. Aiming at a creation of a more fair tax system, the new provisions result in the following main changes important for...
  • 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,...
  • Albania changes Law on Income Tax; introduces incentives for agro tourism
    The Albanian Council of Ministers proposed a draft law to the Albanian Parliament, which introduces several changes to the income tax. The draft law was approved by the Albanian Parliament on the 9th of July 2018. The Law affects the income tax of several sectors of the country’s economy: farmers involved in agricultural cooperation societies, businesses that operate in the...
  • Serbia amends VAT Law; extends possibilities for VAT refund to foreign companies
    On April 19th, 2018, the Serbian Parliament adopted the Law on Amendments to the VAT Law. The adopted Law was published in the Official Gazette No. 30/2018 and came into force on 1st of July 2018, with the exception of certain provisions which will be applicable as 1st of January 2019. The latest amendments to the VAT Law are conditioned...
  • Georgia concludes Double Tax Treaty with Saudi Arabia
    On 14 March 2018, officials from Georgia and Saudi Arabia signed an income tax treaty which has been forwarded for ratification. The main goal of signing the agreement is to increase economic cooperation between Georgia and Saudi Arabia and attract more foreign investments, said Georgia’s Finance Ministry. The existing taxes to which this Agreement shall apply include profit tax, income...
  • Treaty between Russia and Cyprus: Russian MoF clarifies dual tax residence status of individuals
    On the 6th of June 2018, the Ministry of Finance of Russia (hereinafter “MoF”) published a Guidance Letter No. 03-04-06/33393 as of 17th of May 2018 clarifying the tax residency status of an individual who appears to be a dual tax resident of Russia and Cyprus. The MoF clarified that if a Russian resident individual provides the Russian tax agent...
  • Favorable terms for BH entities exporting to USA
    With the new revision of the US Congress, the Decision on extending the GSP (Generalized System of Preferences), which allows goods produced in Bosnia and Herzegovina to have authorized customs treatment on import into the United States, was adopted. For all entities exporting or planning to export to the United States market, the validity of the General System of Preferences...
  • FYR Macedonia extends application of preferential VAT rate to first sale of residential buildings once again
    In 2009, as an anti-crisis measure, the FYR Macedonian government introduced the application of the preferential VAT rate of 5% to the first sale of residential buildings. While initially planned to be in force until the end of 2011, the application was already extended twice: the first time in late 2011 whereby its validity was prolonged until the end of...
  • Citizenship by Investment in Montenegro
    The global geopolitical situation, has motivated a significant number of worldwide millionaires to move its wealth to western and European markets, contributing considerably to the development of the “rich immigration”. This trend triggered Government of Montenegro to draw capital that will provide significant value to the existing economy and assist to the expansion of various forms of business through the...
  • جمهوری صربستان، مقصد ایرانیان برای گردشگری و تجارت
    با افزایش سطح روابط بین جمهوری اسلامی ایران و جمهوری صربستان و تمایل دو کشور به توسعه همکاری ها در زمینه های مختلف از جمله گردشگری، فرهنگی و تجاری باعث شده است که توافقنامه هایی بین این دو کشور از سال گذشته به اجرا درآید. در همین راستا سفر به صربستان برای ایرانیان تنها با گذرنامه ایرانی و بدون اخذ...
  • Bulgaria introduces possibility for electronic storage of employment documents
    The Bulgarian Ministry of Labour and Social Politics recently adopted an ordinance for employment-related electronic documents and the requirements for their creation and storage in an employee’s file. The ordinance is effective as of 19th May 2018 and is based on Art. 128b, para 3 of the Labour Code. The new ordinance provides the possibility of an electronic file of...
  • BH’s Republic of Srpska issues Rulebook on Tax adviser License
    Almost 10 years after the adoption of the Law on Tax Consultancy, on 14 February 2018 the Ministry of Finance adopted the Rulebook on Tax Advisers' Licenses (the Rulebook), which then entered into force on 22 February 2018. The Rulebook prescribes conditions and procedures for obtaining a tax adviser's license and for registration of tax agencies. As a result, tax...