Newsroom

JULY 22, 2021

The new Tax Regime of Belize; Benefits & Challenges

Since January 2019, Belize has incorporated a new tax regime which has led to the collapse of the zero-tax heaven regime. In simple words, all Belize international companies (“IBCs”) whether...

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JULY 21, 2021

The Land Market Officially Opens in Ukraine

After almost 20 years of discussions, changes and ameliorations, Ukraine has opened its land market. Supported by the president, the official launch of the land market is expected to bring more...

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JULY 16, 2021

Termination of Deferral or Installment Payment of Tax Liabilities

Taxpayers can submit applications for deferral or installment payment of  tax liabilities under intervention legislation until 30 June 2021.  On the expiry of that date, the Articles 67 and...

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JULY 14, 2021

Republic of Srpska: Tax on Savings and Dividends

The Government of the Republic of Srpska plans to tax dividends and income from the share in the company’s profit, rather than income based on interest on citizen’s savings, and taxation of the...

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JULY 12, 2021

Georgia launched an Automatic Refund VAT System

Since 2020, a highly important wide-scale change was implemented regarding tax administration. Based on the declarations submitted for a particular month, the taxpayer receives an automatic...

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JULY 12, 2021

Your European Office – a Taxing Decision

“The hardest thing in the world to understand is income tax.’’ This was said by Nobel prize winner and arguably one of the greatest physicists of all time, Albert Einstein. While...

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JULY 7, 2021

Bulgaria: Vat rate reduction for certain sectors

As of July 1, 2020, with a change in the Value Added Tax Act (VAT), the introduction of a temporary differentiated VAT rate was adopted for some sectors that are most affected by the economic crisis...

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JULY 7, 2021

Albania: Application of Penalties for Fiscalization is Postponed

The Fiscalization Reform, that started to be implemented in Albania since January 1st, 2021, for taxpayers who have direct commercial relations with state institutions, has also started...

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JULY 7, 2021

Serbia: Digital Nomads HotSpot- a Hidden Gem

As the number of remote workers has increased significantly during the Covid-19 pandemic, the demand for destinations and facilities from which, with the help of high-speed internet,...

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JULY 6, 2021

Tax treatment of COVID-19 testing services

Like most countries, the Republic of Croatia has introduced special conditions under which tourists and travelers can enter and stay on its territory as one of the measures to prevent COVID-19...

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JULY 1, 2021

Extension of Deadline for Payment of Annual Levy 2021 

Eurofast would like to bring to your attention that the deadline for the payment of the Annual Levy for 2021 has been extended from 30 June to 31 December 2021 without the penalty charge of 10% or...

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JUNE 29, 2021

Ultimate Beneficial Ownership Becomes Public in Ukraine

In two weeks, on July 11, 2021, the new Decree № 768/36390 will enter in force. Registered in the Ministry of Justice of Ukraine, it will force to disclose an ownership structure of legal...

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JUNE 24, 2021

Cyprus: Additional Deadline Extension for DAC6 Implementation

Eurofast would like to inform you that an additional extension of the deadline until September 30th, 2021 has been given on June 4th, as regards mandatory...

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JUNE 24, 2021

North Macedonia: Distribution of Dividend Documentation

As the deadline  until which resident companies in North Macedonia can distribute dividends based on their 2020 financial result (September 30, 2021) is approaching, it is worth noting that...

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JUNE 24, 2021

Egypt Establishes Martyrs & Victims Tax Fund

On March 3rd, Law No. 4 of 2021 was promulgated by President Abdel Fattah Al-Sisi. The new law amends some provisions of Law No. 16 of 2018 and establishes funds to honor and support...

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JUNE 16, 2021

Capital Amnesty Officially Started in Ukraine

Volodymyr Zelensky, the president of Ukraine, initiated the Tax Amnesty in February 2021. During the last few months there have been numerous changes and amendments to the first Draft Law....

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JUNE 16, 2021

The European Payroll Revolution Outbreak

“Master your strengths, outsource your weaknesses.” This is a well-known quote from American career coach and TV personality Ryan Kahn and cannot be...

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JUNE 9, 2021

Ukraine: New Law Introduction & Tax Updates

Despite the cold cyclones and rainy weather, May introduced many Law and Tax updates in Ukraine.   First, the President signed a law that will facilitate a land decentralization...

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JUNE 9, 2021

Ukraine Vs Oligarchs.

Ukraine is famous for its culture, cuisine, beautiful landscapes, fertile land, and rich natural resources. Being a plentiful and means rich country, Ukraine came up under the control of the group of...

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JUNE 8, 2021

Greece: Digitization Upgrades Service Level to Citizens

The Greek Ministry of Health has recently introduced 10 modern and directly accessible electronic services for the self-employed, the freelancers, and the company employers on a platform named EFKA...

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JUNE 8, 2021

Croatia: Deadline Extension for Financial Statements

The arrival of spring marks the most wonderful and challenging time for all accountants – a time to prepare financial statements and reports for the authorities. This year, same as the previous...

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JUNE 8, 2021

Serbia: Ministry of Finance Adopts VAT Rulebook

On 14 April 2021 the Official gazette of the Republic of Serbia No.37 published that the Ministry of Finance of Serbia adopted a Rulebook on the Value...

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JUNE 8, 2021

“Moody’s” Affirms Stable Rating for Albania

In its most recent analysis, dated on May 21st 2021, the international rating agency “MOODY’S”, evaluates Albania as a country with stable prospects and affirms Albanian Government’s B1...

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JUNE 8, 2021

Bulgaria: New Rules for E-commerce & VAT

As of July 1st, new VAT rules enter into force in the European Union, which facilitate the fulfillment of the existing obligations related to the VAT and reduce the...

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JUNE 8, 2021

Montenegro: May Tax Updates

During May 2021, the Montenegrin authorities have adopted several amendments to existing laws aimed at improving the current situation in the Montenegrin economy. Adopted...

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JUNE 7, 2021

Georgia: Companies with International Status on the Rise.

In October 2020, the Georgian government launched a program available for companies offering IT and maritime services wishing to acquire the status of an international company within the...

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JUNE 3, 2021

Republic of Srpska: Amendments on Income Tax Law

To the joy and satisfaction of many employees, the amendments to the Law on Income Tax of the Republic of Srpska are to increase the personal income of all workers. The minimum wage is...

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JUNE 3, 2021

Serbia: New Law On Archival & Documentary Materials

As of February 2, 2021, the new Law on Archival Materials is applied in Republic of Serbia.   The most important novelty for business entities and companies in the Republic...

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MAY 31, 2021

Land`s Constitution: Ukraine Moves to the Free Market

On May 24th, the president of Ukraine, Volodymyr Zelenski, signed a law that will facilitate a land decentralization program. During his speech on the Ukraine 30 forum, he presented Law #2194, known...

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MAY 27, 2021

New Trending Hotspots for Digital Nomads

Are you still looking for your next digital nomad adventure?  Location independent movement is gaining traction and more people are considering this dynamic lifestyle. All cities are...

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MAY 26, 2021

Opening a Bank Account in Greece

Greece has suffered enough the past years due to the worldwide economic depression occurred in 2008. However, Greece has shown great financial improvement the last 3 years owing to: The boost of...

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MAY 21, 2021

Temporary Residence and Status of Digital Nomads in Croatia

A digital nomad is a third-country citizen who is employed or performs work remotely through communication technology for a personally owned or another business entity that is not registered in...

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MAY 17, 2021

Albania: Extension Deadline to File Annual Personal Income Statement

Through a normative act, the Council of Ministers of the Republic of Albania has approved the decision to extend the deadline for submitting the annual statement of personal income...

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MAY 12, 2021

Slovenia: Tax Law Amendments to Income Tax Act

Several Tax laws related to personal income tax and corporate income tax fields were amended since the beginning of 2021.  The legal changes adopted on 1 January 2021 had a...

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MAY 12, 2021

Bosnia: Preliminary Laws and Excise Duties

The first draft of the Law on Excise Duties seeks to meet the criteria of the European Union, including:  -period of adjustment of taxpayers and ITA to the new rules for excise products, which...

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MAY 11, 2021

Albania: Official Notice on Deregistration of Fiscal Devices

Following the Fiscalization Reform which has officially started in January 2021, the General Directorate of Taxes of the Republic of Albania has issued an official announcement...

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MAY 11, 2021

Montenegro: New Economic Support Measures

The Government of Montenegro has announced new measures to support  the economy for the second quarter of 2021, due to the crisis caused by the Covid-19 pandemic....

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MAY 10, 2021

Georgia Launches New Revenue Service for Individuals in the Midst of Tourism Sector Outburst

The tourism sector, which employs about 150,000 people, has been hit tremendously by the COVID-19 pandemic. For more than 6,000 companies linked to tourism, property tax and income tax payments were...

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MAY 10, 2021

Bulgaria: Latest Amendments in the VAT Act

In Effect on 1 July, 2021  New changes were introduced into national VAT legislation related to the implementation of the provisions of Council Directive (EU) 2017/2455 of 5 December 2017...

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MAY 10, 2021

Serbia: Rulebook On Interest Rates On Intercompany Loans

Impact on TP Study & Income Tax for 2021 The Ministry of Finance of Serbia has adopted the Rulebook on interest rates for 2021 that should be applied for the purposes of calculation of income...

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MAY 6, 2021

Croatia: Adjustments to Tourist & Forest Contribution Fees

Since the beginning of 2021, it has been questionable whether grants received to mitigate the negative consequences of COVID-19, should be included in the basis for calculating the tourist and forest...

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MAY 6, 2021

Serbia implements New Law on Fiscalization

The new law adopted in late December 2020 regulates the subject of fiscalization and its process through an electronic device as well as the content of the fiscal account. The government aims at a...

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MAY 5, 2021

Greek Government Takes Measures to Restart Local Economy

This was stated, by the Minister of Finance, Christos Staikouras, who also described the network of short-term policies that will support the restart of the economy. The cost of the support measures...

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APRIL 27, 2021

Ukraine: New Tax Amendments & Covid-19 Restrictions

Despite the third wave of COVID-19 and strict quarantine restrictions, April in Ukraine was very rich in news, bill proposals and law amendments. The President of Ukraine,...

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APRIL 22, 2021

Greece: Ministry of Finance Announces New Tax Relief Measures

The Ministry of Finance announced on April 22nd new tax cuts and the abolition of the special solidarity contribution for natural persons engaged in business activity, legal...

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APRIL 21, 2021

Cyprus: New Amendments to the Residency Programme

On April 7, 2021, the Republic of Cyprus has announced amendments to the eligible criteria for the Cyprus Permanent Residency Programme. In pursuance of the provisions...

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APRIL 21, 2021

Cyprus: Ultimate Beneficial Owner (UBO) Registry Now In Effect

As we informed you late last year, the Council of Ministers decided to transpose the 4th Anti-Money Laundering Directive (EU) 2015/849 to the national legislation. The registry...

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APRIL 21, 2021

North Macedonia: Extension of VAT Deadlines & Criteria for Deregistration

Extended VAT payment deadline in 2021  The North Macedonian Government has recently extended the payment deadline for VAT due following the filing of a periodic VAT return. Typically, the...

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APRIL 19, 2021

Ukraine Equates the e-passport to the Regular Passport

On March 15, the Ukrainian Cabinet of Ministers implemented Decree #278,  allowing for e-passports to equate to regular passports. E-passports are digital analogues of...

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APRIL 19, 2021

Albania: New Fiscalization Tax Reform Requires e-invoicing

As of January 1st, 2021, pursuant to Law 87/2019, the tax system reform “On electronic invoicing and turnover monitoring”, has officially entered into force in the...

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APRIL 19, 2021

Georgia Introduces Support Program For Returning Migrants

The Georgian government has launched a program to help migrants, who have returned to their homeland amid the pandemic. The IDP`s and Eco-migrants Agency of Georgia has begun accepting...

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APRIL 19, 2021

Croatia: VAT Application Threshold Increase

In 2021 set of Croatian tax reforms the one in regards to Value added tax stands out as the current HRK 7.5 million threshold of the taxation procedure according to the collected fees has been...

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APRIL 19, 2021

Georgia: the Government Revises the Existing Tax Benefits For Businesses

The Georgian authorities are planning to revise their tax policy that came into force in January 2021. The review will also include tax breaks. Changes to the tax policy and additional tax benefits...

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MARCH 30, 2021

Serbia: Elements Determining The Annual Personal Income Tax

for the fiscal year 2020 On March 9th, 2021, the Ministry of Finance announced explanation No. 413-00-3 / 2021-04 relating to the manner of calculating the annual income tax.  According to...

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MARCH 26, 2021

Ukraine signed the Law on ‘The Bureau of Economic Security’

On March 22, the president of Ukraine, Volodymyr Zelensky, signed the Law relating to The Bureau of Economic Security. As we wrote previously, the main function of the Bureau of...

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MARCH 24, 2021

A look at Intra-Group Loans and Safe Harbour Rules in Cyprus

Christodoulos Damianou, together with colleagues Christos Theophilou and Demis Ioannou of Taxand Cyprus present a case study of how the Cypriot tax authorities use safe harbour rules in determining...

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MARCH 24, 2021

Competitive State Support for Investment Projects in Ukraine

State support of investment projects plays a significant role for both investor and the local community. Governments try to attract investments by different incentives: tax deductions,...

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MARCH 17, 2021

Late Filing Penalties of the Annual Return (HE32 Forms) for Companies in Cyprus

Eurofast would like to inform you that from April 1st, 2021, the Registrar of companies shall impose penalties for every company that fails to timely file its annual return.   Upon...

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MARCH 17, 2021

North Macedonia Increases Social Security Contribution Base

In a procedure customary to the start of each new fiscal year, the Public Revenue Office of the Republic of North Macedonia has revised the minimum and maximum amounts used for the payment of...

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MARCH 17, 2021

Georgia Introduces Five Tax Benefits For Businesses in 2021

The Law of Georgia on Amendments to the Tax Code of Georgia, was published in the “Legislative Herald of Georgia” (document number N83-II რს-...

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MARCH 17, 2021

Romania: Latest Changes to Fiscal Code & Accountancy Law

The Emergency Ordinance No. 13 dated as at the 24th of February 2021, amending and supplementing Law No. 227/2015 on the Fiscal Code...

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MARCH 12, 2021

Sustainable Finance Disclosure Regulation: Let it Begin

The EU’s Action Plan on Sustainable Finance has, since 2016, pursued the implementation of regulatory measures aimed at introducing market...

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MARCH 12, 2021

Inadequate Transfer Pricing Approach Costs Greek Companies €6.1 MM in Taxes and Penalties.

Transfer Pricing documentation for all types of intra-group transactions has been applicable to Greek entities for over a decade. However, a lot has changed the past few years, in fact, even the...

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MARCH 12, 2021

President Zelensky Initiated the Tax Amnesty in Ukraine

During the past year, Ukraine implemented land reform, adopted new AML Law, drastically amended its tax system with the new Anti-BEPS Law, introduced CFC rules and created a basis for a...

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MARCH 11, 2021

Albania: Registration of Beneficial Owners

In June 2020, the Albanian Parliament approved Law 112/2020 On the Register of the Beneficiary Owners. The law has created an electronic register that will comprise the list of the...

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MARCH 11, 2021

Greece: Amendments to Solidarity Tax and Social Contribution

as of 1st of January 2021 With the provision of article 298 of law 4738/2020, with which paragraph 50 was added to article 72 of law 4172/2013, Greek solidarity tax has been...

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MARCH 11, 2021

Croatian Tax Reform

Personal income tax amendments in 2021 implemented since January Croatia entered 2021 with a new set of tax reforms of which the most important determinants are reduction of income tax rate and the...

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MARCH 10, 2021

Amendments to VAT Regulations in the Field of Construction in Serbia

 IN FORCE AS OF THE 1ST OF JANUARY 2021 The Law on Amendments to the Law on Value Added Tax was published in the “Official Gazette of the Republic of Serbia”, no....

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MARCH 1, 2021

Extension of Deadline for Implementation of DAC6 in Cyprus

Eurofast would like to inform you that a further extension of the deadline has been announced regarding the mandatory automatic exchange of information in the field of taxation in relation to...

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FEBRUARY 25, 2021

Georgia Introduces Tax Benefits For Businesses in 2021

Absolutely all entrepreneurs in Georgia will be able to count on tax breaks in 2021. The Minister of Finance, Mr. Ivane Machavariani, outlined five main components of an...

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FEBRUARY 25, 2021

Republic of Serbia: Program of Direct Benefits to Legal Entities in the Private Sector

The Government of the Republic of Serbia adopted a program of direct benefits to private legal entities at a session held on February 11th, 2021.   The Program...

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FEBRUARY 23, 2021

Stock Exchange listings of Collective Investment Schemes in Cyprus

The Cyprus Stock Exchange (“CSE”) operates within the defined European framework and is under full supervision by the Cypriot authorities. In addition to the Regulated Market, the CSE also...

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FEBRUARY 19, 2021

Eurofast: Top 10 Payroll Service Providers for 2021

Eurofast has emerged as one of the top 10 payroll service providers worldwide for 2021 according to CIOLook’s annual survey. With continuous growth, Eurofast continues to prove that it is...

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FEBRUARY 19, 2021

Eurofast awarded; ‘Transfer Pricing Advisory Firm – South East Europe’

Eurofast is delighted to announce that it has been named “Transfer Pricing Advisory Firm of the year” in South East Europe at this year’s Global Awards. Corporate International Awards honor...

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FEBRUARY 19, 2021

Amendments to the Corporate Income Tax and VAT Act in Bulgaria

Effective 1st of January 2021  Changes to the Corporate Income Tax Act were published in the Bulgarian State Gazette no. 104/8 December 2020 and no. 107 of 18...

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FEBRUARY 18, 2021

Eurofast CEO Appointed Honorary Consul of Ukraine in Cyprus

We are pleased to announce that in August 2020, Mr Christodoulos Damianou, the Group CEO of Eurofast was appointed Honorary Consul of Ukraine in Nicosia with jurisdiction over the district of Nicosia...

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FEBRUARY 15, 2021

VAT Refunds to Taxpayers Who Are Not Based in Montenegro

The Law on Value Added Tax in Montenegro prescribes the VAT rate of 21%. VAT is calculated and paid at the general rate of 21% of all trade in products, services and imports of...

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FEBRUARY 10, 2021

Double Tax Treaty (DTT) Cyprus and Egypt – Applicable 1 January 2021

The newly amended sections relate to taxes on income and the prevention of tax evasion and avoidance.  Pursuant to the latest discussions between the Republic of Cyprus and Egypt, an...

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FEBRUARY 9, 2021

Attractive & Favorable Taxation of Individual Entrepreneurs in Ukraine

Business always follows the basic economic principle being that of maximizing revenue and minimizing expenses. Governments are always interested in the development of business via the creation of new...

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FEBRUARY 3, 2021

Ukraine develops new legal framework for the IT industry

According to the International Data Corporation, the IT industry seems to have been less hit by the COVID-19 crisis compared to other business sectors worldwide. The experience gained in 2020 will...

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JANUARY 27, 2021

Cyprus: the EU’s Newcomer For Introducing Transfer Pricing Legislation

It is probable that, while you are reading this article, Cyprus is already the latest European country to introduce transfer pricing legislation in its income tax...

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JANUARY 27, 2021

Implementation of DAC6 in Cyprus

Eurofast would like to inform you that on the 25th of June 2018, the EU Council Directive 2018/822 (commonly referred to as “DAC6”) was published in the Official Journal of the EU. DAC6 amends EU...

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JANUARY 22, 2021

Romania: Establishment of the new minimum gross base salary guaranteed at national level

On Wednesday, January 13th, the Romanian Government voted on decision no. 4/13.01.2021 and subsequently published the decision in the National Gazette relating to the approval to increase the minimum...

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JANUARY 19, 2021

Dispute Advisory Services

Whilst in everyday life disputes between individuals are commonplace, the same happens within organizations. Disputes are an inevitable byproduct of doing business and the nature of litigation is...

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JANUARY 13, 2021

Latest amendments to the Bulgarian Social Security and Tax legislation effective as at January 1st...

Certain changes to the Bulgarian Social Security legislation were published in the Bulgarian State Gazette No 103/4.12.2020, that entered into force on the 1st of January 2021. The amendments are...

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DECEMBER 31, 2020

Bosnia & Herzegovina Publishes Regulations For VAT Refunds To Non-Residents

The regulations for granting VAT refunds to foreign taxable persons were published in Official Gazette No. 78 of Bosnia and Herzegovina on 4 December 2020. The legislation aims at harmonization of...

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DECEMBER 31, 2020

Overview of 2021 Albanian Tax Legislation Revamp

Recently, the Albanian government has published certain changes to the tax legislation which are effective as of January 1st 2021, affecting a wide range of taxes. Increase of the VAT threshold...

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DECEMBER 31, 2020

Georgia Introduces a New Package Of COVID-19 Assistance

The Georgian Government has developed a new anti-crisis package, within the framework of which it will provide all possible assistance to residents and businesses in an extremely difficult...

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DECEMBER 31, 2020

Croatia Rehauls Tax System in 2021; Reduces Tax Rates & Increases Thresholds

Croatia has published a set of 2021 reform Acts, including the Act on Amendments to the Corporate Income Tax, Personal Income Tax, Value Added Tax and Fiscalisation. Our Croatia team’s digest of...

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DECEMBER 28, 2020

North Macedonia introduces a new VAT rate; hospitality and catering sectors affected

Effective 1 January 2021, the North Macedonian VAT regime has been amended to include a new tax rate of 10%, in addition to the previously prescribed standard rate of 18% and reduced rate of 5%. This...

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DECEMBER 28, 2020

4th and 5th AML Directive – Establishment of UBO Register – Cyprus

On December 16th, 2020, the Council of Ministers decided to transpose the 4th Anti-Money Laundering Directive (EU) 2015/849 to the national legislation. This new AML Law...

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DECEMBER 23, 2020

Greece: a Myriad of Reasons to Take a Second Glance at Residency

Financial motivation alone is never enough to decide upon one’s return to a country or even to move to another employer. The excellent lifestyle, the mild climate along with the working conditions...

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DECEMBER 14, 2020

Legalisation news for Cryptocurrencies in Ukraine

Times magazine recently announced that 2020 is the worthiest year in world history.           ...

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DECEMBER 10, 2020

Greece: 50% Tax Reduction from the Annual Income of 1st-time Employment

It is widely known that brain drain is the worst threat to a country’s prosperity. The Greek government announced legislative initiatives to reverse this phenomenon, to attract foreign...

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NOVEMBER 23, 2020

OPENING A BANK ACCOUNT IN MONTENEGRO

Montenegro has been recognized in recent years as one of the best countries to invest in, mainly because of its political stability, liberal economic regime of foreign trade, favorable tax policy (9%...

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NOVEMBER 23, 2020

Opening a Bank Account in Serbia

Serbia boasts an excellent strategic location, solid infrastructure and highly knowledgeable human resource potential. Being at a unique position in the European market, Serbia offers diverse...

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NOVEMBER 23, 2020

Ukraine`s strategy against COVID-19

It has been a while since the world found itself some peace and rest. The COVID-19 outbreak has not only introduced to us the virus itself, but also a new era of masks, sanitizers and “home...

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NOVEMBER 19, 2020

Obligations of Bulgarian Companies under “MAMLA”

IntroductionThe new Measures against Money Laundering Act (the “MAMLA”) promulgated in the State Gazette, issue 27, dated 27 March 2018, and entered into force on 31 March 2018, partially...

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NOVEMBER 18, 2020

Recent Tax Developments in Europe

Despite COVID-19, the international tax environment continues to transform. Has your organization updated its method of operation to comply with the new requirements? The EU Anti-Tax Avoidance...

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NOVEMBER 11, 2020

Eurofast CEO, Christodoulos Damianou appointed Honorary Consul of Ukraine in Cyprus

[print_link] We are pleased to announce that in August 2020, Mr. Christodoulos Damianou, the Group CEO of Eurofast was appointed Honorary Consul of Ukraine in the Republic of Cyprus with jurisdiction...

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