Newsroom

JUNE 20, 2022

Greece: Enhanced digitalization of GEMI’s functions

Law 4919/2022: The enhanced digitalization of the General Electronic Commercial Registry’s functions and other provisions on the promotion of foreign companies’ establishment. In April 2022 a new...

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JUNE 17, 2022

Albania: Taxation changes for the self-employed professionals

The Ministry of Finance has recently presented a draft law; the focus of which is self-employed and freelance professionals. This draft law aims to exempt the self-employed providing professional...

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JUNE 14, 2022

Eurofast Supports Ukrainian Nationals

In its continued efforts to support Ukrainian entrepreneurs and help them deal with the consequences of war, Eurofast is offering a 50% discount* on all fees for Ukrainian nationals wishing to set up...

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JUNE 13, 2022

Eurofast: Best Cross – Border Tax Advisory Firm in South East Europe

Eurofast has been recognized with the 2022 award for Best Cross-Border Tax Advisory Firm in South East Europe by CFI.co. Mr. Antonis Gavrielides, Deputy CEO of Eurofast, mentioned: “We are...

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MAY 25, 2022

Abolishing “take-use-waste”

The regenerative economic model of the circular economy has surpassed all expectations that it will dominate the future as a sustainable economic growth model. The circular economy is essential not...

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MAY 24, 2022

Greece: Abolishment of stamp duty on loans between enterprises

Assessing the situation two years after the landmark Decisions no. 2163/2020 and 2323/2020 of Greece’s Supreme Administrative Court. In 2020, with the Decisions no. 2163/2020 and 2323/2020, the...

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MAY 12, 2022

Albania digitalizes all public services

The Albanian Minister for Standards and Services recently announced the closure of 95% of the public service counters by the end of April. Almost all applications and claims, from now on, should be...

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APRIL 14, 2022

Serbia: In preparation of Labour Law amendments

New proposed amendments to the Labour law are expected to substantially improve the position of workers, correct all shortcomings of the current law, and clearly define the areas concerning the...

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APRIL 7, 2022

Bosnia: Government Measures to Increase Salaries

-Obligation of a paid hot meal to all employees- As the Government is continuously taking actions to improve employee benefits packages and prevent a potential outflow of workers starting from...

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APRIL 4, 2022

Albania: VAT Refund process update

A new online VAT refund platform, provided by the General Directorate of Taxes, is available in Albania since 7 March 2022. This platform will be used to create, track, and review any VAT refund...

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APRIL 4, 2022

Why are more and more companies choosing to outsource their payroll function?

The most obvious reason is cost; the time spent calculating wages, taxes, various contributions and finally paying employees is greatly reduced when the process is outsourced. Anyone that has had the...

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APRIL 4, 2022

Albania: Minimum salary and income tax changes

Through an ultimate update of the decision no.158 “On Determining the National Minimum Wage”, on 12.03.2022, of the Council of Ministers, it was decided to increase the minimum monthly salary to...

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APRIL 4, 2022

To Κρυπτονόμισμα γενικά, αλλά και στην Ελλάδα

Το κρυπτονόμισμα είναι ένας τύπος ψηφιακού νομίσματος που χρησιμοποιείται μόνο ηλεκτρονικά. Θα μπορούσε να...

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MARCH 18, 2022

Cyprus builds bridges for foreign digital nomads

Council of Ministers increases the number of potential holders of Cyprus Digital Nomad Visa up to 500 in March 2022. Due to the rapid pace of the digital transformation and promotion of Cyprus’...

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MARCH 18, 2022

Κύπρος: Επίδομα Ασθενείας μόνο μέσω της ηλεκτρονικής...

Το Υπουργείο Εργασίας, Πρόνοιας και Κοινωνικών Ασφαλίσεων, σε συνεργασία με το Υφυπουργείο Έρευνας,...

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MARCH 18, 2022

Import One-Stop Shop Scheme and EU VAT threshold regime

A new set of rules based on the EU Directive 2006/112/EC that affects online cross border business to customer (B2C) sales is in force as of July 2021. The new rules, briefly discussed below, aim to...

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MARCH 18, 2022

Albania: New Activity Regulation for Non-Profit Organizations

It was recently published on the Official Gazette of Albania, the decision to create an Electronic Register for NPOs. The register consists of a state database which collects, organizes and stores...

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MARCH 1, 2022

Cyprus: Deadline Extension for the submission of data in the BO registry

Last year the Council of Ministers decided to transpose the 4th Anti-Money Laundering Directive (EU) 2015/849 to the national legislation. The registry development has been...

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FEBRUARY 25, 2022

Bosnia & Herzegovina: Government announces salary increase plan

Amendments to the RS Labor Law were published in the Republika Srpska Official Gazette on December 29, 2021, while previously announced changes to the Law on Income Tax and the Law on Contributions...

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FEBRUARY 25, 2022

OECD 2022 Update on Transfer Pricing Guidelines

On January 20th, 2022 the Organisation for Economic Cooperation and Development (OECD) issued an update to the Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations...

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FEBRUARY 25, 2022

Tax Control Plans in Serbia 2019 – 2021 – Conclusions

The Director of the Tax Administration publishes every March a tax inspection plan, pursuant to Article 118 of the Law on Tax Procedure. The Authorities follow an advanced risk analysis system and...

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JANUARY 27, 2022

Fiscalisation Reform: Application of penalties postponed

Since the beginning of 2022, the Ministry of Finance has called on all businesses that have not yet become part of fiscalisation, to adapt their systems and become part of the process as soon as...

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JANUARY 27, 2022

Business Registers Agency – Online registration for all businesses

Starting from year 2022, founders of all companies in Serbia will be able to register their businesses electronically, without having to go to the APR Agency. Up until this moment, this registration...

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JANUARY 27, 2022

Slovenia: New set of tax laws for 2022

In attempt to relaunch the economy after the COVID crisis, the government has made amendments to the laws aimed at accelerating economic development. The following proposed changes to tax legislation...

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JANUARY 26, 2022

Interest rate on loans between related parties for 2022

The Decision on the publication of the interest rate on loans between related parties, which determines the amount of the interest rate on loans between related companies referred to in Article 14 of...

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DECEMBER 30, 2021

Year 2022 brings new set of Tax Laws in Serbia

A new set of Tax Laws has been adopted in the Republic of Serbia most of which will be applicable as of January 2022. The main changes...

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DECEMBER 30, 2021

Non-taxable occasional rewards during holiday season

In Croatia, during the holiday season, employees and their children are likely to be given occasional or special rewards as a...

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DECEMBER 30, 2021

Albania: Significant changes in the Law for UBO Registration

The Parliament of Albania recently announced amendments in the Law on the register of beneficiary owners, through a new draft law The changes made are substantial and...

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DECEMBER 30, 2021

New Fiscalisation Model in Republic of Srpska

Starting from January 2022, a new model of fiscalisation will come into force in the Republic of Srpska. That will enable the suppression of the gray economy, and will benefit both...

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DECEMBER 30, 2021

Greece: Certain tax changes have been included in the draft Budget of 2022

Corporate taxation  Greece enacted the reduction of the CIT rate from 24% to 22%, from 2021 onwards. This measure has already been adopted by virtue of Law...

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DECEMBER 15, 2021

UK companies able to continue to operate in the EU pending final sign off

The Cyprus Securities and Exchange Commission (“CySEC”) announced on December 14th, 2021, the amendment of Directive 87-04. The amendment relates to the provision of...

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NOVEMBER 30, 2021

Ukraine opens own sky to European flights

On October 12, Ukraine signed a Common Aviation Area Agreement (CAAA) with the European Union. Since Ukraine was the 13th largest extra-EU market in 2019, with 9.8 million passengers, the...

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NOVEMBER 29, 2021

Cyprus introduces new strategy for attracting companies to the country

On 15 October 2021, the Minister of Finance of the Republic of Cyprus, Mr. Konstantinos Petrides, announced the Action Plan for Attracting Companies to Operate and Expand their Activities in...

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NOVEMBER 23, 2021

Κύπρος: Παράταση Προθεσμίας για εφαρμογή της Οδηγίας...

H Eurofast θα ήθελε να σας ενημερώσει ότι το Τμήμα Φορoλογίας έχει δώσει εκ νέου...

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NOVEMBER 23, 2021

Cyprus: Additional Deadline Extension for DAC6 Implementation

Eurofast would like to inform you that an additional extension of the deadline until January 31st, 2022 has been given by the Tax Department, as regards mandatory...

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NOVEMBER 22, 2021

Montenegrin government proposes ambitious economic plan “Europe Now”

On November 4th, the government of Montenegro announced the Europe Now program which sets the strategic...

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NOVEMBER 22, 2021

“Tax Calculator” launches in Georgia

A new service –Tax Calculator – developed by the National Statistics Service of Georgia (“Geostat”), was recently launched in Georgia.  Tax Calculator is a new electronic...

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NOVEMBER 22, 2021

Serbia signs double taxation treaty with Japan

Serbia and Japan recently signed “Agreement on Elimination of Double Taxation with respect to Income Taxes and Prevention of Tax Evasion and Avoidance” in Belgrade.  The...

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NOVEMBER 22, 2021

Albanian Government announces new changes on Tax Laws

The Albanian Minister of Finance presented the Fiscal Package of 2022 during the Parliamentary Assembly on Economy and Finance.  The main laws that...

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NOVEMBER 22, 2021

Bulgaria signs new double tax treaty with the Netherlands

The agreement, promulgated in SG, issue 55 of July 2, 2021, is in line with the priorities of the two countries, the current Bulgarian and Dutch tax legislation and the modern...

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NOVEMBER 4, 2021

New home for Lebanese companies

Lebanese companies seeking long term stability are increasingly looking to Cyprus to relocate their operations. Disasters of the last few years, an economy in free fall, and constant political unrest...

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NOVEMBER 2, 2021

Digitalization of accounting processes and cloud accounting

Development of science and technology, general availability of fast mobile internet, cloud software, availability of electronic services via computer or mobile phone, the general trend of...

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NOVEMBER 2, 2021

New Economic and Fiscal Policy Guidelines from 2022 to 2024

The Government of the Federation of BiH, at its session held on June 3, 2021 adopted the Guidelines for Economic and Fiscal Policy of the FBiH for the period 2022 to 2024. In the 2016-2019 period,...

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NOVEMBER 2, 2021

Ukraine implemented “Anti-Oligarch Law” #5599

On 23 of September, Ukrainian Parliament adopted the Draft Law #5599 that will initiate anti-oligarch policy. As we published previously, Ukraine came up under the control of the group of oligarchs....

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NOVEMBER 2, 2021

Ukraine officially legalises cryptocurrencies

In one of our previous articles, we wrote about the intention of the Ministry of Digital Transformation to legalise cryptocurrencies in Ukraine. On September 8, 2021, after almost a year of changes...

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NOVEMBER 2, 2021

European Investigation Order

The European Investigation Order (EIO) is a judicial decision issued in or validated by the judicial authority in one EU country (Member State) to have investigative measures, to collect or make use...

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NOVEMBER 2, 2021

Serbia introduces 4000 new work qualifications

The Ministry of Education, Science and Technological Development, in cooperation with the European Union (EU), the Swiss Agency for Development and Cooperation (SDC), the German organization GIZ and...

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NOVEMBER 2, 2021

Extension of the UBO submission deadline in Ukraine

The Parliament recently adopted changes in the new Decree № 768/36390 which forces to disclose an ownership of legal entities in Ukraine. The submission deadline was extended from 3 months to one...

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OCTOBER 25, 2021

Fiscalisation: Full implementation is postponed until end of December 2021 

Pursuant to Fiscalisation reform for the declaration of business-to-business and business-to-consumer transactions, the General Directorate of Taxation has informed all taxpayers (subject to VAT)...

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SEPTEMBER 22, 2021

Cyprus: Additional Deadline Extension for DAC6 Implementation until November

Eurofast would like to inform you that an additional extension of the deadline until November 30th, 2021 has been given by the Tax Department, as regards mandatory...

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SEPTEMBER 15, 2021

Cyprus: New Amendments to the Residency Programme

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

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SEPTEMBER 10, 2021

Serbia Records the Highest GDP Growth in Europe

Despite the difficult circumstances due to the pandemic, the Republic of Serbia not only shows positive economic indicators but also records the highest GDP growth in Europe and ranked first among 38...

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SEPTEMBER 10, 2021

The Tax Treatment of Income from Cryptocurrencies in Slovenia

There are currently more than 1000 different cryptocurrencies, amongst the best known are Bitcoin and Ethereum. Under the current regime, the tax treatment of income from virtual currency operations...

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SEPTEMBER 9, 2021

Montenegro: Tax Treatment of E-Commerce

The online sales market or e-commerce in the region is growing rapidly. Every day, more and more legal entities recognize the need to place or just present their products on the...

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SEPTEMBER 9, 2021

Preferential Terms for Revenue Service Authorized Users

An amendment was made to the Resolution of the Government of Georgia of March 30, 2010 No. 96, which provides the introduction of a new condition for the payment...

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SEPTEMBER 8, 2021

The EU Recovery Plan Effects For Bulgaria

Startup visas incentives for digital nomads and more scale-up companies included in the recovery plan of EU  Introduction of a clear procedure for startup visas, incentives for Bulgaria to...

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SEPTEMBER 8, 2021

Tax Authority Notification on the Reporting of Ledger Books

A few days before the deadline for declaration of monthly ledger books and VAT balance, the Tax Administration has reminded the taxpayers subject to VAT about the correct manner of reporting the...

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SEPTEMBER 7, 2021

Deadline for Obligors of External Audit in Croatia

Audit of financial statements of Croatian companies is regulated by The Accounting Law and The Audit Law. The obligors are determined by Accounting Law while the conditions and regulations of the...

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SEPTEMBER 6, 2021

Ukraine: e-Service Quality for All Public Tax Services

Electronic service quality for all public tax services is one of the main priorities of the Ukrainian Government. They seek to digitize bureaucracy so as to be convenient and understandable by people...

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SEPTEMBER 6, 2021

Serbia: The Digital Property Act Law in Force

The Law on Digital Property is the first law in the Republic of Serbia that regulates the area of ​​digital property in Serbia and establishes legal framework for digital business and trade of...

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AUGUST 26, 2021

Bosnia & Herzegovina: VAT Refund to Foreign Legal Entities

Foreign citizens or legal entities that bought certain goods or services in Bosnia and Herzegovina, have the legal right to a VAT refund for those goods or...

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AUGUST 24, 2021

“Zero Window” Project for Taxes in Georgia

Tax revenues are one of the largest sources of income for the Georgian budget. At the same time, the tax administration itself is simpler than ever- thanks to the “one window” principle....

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AUGUST 23, 2021

North Macedonia Reduces VAT on Electricity Supplies

The North Macedonian Government has adopted amendments to the VAT Law during July 2021. The amendments affect the supply for electricity to final consumers; a supply which has until now been subject...

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AUGUST 23, 2021

Slovenia: Support Measures Against Economic Instability

The European Commission has approved a Slovenian scheme of 22.8 million worth, to support companies in various sectors affected by the Covid-19 pandemic...

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AUGUST 23, 2021

Fitch Solutions Upgrades Albania’s Economic Rating for 2021

“Fitch Solutions”, a well-known unit of the international rating agency “Fitch”, published the latest risk report for the second half of 2021 for Albania. In this report, the forecast for the...

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AUGUST 23, 2021

Ukraine: New Tax & Legal Alerts; Laws & Proposals

July was literally “hot”, not only because of the temperature records but also due to high attention to the new Laws and proposals. According to the officials more transparency...

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AUGUST 3, 2021

Membership fee changes for Croatian Chamber of Economy

Due to the difficulty of performing some activities, the Croatian Chamber of Economy made the decision to exempt some companies from paying membership fees in the past few months. With the latest...

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AUGUST 3, 2021

Serbia introduces the New Fiscalization Model

The new fiscalisation model in Serbia is to be applied on January 1st 2022.  The Tax Administration has published a Technical Guide with the conditions and characteristics of the elements of...

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JULY 29, 2021

New Deputy CEO of Eurofast

Eurofast is excited to announce the promotion of Antonis Gavrielides to the position of Deputy CEO.  Antonis is part of Eurofast for more than 11 years and has contributed...

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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...

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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%...

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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...

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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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