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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...
Read MoreUkraine 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...
Read MoreA 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...
Read MoreCompetitive 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,...
Read MoreLate 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...
Read MoreNorth 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...
Read MoreGeorgia 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-...
Read MoreRomania: 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...
Read MoreSustainable 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...
Read MoreInadequate 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...
Read MorePresident 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...
Read MoreAlbania: 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...
Read MoreGreece: 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...
Read MoreCroatian 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...
Read MoreAmendments 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....
Read MoreExtension 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...
Read MoreGeorgia 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...
Read MoreRepublic 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...
Read MoreStock 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...
Read MoreEurofast: 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...
Read MoreEurofast 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...
Read MoreAmendments 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...
Read MoreEurofast 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...
Read MoreVAT 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...
Read MoreDouble 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...
Read MoreAttractive & 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...
Read MoreUkraine 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...
Read MoreCyprus: 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...
Read MoreImplementation 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...
Read MoreRomania: 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...
Read MoreDispute 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...
Read MoreLatest 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...
Read MoreBosnia & 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...
Read MoreOverview 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...
Read MoreGeorgia 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...
Read MoreCroatia 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...
Read MoreNorth 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...
Read More4th 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...
Read MoreGreece: 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...
Read MoreLegalisation news for Cryptocurrencies in Ukraine
Times magazine recently announced that 2020 is the worthiest year in world history. ...
Read MoreGreece: 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...
Read MoreOPENING 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%...
Read MoreOpening 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...
Read MoreUkraine`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...
Read MoreObligations 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...
Read MoreRecent 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...
Read MoreEurofast 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...
Read MoreRomania: Company Law to be amended – Law 223 / 30.10.2020
In an effort to reduce bureaucracy when operating limited liability companies, Romania has amended its Company Law that will come into force 3 days following its publication in the National Gazette,...
Read MoreHR, Payroll and PEO services in Bulgaria
In recent years, Bulgaria has been an increasingly attractive destination for the outsourcing of businesses in numerous industries. As a member of the European Union, Bulgaria has well-developed...
Read MoreCyprus Investment Programme Cancelled
In an Extraordinary General Meeting of the Cyprus Parliament on 13 October 2020, the Council of Ministers has voted and decided to cancel the Citizenship by Investment Programme. In its official...
Read MoreOpening a bank account in Bulgaria
In recent years, Bulgaria has become one of the most attractive destinations for investments. The country is renowned as a center of operations for foreigners’ businesses as a result of...
Read MoreGlamping: camping in style and with amenities
Glamping is a glamorous way of camping. It is designed for those who enjoy spending time in nature without wanting to sacrifice luxury accommodation. This unique experience includes all the...
Read MoreBosnia & Herzegovina amends Law on Tax Incentives for Employers
In order to clarify the application of tax incentives, on 22 July 2020, the National Assembly of the Republic of Srpska (RS) adopted amendments to the Law on Incentives in the Economy. In the Law on...
Read MoreCROATIA OPTS TO EXTEND CROSS-BORDER REPORTING DEADLINES UNDER DAC 6
As a result of COVID-19 pandemic, on 24 June 2020, the European Council reached an agreement on an optional delay to the reporting deadlines regarding cross-border arrangements under EU Directive...
Read MoreThe Bureau of Economic Security of Ukraine’s business impact
On September 3rd 2020, the supreme legislative body of Ukraine (Verkhovna Rada) adopted a Draft Law № 3087-d “On the Bureau of Economic Security of Ukraine” through which it proposes the...
Read MoreCovid measure: VAT rate reductions in Montenegro
In light of the new developments related to the Covid-19 pandemic and the preservation of economic activity, Montenegro has introduced new amendments to the Law on Value Added Tax, specifically for...
Read MoreTax incentives in Georgia for international IT and maritime companies
The Georgian Finance Minister, Vano Matchavariani, recently announced that companies offering IT and maritime services that apply for, and obtain, the status of an international company within the...
Read MoreAmendments to Romanian Labour Code – ( Law 213 / 30.09.2020)
The most important specifications of the law that came into force on October 3rd, amending and completing the Labour Code, are the following: Any Romanian who is interested in being employed, can be...
Read MoreStated Deadline for Ultimate Beneficial Owners in Greece registration
We would like to inform you that the extended suspension of operation of the information system “Central Register of Ultimate Beneficiary Owners (“UBOs”) per article 20 of law 4557/2018...
Read MoreNew Regulations For Foreigners Who Work Online From Serbia
The Serbian Labor Minister, Zoran Đorđević, recently announced amendments to the Law on Employment of Foreigners and the Law on Foreigners. The amendments aim at securing higher state revenues...
Read MoreΈλεγχος – επισκόπηση: Το Διεθνές Πρότυπο Αναθέσεων...
Στην εποχή που η διαφάνεια των οικονομικών καταστάσεων καθίσταται αναγκαία και χρήσιμη για τις Εταιρίες, ο...
Read MoreNorth Macedonia: Deadline For New Transfer Pricing Reporting Expires Today (September 30)
North Macedonia became the 117th member to join the Inclusive Framework (“IF”) for the global implementation of the Base Erosion and Profit Shifting (BEPS) Project in August 2018. Under...
Read MoreSOFIA AMONG THE TOP 25 TECH CITIES OF THE FUTURE FOR 2020/21
The capital of Bulgaria, Sofia, was ranked among the top 25 cities in Europe at the “fDi and TNW’s Tech Cities of the Future” for 2020/21. Sofia is one of the two South-East European cities...
Read MoreThe Cyprus Anti-Tax Avoidance Directive (Exit Taxation)
The Cyprus Parliament on 19 June 2020 has voted the Cyprus transposition of the European Union (EU) Anti-Tax Avoidance Directive (ATAD) for Exit taxation and Hybrid mismatch rules, which essentially...
Read MoreEurofast announces the appointment of Antonis Gavrielides and Irena Damianou to its Board of...
[print_link] Eurofast recently appointed two new members to the Board of Directors. Antonis Gavrielides is the Director of Eurofast Greece. Mr. Gavrielides has a Master’s Degree in Business...
Read MoreCyprus implements EU ATAD Exit Taxation & Hybrid Mismatches
The Cyprus Parliament on June 19th 2020, voted for the Cyprus transposition of the European Union (EU) Anti-Tax Avoidance Directive (ATAD) for Exit taxation and Hybrid mismatch rules. The Directive...
Read MoreGREECE ATTRACTS FOREIGN PENSIONERS WITH BENEFICIAL TAX RATES
Following the introduction of the non-dom regime for high net-worth individuals (HNWIs) in Greece, the Greek Parliament voted further the Law 4714/31.7.2020 regulating the non-dom regime specifically...
Read MoreEGYPT: PENALTY WAIVER LAW NO. 173 FOR THE YEAR 2020
On August 16, 2020, the Government of Egypt issued Law No. 173 for the year 2020. The law was issued to waive penalties for delayed tax payments and interest on tax differences and penalties for...
Read MoreNew Georgian visa program for self-employed and remote workers
[print_link] Georgia is one of the few countries that has established itself as a “Covid-safe” country and the country’s government is doing everything it can in order not to lose this...
Read MoreCYPRUS PERMANENT RESIDENCY (CATEGORY F)
[print_link] Regarding the Permanent Residency Permit for applicants from non-European Union countries, among the documents that need to be submitted, the applicant must meet the requirements noted...
Read More60-day rule – Cyprus Tax Residency
[print_link] According to the Income Tax Law of 2002, the Cyprus tax residency- based system constitutes individuals physically spending over 183 days within a tax year (1st January to 31st December)...
Read Moreالقانون رقم 170 لسنة 2020
[print_link] فى 13 أغسطس 2020 ، أصدرت الحكومة المصرية القانون رقم 170 لسنة 2020 و الذى يطالب الشركات بخصم 1% من رواتب جميع...
Read MoreEGYPT ISSUES LAW 170 ON SALARIES AND PENSIONS DEDUCTIONS DURING THE PANDEMIC
[print_link] On August 13th 2020, the Government of Egypt issued Law No. 170 for the year 2020. The law requires companies to deduct 1% from all its employees’ salaries for a period of 12 months...
Read MoreNew generation passports, residence permits and ID cards to be issued to Cypriot citizens
[print_link] Applications for the long-awaited new generation electronic Cyprus passports, residence permits and ID cards have begun as of the 30th of July 2020 as announced by the Cyprus Civil...
Read MoreNEW INDIVIDUAL TAX RATES & PENALTIES ON TAX DIFFERENCES (LAW NO. 26 2020)
[print_link] LAW NO. 26 FOR THE YEAR 2020 On May 7th, 2020, the Government of Egypt issued Law No. 26 for the year 2020 that amended specific articles in the Income Tax Law No. 91 for the year 2005...
Read MoreΕισαγωγή εταιρείας στη Ν.Ε.Α Αγορά του ΧΑΚ
[print_link] Είναι ευρέως γνωστό, ότι η Κύπρος διαθέτει ένα πολύ ανταγωνιστικό φορολογικό σύστημα. Δίνονται...
Read MoreCyprus – Switzerland DTT and signed Protocol
[print_link] Cyprus and Switzerland, signed a protocol on Monday 21st July 2020, amending the existing double taxation agreement of 2014 intending to strengthen the framework of economic relations...
Read MoreCEO Message
[print_link] Dear clients, associates and friends We have already entered the two hottest months of the summer safely. This is a very special summer, in the midst of a pandemic, daunting most people...
Read MoreControlled foreign companies (CFC) rules in Ukraine
[print_link] The controlled foreign companies (“CFC”) rules are a powerful mechanism allowing authorities to tax the foreign profits of residents. Ukrainian CFC rules were first set towards the...
Read MoreBulgaria enters the Eurozone’s “waiting room”
[print_link] Germany’s assumption of the Presidency of the EU began on the 10th of July 2020. Along with it came the long-awaited announcement that Bulgaria and Croatia entered the ERM2 exchange...
Read MoreROMANIA: THREE MAJOR CHANGES TO THE COMPANY LAW
[print_link] On the 2nd of July 2020, after an almost six month wait, the law that allows for the de-bureaucratisation of company incorporations in Romania, was finally published in the National...
Read MoreUkraine is launching a pilot project of E-residency
[print_link] On Thursday, June 25, the Cabinet of Ministers of Ukraine adopted a decree “On implementation of a pilot project of electronic residency in Ukraine”. The Minister of Digital...
Read MoreCroatia 2020 VAT revamp and subsequent measures introduced
[print_link] In the last month of 2019, Croatia published amendments on its VAT system which generally apply as of 1 January 2020. The most important changes introduced included implementation of the...
Read MoreBosnia and Herzegovina ratifies MLI Convention
[print_link] Bosnia and Herzegovina, following its 30 October 2019 signing of the Multilateral Convention (MLI), had published the list of expected reservations and notifications. Bosnia and...
Read MoreCitizenship by Investment: opting for Cyprus
[print_link] Pursuant to subsection (2) of section 111A of the Civil Registry Laws of 2002-2013, the government of the Republic of Cyprus enforced a number of favourable incentives to encourage...
Read MoreUkraine drastically amends its tax system with the new Anti-BEPS Law
[print_link] Supported by the OECD, the Base Erosion and Profit Shifting (BEPS) Action Plan is spreading across the world to eliminate different tax avoidance strategies. On May 23, the supreme...
Read MoreVAT suspension scheme boost Greece holiday homes sales
[print_link] The transfer of a newly built property (prior to its initial use/occupation) as well as of the plot on which the building is situated on is subject to VAT in Greece. This is provided...
Read More“All eyes on the Balkans: Banking operations in Bulgaria, Romania, Montenegro and Serbia”
[print_link] Needless to say, a business requires a bank account in order to function properly. In certain instances, however, having to open a bank account is more complex that one would...
Read MoreUkraine adopts new AML Law; clarifies and intensifies financial monitoring
[print_link] April in Kyiv was an intense month, not only because of the globally challenging coronavirus crisis, the new land and medical reforms but also due to the new National Bank of Ukraine...
Read MoreDouble Tax Treaty between Cyprus and Kazakhstan ratified; will enter into force 2021
[print_link] On January 17th,2020, the double tax treaty between the Government of the Republic of Kazakhstan and Government of the Republic of Cyprus was ratified. The DTT Convention on income tax...
Read MoreLATEST UPDATES ON MONTENEGRO CITIZENSHIP BY INVESTMENT PROGRAM
[print_link] Montenegro was affected by the Covid-19 pandemic and crisis much like the rest of the world. This unprecedented situation has disrupted all aspects of economy, including the recently...
Read MoreGreece adopts favourable VAT measures to strengthen the tourism
[print_link] In aiming to attract investments and foster its economy, the Greek government is preparing its new draft bill that will provide further reductions in taxes and social security...
Read MoreEUROFAST CSR POLICIES AMIDST COVID-19 OUTBREAK
[print_link] At Eurofast we have long believed that solid and consistent corporate social responsibility (CSR) policies constitute a cornerstone to our identity and brand both towards our customers...
Read MoreLand reform in Ukraine: a new wind for investors
[print_link] After 19 years of discussions, changes and ameliorations, on March 31st 2020, the supreme legislative body of Ukraine (Verkhovna Rada) adopted the so-called “land bill”...
Read MoreSupport Scheme from Greek banks against COVID-19 outbreak in Greece
The Greek banks have recently unveiled new measures to combat the impact of COVID-19 as listed below: NATIONAL BANK of GREECE (NBG) measures: For medium and large sized companies, a deferral of the...
Read MoreПродление срока действия греческого вида на...
В соответствии с Решением греческого министерства 12889/2020 (Официальный вестник 1086 Β / 30-3-2020) сроки действия...
Read MoreСОЗДАНИЕ ИНВЕСТИЦИОННОГО И ИММИГРАЦИОННОГО ПЛАНА В...
Непредсказуемое появление COVID-19 потрясло мир. Нынешние события в эпоху нестабильности непременно окажут...
Read MoreСОЗДАНИЕ ИНВЕСТИЦИОННОГО И ИММИГРАЦИОННОГО ПЛАНА В...
Непредсказуемое появление COVID-19 потрясло мир. Нынешние события в эпоху нестабильности непременно окажут...
Read MoreCoronavirus in Serbia: How to access government funding?
The Serbian Government had two objectives when preparing the economic assistance program designed to mitigate the damage caused by the COVID-19 epidemic – safeguarding employment and supporting...
Read MoreThe End of Treaty Abuse and a Fresh Start of Tax Treaty Use – the Multilateral Instrument (MLI)
The popularity of the Multilateral Instrument Convention (MLI) is on the rise but few have understood and even less have seen its effect which has been argued to be a milestone in the history of...
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