Newsroom
Bulgaria: Last Shot for Corrective Financial Statement
DEADLINE 2nd of October 2023 Аccording to the joint order of the National Statistical Institute (NSI) and the National Revenue Agency (NRA) from January this year, a company can submit, after the...
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Romania: October Brings Minimum Wage Increase
The Romanian Government came up with a balanced decision affecting the minimum wage per industry with afflictions to a handful of industries and benefits to others. The minimum wage per industry,...
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Romania: Flexible Work System Underway
A four-day working week growing viral suggests advantages for the employees. It’s a new work system, through which they are entitled to choose to work extra hours within working days to benefit...
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Romania: Tax Expectations 2024 or Egg-Dance to Survive
A legislative project applicable as of January 2024 challenges the tax system in Romania. Its aftershocks seem to be tangible for businesses and individuals. First and foremost, the project targets...
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Bulgaria: Salient Updates in Insurance Policy
Latest changes that entered into force on 01.08.2023 in connection with the Law on the State Budget of the Republic of Bulgaria for 2023 and State Social Security Budget Law 2023 affect Insurance,...
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Bosnia: Donated Food goes VAT-free
At the last session, the House of Peoples of the Parliamentary Assembly of Bosnia and Herzegovina unanimously adopted the Bill on Amendments to the Law on Value Added Tax. As an explanation to the...
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Albania: Visa-friendly Policy for Digital Nomads
IT-nomads represent the future and offer significant potential to Albania. These young individuals either working for foreign companies or as freelancers may see Albania as a beneficial place to...
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Modernization of Cyprus Transfer Pricing legislation
On the 6th of July 2023, a new circular was issued by the Tax department, in addition to the one voted in 2022, that takes into consideration the related transactions which are lower of the threshold...
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Tax Debt Management Reform in Georgia
The tax debts collection strategy in Georgia is changing from automatic fiscal punishment approach to a preventive measures’ implementation style. Previously, in case of any kind of tax debt,...
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Bulgaria: Amendments in Measures against Money Laundry Act (MAMLA)
On 14.07.2023 the National Assembly of Bulgaria adopted new amendments to the Measures against Money Laundering Act (MAMLA), which aim to achieve compliance with the Directive 2018/843 of the...
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Recent Amendment in the Bulgarian Vat Act
As of 01.08.2023 a new important amendment in the Bulgarian VAT Act was adopted and entered into force. The amendment is as it follows: If at the end of each quarter of a financial year the total...
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Serbia: Amendments to the Law on Foreigners and Law on Employment of Foreigners
On July 26, 2023 the National Assembly of Serbia has adopted the long awaited changes in terms of Law on Foreigners and Law on employment of Foreigners. Most amendments will enter into force as of...
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Bulgaria: The Whistleblowing Act
Eurofast would like to draw your attention to a new mandatory procedure that you might need to implement in your Bulgarian company. We are going to share with you a brief description of the procedure...
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Suspension of Double Tax Treaty between Cyprus and Russia
As a response to the sanctions placed on Russia, due to the current state of affairs in Ukraine, Vladimir Putin has signed, on the 8th of August 2023, a decree suspending (not abolishing) the double...
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Updates from Cyprus Tax Department: New Version of Stamp Duty Calculator
CyprusTax Department would like to inform that for documents processing with variable fees purposes, a new version of the Stamp Duty calculator has been uploaded on the website under Direct Taxation...
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Cyprus Joins the Schengen Zone
During the past few decades, Cyprus has been under assessment to be able to enter the Schengen Information System (SIS). Cyprus has finally been given the green light to join the SIS (joining on 25th...
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SERBIA: NEWS ABOUT HEALTH INSURANCE FOR TRAVELLERS
Republic of Serbia and the RFZO (Republic Fund of Health Insurance) have signed bilateral agreements with 21 states on the possibility of using social insurance during temporary stay abroad (at the...
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Bulgaria: Definition of Irregular Working Hours
The article defines irregular working hours, how the rights and obligations of the employer and the employee are regulated by the law; how irregular working hours are accounted for and whether they...
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Greek Golden Visa: Extended Deadline Benefits Investors
As we have already informed our clients and readers on a previous article, the new Immigration Code provides for an increase in the investment amount required to obtain a golden visa. Specifically,...
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Bulgaria: Staff Motivation by Providing shares to employees
Shares represent securities that are part of the capital of a trading company. In this article, we will look at the possibility of providing shares to employees and what the benefits are. Granting...
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Amendments in Business Trip Regulations in Bulgaria
A few weeks ago, several amendments in the business trips regulations of employees in Bulgaria were promulgated and have been entered into force. As most of professionals know a business trip is...
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Albania: Favorable Changes for Self-Employed Pensioners
The Albanian government has approved additional changes in the law for compulsory social security contributions affecting people who have reached retirement age but continue to work registered as...
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Georgia: New Tax Bill Implements Stricter VAT Rules
Tax administration is being tightened in several directions nowadays. According to the new tax bill, the changes will affect both individuals and legal entities. One of crucial novelties coming into...
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Cyprus: Tax Obligations 2023
On June 9, 2023, the Cyprus Tax Authorities announced that an obligation to prepare and submit a Tax Return for 2023 is applicable only to individuals whose annual gross income exceeds € 19,500. Be...
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CYPRUS: AMENDMENTS TO INCOME TAX LAW: EXTENDED EXEMPTION FOR NON-RESIDENT EMPLOYEES
On June 22, 2023, the Plenum of the Parliament introduced an important amendment to the Income Tax Law, extending the existing provisions of the income tax exemption for individuals employed in the...
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Albania: Automation of Tax Declarations
The Ministry of Finance announced the automation of the monthly declaration of ledger books in the tax system. March 2023 has marked a substantial progress in the automation of the financial...
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New corporate tax regime in UAE
On 31 January 2022, the Ministry of Finance of the United Arab Emirates (UAE), announced the implementation of a path-breaking corporate tax regime in the UAE, effective from the financial year...
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JCC Platform no longer available for Tax Payments
The Tax Department announced that as of May 3rd 2023 tax payments through JCC platform will no longer be available and payments will be executed ONLY through Tax Portal. Companies can log-in to Tax...
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Upcoming Changes in the Tax Code of Georgia
Tax administration is being tightened in several directions. According to the new tax bill, the changes will affect both individuals and legal entities. One of the changes, coming into effect...
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Cyprus 60-day rule; The best kept secret in Global Tax Mobility
As per Cyprus Tax legislation, an individual is considered to be a tax resident in Cyprus if they spend more than 183 days in Cyprus during a tax year. The above Law has further amended in 2017 and...
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Albania: New law regulating fiscal burden of employees
A new law on Income Tax was recently approved in Albania aiming to reduce fiscal burden for all employees and provide a fairer and universally accepted tax system. As of 01 June 2023, and until 31...
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Lari strengthens while prices increase in Georgia
In 2022 – 2023 basic reserve currencies decreased in comparison to the Georgian Lari respectively: EUR-21%, GBP-25%, CHF-17% and USD-19%. The chart shows the dynamics of these currencies over the...
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Ground-breaking news: European Parliament adopts Pay Transparency Directive
The European Directive has adopted the Pay Transparency Directive proposed by the European Commission in March 2021 enshrining the right to equal pay for male and female workers for equal work or...
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Albania: Changes in Labour Law
Another change in the minimum wage which will be applied to all employed and self-employed citizens within the country, was recently decided in Albania. The new minimum salary, starting from April...
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Cyprus: A Real Estate Investment Hub
Strategically located in the eastern Mediterranean, Cyprus has been a robust investment hub throughout the years, an infallible European partner providing targeting, innovative business solutions and...
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Cyprus: TFA platform – deadline extensions
The launch of the TFA platform will commence (stage 1) on the 27 March 2023. As of then all tax obligations relating to VAT will be processed through the TFA platform exclusively. Due to that...
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EU introduces new way of Bank account opening
The Banking industry through a time of constant development, is ready to welcome a new revolutionary way on how to open a bank account within the European Union. The ultimate objective behind this...
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Changes to the Labour Code in Bulgaria
In October 2022, a “Directive of the European Parliament and of the Council on adequate minimum wages in the European Union” was approved to improve living and working conditions in the...
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UAE – New Tax Residency rules clarified
Further to the UAE’s cabinet decision no. 85 of 2022 on the determination of tax residency, the Ministry of Finance announced a Ministerial Decision (no.27 of 2023) setting out certain provisions...
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Bulgaria: New year, new rules. What are the most important changes in the main tax laws for 2023
We are already used to making substantial changes and additions to the main tax laws every year. With this year being no exception, we will describe below the most important changes coming into force...
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Greece: Reduced VAT in real estate related transactions
Law 5000/2022 was published on the 09.12.2022 and, inter alia, includes provisions regulating the following: ✔ Extension of the possibility of inclusion in the VAT suspension regime on real estate...
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Serbia: New Taxation model for freelancers and increase of non-taxable salary
The new year brought several changes in the set of tax laws in the Republic of Serbia. Significant changes on personal income tax and mandatory social security contributions were announced. New...
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VAT rates for services and products related to the COVID-19 disease
With an announcement from the Tax Department, the zero rate for products and services related to the COVID-19, ceases to apply. Starting from 01/01/2023 the below VAT rates will enter into force: 5%...
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DAC7: Reporting obligations for EU digital platform Operators
On 22 March 2021, the EU Council adopted EU Directive 2021/514 (commonly referred as “DAC 7”) amending Directive 2011/16/EU (DAC-6) on administrative cooperation in the field of taxation. As per...
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North Macedonia postpones reintroduction of progressive taxation
The progressive tax rate, which was supposed to re-enter into force on January 1st 2023, has been postponed. The Parliament of North Macedonia adopted the amendments to the Law on Personal Income...
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Bosnia announces increase of minimum wage and abolishment of Special Republic Tax
The Government of the Federation of Bosnia and Herzegovina has adopted a Decision on establishing the lowest salary for the period 01.01.2023 to 31.12.2023 in the net amount of 596 KM (approx. 300...
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Albania: Maximum amount of petty cash allowed for business entities
A new version of the existing law on Tax Procedures was recently published by the Ministry of Finance in Albania. According to the latest changes, every business that operates with cash transactions...
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Croatia and USA treaty for double taxation avoidance
An Agreement to Avoid Double Taxation between Croatia and the United States of America was signed on December 7, 2022, by the US Undersecretary for Economic Growth, Energy and Environment Jose W....
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Cyprus: “Tax for All” platform: Next steps
Following our previous article on the new Tax for All platform, the Tax Department announced that the first step to launch the TFA has started. Probably the most important step for the whole...
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Golden Visa: New threshold of €500,000 in certain areas of Greece
The much talked about issue of the increase in the golden visa threshold has been finalized by the Greek Parliament and the law was adopted on the 21st of December (L.5007, Gov. Gaz.:241A’...
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Republic of Sprska: Amendments to the law on incentives
-Right to refund part of salary contributions- The National Assembly of the Republic of Srpska adopted the Law on Amendments to the Law on Incentives in the Economy of the Republic of Srpska....
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Tax offences and crimes under the Bulgarian legislation
Starting from the objective fact that the tax legislation in Bulgaria lacks clarity and systematization, it is no wonder that a large part of taxable persons avoids paying taxes. Tax obligations are...
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Misdemeanour charges in the Serbian Business Registers Agency
The Serbian Business Registers Agency recently announced that will press misdemeanour charges against businesses that have not registered their real owner. The director of Serbian Business Registers...
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2023 Fiscal package brings important changes in Albania
In the framework of the 2023 fiscal package, the Ministry of Finance has announced several draft laws that will enter into force during the coming year, affecting some of the most important taxes in...
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Cyprus: New “Tax For All” platform to replace TaxisNet
A new innovative platform -Tax For All- (TAF) is underway, by the Tax Department of Cyprus to replace TaxisNet, Tax Portal and other smaller systems. TAF will provide taxpayers and agents with...
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Suspension of access to the Beneficial Owners register for the general public
Further to the judgement of the EU Court of Justice (CJEU), on 20th November 2022, the Department of Registrar of Companies, of Cyprus has proceeded with announcing that as of November 23rd the...
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STRICT TRANSFER PRICING OBLIGATIONS ADOPTED IN MONTENEGRO
Official Gazette 121/22, published in Montenegro on early November 2022, introduced taxpayers’ obligation to prepare and submit a Transfer Pricing (TP) Study. Transfer price is the price incurred...
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ISRE 2400 (Revised): ICPAC’s alternative suggestion
Recently, the Institute of Certified Public Accountants of Cyprus (ICPAC) proposed an alternative option to the assurance of the financial statements of very small entities. In accordance with the...
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ΜΙΑ ΔΙΑΦΟΡΕΤΙΚΗ ΦΟΡΟΛΟΓΙΚΗ ΑΝΑΜΟΡΦΩΣΗ
Μία ριξηκέλευθη απόφαση εκδόθηκε από το Ελληνικό Κοινοβούλιο με την ψήφιση του Άρθρου 171 του Ν.4972/2022. Το ΦΕΚ...
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GREECE: TRANSFER PRICING – REVERSE TAX REFORM
Α radical decision was taken by the Greek Parliament with the adoption of Article 171 of Law 4972/2022. The Official Gazette dated September 23 paves the way for reverse reforms that reduce the tax...
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Serbia: Register of Accounting Service Providers
The Ministry of Finance calls on all legal entities and entrepreneurs engaged in the provision of accounting services in the Republic of Serbia, who have not yet fulfilled the legal obligation and...
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Georgian bank accounts opening for Expats
How to open a bank account in Georgia and what Expats need to consider? There are no legal restrictions for non-residents to open bank accounts in Georgia. However, when it comes to dealing with...
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Romania overhauls micro-companies tax regime via GO no. 16/2022
A series of amendments and additions to the Romanian Fiscal Code were made by way of GO no. 16/2022 in Romania impacting a wide range of entities. With the changes, which will come into force on...
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Conversion of Share Capital to Euro
With the euro becoming the national currency from the 1st of January 2023, most of us are focused on the expected changes in the price of products and services, the level of wages and the cost of...
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Albania increases the national minimum wage
Only a few months after the government’s decision to increase the minimum wage in Albania, the Council of Ministers has decided on a further increase. Starting from September 1st, 2022, the...
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Greece: Government clarifies applications of stamp duty on interest bearing loans
Following up to our previous article , a new law has been issued regarding the stamp duty obligations on loans, also covering those between enterprises. Article 172 of this Law 4972/2022 adds a new...
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Law 89: Why Multinational Groups should opt for Greece for their shared services centers
Law 89/67 regime, as amended in 2019 and in force today, offers an attractive solution to Multinational Groups to establish their shared services centers in Greece while benefitting from a stable tax...
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Тhe misconception of a Bulgarian company’s inactivity
It is common practice that after registering a new company, the company does not start trading activities immediately. Another mass case is existing companies, due to subjective or objective reasons,...
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New NSRF “Competitiveness” Program 2021-2027
On August 30th, 2022, the Deputy Minister of Development and Investments presented the new NSRF Program “Competitiveness” regarding the support for small and medium-sized enterprises. The new...
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Albania: Deadline Extension for Financial Statements
The Ministry of Finance announced the postponement of the deadline for submitting financial statements to the National Business Center. The annual deadline for submission was the end of July, but...
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Albania: Small entities obliged to submit Financial Statements
Through the latest ministerial order, the Ministry of Finance has announced the change of National Accounting Standard no. 15, which affects all business units classified as “micro...
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Cyprus adopts a minimum wage
Cyprus, one of the last EU countries to adopt a minimum wage, has agreed to set a national minimum monthly wage at €940. The Minister of Labour and Social Insurance, Kyriakos Kousios, announced...
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Bulgaria: Amendments in the VAT Act for 2022
In this article, we summarize the most important changes to the Value Added Tax Law, adopted in the first six months of 2022, which came into force on the day of its promulgation, with the exception...
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50% tax reduction for first time employment in Cyprus
The Cyprus government passed new tax incentives on 26 July 2022. The scheme is along with the One Stop Shop, and the granting of visas and work permits to the spouses of professionals that relocate...
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Croatia on target for the Eurozone
Croatia’s acceptance into the European Union on the 1st of July marked the beginning of the end of the Kuna as Croatia’s currency ever since its introduction on 30th May 1994. Entering the...
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New Transfer Pricing Rules as of 1 January 2022
On Thursday, 30 June 2022 the Cyprus Parliament passed a law introducing detailed transfer pricing legislation, marking a new era in company taxation, with effect from 1 January 2022. The...
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Ukrainian Refugees in Greece
Shortly after the war commenced, Greece enacted a legislative framework regarding Ukrainian citizens that have been displaced after 24.02.2022 due to armed conflict. This framework – a considerably...
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Top five reasons to outsource your payroll
Anyone that has had the ‘pleasure’ of processing payroll will know how a complex and time-consuming task this can be as it requires meticulous record-keeping, comprehensive tax knowledge, extreme...
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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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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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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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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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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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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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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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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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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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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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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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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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Κύπρος: Επίδομα Ασθενείας μόνο μέσω της ηλεκτρονικής...
Το Υπουργείο Εργασίας, Πρόνοιας και Κοινωνικών Ασφαλίσεων, σε συνεργασία με το Υφυπουργείο Έρευνας,...
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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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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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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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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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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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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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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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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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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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