Newsroom
New generation passports, residence permits and ID cards to be issued to Cypriot citizens
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 Registry and...
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NEW INDIVIDUAL TAX RATES & PENALTIES ON TAX DIFFERENCES (LAW NO. 26 2020)
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 (Articles...
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Εισαγωγή εταιρείας στη Ν.Ε.Α Αγορά του ΧΑΚ
Είναι ευρέως γνωστό, ότι η Κύπρος διαθέτει ένα πολύ ανταγωνιστικό φορολογικό σύστημα. Δίνονται ουσιαστικά...
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Cyprus – Switzerland DTT and signed Protocol
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 between the two...
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CEO Message
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 at the...
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Controlled foreign companies (CFC) rules in Ukraine
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 end of 2017 as...
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Bulgaria enters the Eurozone’s “waiting room”
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 rate mechanism...
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ROMANIA: THREE MAJOR CHANGES TO THE COMPANY LAW
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 Gazette. The law...
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Ukraine is launching a pilot project of E-residency
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...
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Croatia 2020 VAT revamp and subsequent measures introduced
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 2018/1910 EU...
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Bosnia and Herzegovina ratifies MLI Convention
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 Herzegovina’s...
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Citizenship by Investment: opting for Cyprus
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 foreign direct...
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Ukraine drastically amends its tax system with the new Anti-BEPS Law
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 legislative body...
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Greece boosts construction and real estate sector through optional VAT suspension scheme
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 that the...
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“All eyes on the Balkans: Banking in Bulgaria, Romania, Montenegro and Serbia”
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 anticipate and, as such,...
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Ukraine adopts new AML Law; clarifies and intensifies financial monitoring
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 (NBU)...
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Double Tax Treaty between Cyprus and Kazakhstan ratified; will enter into force 2021
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 will enter...
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LATEST UPDATES ON MONTENEGRO CITIZENSHIP BY INVESTMENT PROGRAM
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 introduced...
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Greece adopts favourable VAT measures to strengthen the tourism
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 contributions....
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EUROFAST CSR POLICIES AMIDST COVID-19 OUTBREAK
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 as well as...
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Land reform in Ukraine: a new wind for investors
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” #552-IX. The...
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Support 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...
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Coronavirus 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...
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The 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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Why Romania can be a smart tax planning strategy in Covid-19 times
It is an inevitable fact that a wide range of companies will face difficult financial times as a result of the current crisis. This is where we, Eurofast, can step in with tailor-made solutions. Our...
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Σχέδιο Μερικής Αναστολής
Σε συνέχεια των μέτρων που ανακοινώθηκαν από το Υπουργείο Εργασίας, Πρόνοιας και Κοινωνικών Ασφαλίσεων, σας...
Read MoreCyprus: Special Scheme for Partial Suspension of Business
Further information has been announced by the Ministry of Labour, Welfare and Social Insurance in regards to the application of the Special Scheme for Partial Suspension of Business for coping with...
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Romanian government to grant credit lines to companies
The Ministry of Public Finances will guarantee up to 80% of the value of the financing granted to SMEs in light of the current COVID-19 situation. Interested companies should note the following: The...
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ΑΝΑΣΤΟΛΗ ΛΕΙΤΟΥΡΓΙΑΣ ΤΟΥ ΚΕΝΤΡΙΚΟΥ ΜΗΤΡΩΟΥ...
Τα τελευταία μέτρα στήριξης της ελληνικής Κυβέρνησης κατά της εξάπλωσης του Covid-19, που αποφασίστηκαν στις...
Read MoreSUSPENSION OF THE GREEK CENTRAL REGISTRY OF ULTIMATE BENEFICIAL OWNERS AMONGST THE MEASURES OF THE...
The latest support measures of the Greek Government against the spread of the Covid-19 outbreak, adopted on 30.03.2020, include, amongst others, a provision on the suspension of the Central Registry...
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HOW TO REGAIN YOUR ROMANIAN CITIZENSHIP IN 6 STEPS
FIND YOUR RELATIVES IN ROMANIA First, you must find out if your parents or grandparents were Romanian citizens and if they renounced their Romanian citizenship or it was withdrawn by the Romanian...
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ARE YOU PLANNING TO STAY IN SERBIA INDEFINITELY? IF SO, APPLY FOR A PERMANENT VISA WITH US.
The permanent type of VISA is only for foreigners who want to stay in Serbia for a long period of time and do not plan to return to their native country in the near future or are willing to obtain...
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COVID19 Government Measures in South East Europe and the Middle East (SEEME)
100 years after the Spanish flu, a new pandemic strikes the world, impeding free movement, considerably slowing down the world economy as well as seriously restricting the rights of the population....
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Extension of the period of validity of residence permits & other support measures due to...
According to the Greek Ministerial Decision 12889/2020 (Official Gazette 1086 Β/30-3-2020), the validity period of residence permits, residence cards and permanent residence cards will be extended....
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The end of the Double tax Treaty between Cyprus and Russia as we know it
When addressing his nation regarding the Covid19 pandemic, Vladimir Putin made an unexpected announcement regarding Russian Double Tax Treaties: all dividends which are withdrawn to foreign...
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ΤΟ ΚΑΘΕΣΤΩΣ “NON-DOM” ΜΕΣΑ ΣΤΟΝ ΕΛΛΗΝΙΚΟ ΦΟΡΟΛΟΓΙΚΟ...
Έχουν περάσει σχεδόν τρεις μήνες από τότε που το ελληνικό Κοινοβούλιο επικύρωσε το νέο φορολογικό νόμο, υπ’...
Read MoreTHE NON-DOM REGIME IN THE GREEK TAX BILL 4646/2019
It has been almost three months since the Greek Parliament ratified Law 4646/2019, a new tax bill, which introduced significant changes in the Greek tax legislation. Individuals, legal entities and...
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ROMANIA: PEO SERVICES
What is PEO? The concept of Professional Employment Organization ( PEO) also known as known as Employer of Record (EOR) and staff leasing enables foreign companies to hire employees without the...
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Romania: CES- Certificate of Emergency Situations
On 25.03.2020, the Order regarding CES (Certificate of Emergency Situations) – essential in obtaining the facilities and support measures or in commercial relations – was issued in the...
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EUROFAST DREAM TEAM: WE REMAIN CONNECTED DURING CHALLENGING TIMES
100 years after the Spanish flu, a new pandemic strikes the world, seriously impeding free movement, considerably slowing down the world economy as well as seriously restricting the rights of the...
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Extension of tax benefit for UK nationals receiving a Government Service Pension
Overview UK Nationals residing in Cyprus and receiving a pension from the UK have benefited by the original Double Tax Treaty signed between Cyprus and the UK in 1974 and amended in 1980 (“the...
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Obtaining a USA E-2 investor visa via South East Europe and Montenegro’s CIP scheme
The USA E-2 is one of the most popular residencies permits for entrepreneurs looking to invest in – and reside in -the land of opportunity. The E-2 is a non-immigrant visa, granting the holder...
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Features of taxation of crypto currency in Georgia in 2020
For several consecutive years, Georgia has maintained a leading position in the field of crypto currency mining in the world. The attractiveness of the jurisdiction for the extraction of fiat money...
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Romanian government to grant credit lines to companies
In light of the Covid-19 crisis, the Ministry of Public Finance of Romania has announced that it will guarantee up to 80% of the value of the financing granted to SMEs. Details of the credit lines to...
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Cyprus Support Scheme against Covid-19 outbreak
On March 15th, 2020, the Government of the Republic of Cyprus unveiled new measures to combat the impact cause by the Covid-19 crisis. Some of these measures include: “Special Leave” allowance...
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Cyprus Government announces COVID-19 measures
On Sunday, March 15th 2020, the Cypriot Government unveiled a series of measures aimed at assisting small and medium sized companies address the adverse effects of the Covid-19 crisis. Some of the...
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AMENDMENTS TO THE GREEK GOLDEN VISA PROGRAM; INVESTMENT OPPORTUNITIES OUTSIDE ATTICA &...
The Greek Parliament, aiming at the revitalization of the real estate market nationwide, ratified the Law 4635/2019 which among other important provisions on investing in Greece, includes significant...
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Latest Changes of the Albanian Income Tax Law
At the end 2019, the Albanian Government proposed a draft law to the Albanian Parliament, introducing several changes to the Income Tax Law. This draft law was approved by the Albanian Parliament...
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Cyprus extends deadline for payment of overdue taxes
Cypriot taxpayers will be pleased to hear that the settlement of overdue taxes – by providing a relief on penalties and interest – incurred up to the year 2015 has now been extended until...
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Vasilopita Cutting organized by the Hellenic Business Association
On 11th February 2020, the Hellenic Business Association organized the traditional Vasilopita cutting in the Grand Casino in Belgrade. Members of the HBA and friends of the Association had the...
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Amendments introduced in the Georgian VAT law to enter into force in 2021
On 2 July 2019, a Draft Law amending the Tax Code of Georgia was adopted by the Parliament of Georgia. The objective of the Draft Law was the approximation of the Georgian Tax Legislation on Value...
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Eurofast Athens 40 years anniversary party
On Thursday, 23rd January 2020, Eurofast threw a house-warming party celebrating 40 years of presence in the Business Market and inaugurating the new Eurofast-owned offices in Athens, Greece. The...
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Clarifications regarding Greece’s reduction in dividend tax rate
The Greek authorities have reduced the taxation rate of dividends from 10% to 5% effective from 1 January 2020 onwards. As a result, the percentage of the withholding tax on dividends has been...
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North Macedonia increases social security contribution rates; temporarily freezes progressive...
Increase of social security contribution rates Employees in North Macedonia have been witnessing a steady trend of increasing social security contribution rates in recent years. The Government is...
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New requirements for online sales and e-shops in Bulgaria
Bulgaria has introduced law amendments (applicable as of 01 February 2020) which are entirely aligned with the obligations of the Bulgarian state as a member state of the EU to harmonize its local...
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Cyprus payroll changes for 2020
2nd Wave of General Health System (GHS) The implementation of the national health insurance system, which started on 1 March 2019 initially covering only outpatient care, is expected to be fully...
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Cyprus amends limits for personal tax allowances
On 19th of December 2019, an amendment of Article 14 of the Income Tax Law of 2002 was published in the Official Gazette of the Republic of Cyprus. The amendment increases the limit of allowances...
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Egypt amends Investment Law; introduces mandatory reporting
Egypt’s Prime Minister Mostafa Madbouly has issued decree No. 2731 of 2019 regarding amendments to the bylaws of Egypt’s investment law. The amendments include new provisions to the executive...
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Introduction of Mandatory Transfer Pricing Rules in Bulgaria
A new law was introduced in the Bulgarian Tax and Social Security Procedure Code in issue 64/13.08.2019 of The State Gazette. The new law – which concerns the implementation of mandatory...
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Georgia and UK agree on post-Brexit trade partnership
On 21 October 2019, UK’s Foreign Secretary Dominic Raab and the Georgian Foreign Minister David Zalkaliani signed a Strategic Partnership and Cooperation agreement aimed at strengthening the...
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North Macedonia increases minimum wage
The North Macedonia Parliament adopted the amended Law on Minimum Salary on 14th of November 2019. The increase of the minimum net wage to 14,500 MKD represents an almost 14% jump, compared to the...
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DOUBLE TAX TREATY BETWEEN ALBANIA AND SAUDI ARABIA
Albania has signed double taxation agreements with many countries, in order to ensure that tax on income is not paid twice. The latest agreement of this kind is the one concluded between the Republic...
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EU Directive requires the reporting of transactions in Romania as of 2020
The Fiscal Authority (FISC) of Romania receives information on the persons who have opened accounts at the banks and financial institutions in Romania and are doing transactions using them. However,...
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Greece clarifies rules for the Golden Visa Program
A joint ministerial decision (46440/19/2019) has been published in the national Gazette (4155/12.11.19) clarifying the documents, procedures and all relevant issues in regards to the granting of...
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EUROFAST 40 YEARS ANNIVERSARY PARTY (Cyprus)
On Thursday, 7 November 2019, Eurofast celebrated its 40 year anniversary at the Latsia Municipality Theatre in Nicosia, Cyprus, in a wonderful event enjoyed by more than 300 guests. Breath-taking...
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North Macedonia increases VAT registration threshold from 2020
The Ministry of Finance of North Macedonia has announced an increase of the VAT-registration taxable turnover threshold from MKD 1 million to MKD 2 million per year. The changes in the threshold...
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Ukraine ratifies Protocol to Double Tax Treaty with Cyprus; withholding tax rates affected
On October 30th 2019, the Ukrainian Parliament finally ratified the long-awaited Protocol (concluded in 2015 and ratified by the Cypriot Government in the same year), amending the Cyprus-Ukraine...
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Double Tax Convention between Serbia and Israel enters into force
The Convention between the Government of the Republic of Serbia and the Government of the State of Israel on the avoidance of double taxation and the prevention of tax evasion with respect to taxes...
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FAVOURABLE TAX REGIME FOR COMPANIES IN ROMANIA
Romania is a place where you should focus on next, be it for your business or for expanding your client base. The recently adopted legislation and the amendments that are to come are encouraging...
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България въвежда правила за изготвяне на...
В ДВ. бр. 64 от 13.08.2019 е обнародван Закон за изменение и допълнение на Данъчно- осигурителния процесуален...
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Amendments to the CIT Law of the Republic of Srpska introduce incentives for investments
On July 17, 2019, the National Assembly of the Republic of Srpska adopted amendments to the Corporate Income Tax Lax. The most significant changes relate to the different regulation of the tax...
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Croatia introduces legislation allowing a range of non-taxable payments to employees
Croatia has introduced new legislation regarding non-taxable payments which became applicable as of September 1, 2019 (Personal income tax act bylaw, Official gazette 80/19). The changes introduced...
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VAT treatment of aircraft handling services in Cyprus
In accordance with the Cypriot Value Added Tax – Country Tax Guides issued by the Commissioner of Taxation, the supply, modification, repair, maintenance, chartering and hiring of aircrafts used by...
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British Virgin Islands Legislative Amendments
Following our previous notification dated May 2019, The British Virgin Islands (BVI) has passed legislation requiring certain legal entities carrying on Relevant Activities to demonstrate adequate...
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Cypriot Registrar of Companies amends regulations; introduces changes
As mentioned in our previous circulars, the Registrar of Companies in Cyprus has proceeded with amending its regulations and has announced that their implementation shall be in force as of 18...
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Implications of doing business with non-cooperative jurisdictions: the Greek perspective
The Greek authorities maintain an active list of non-cooperative jurisdictions for tax purposes (including tax heavens). A question we often receive from clients in Greece revolves around the...
Read MoreBulgaria implements rules for preparation of documentation for Transfer Pricing
In the issue 64/13.08.2019 of The State Gazette, the Law on the Amendment and Supplementation of the Tax and Social Insurance Procedure Code (TSIPC) has been promulgated. A new Chapter 8 A has been...
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EU updates list on non-cooperative taxation jurisdictions
The European Council, through a press release issued on 10th of October 2019, has publicized an updated the list of EU non-cooperative taxation jurisdictions. The list is now expected to be published...
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APPLICATION PERIOD FOR THE MONTENEGRIN CITIZENSHIP BY INVESTMENT PROGRAM IS OFFICIALY OPEN!
The long-awaited Citizenship by Investment Program implementation has reached a milestone moment by starting to accept applications. Let us review and outline the precisely set criteria for this...
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Eurofast New Website
Eurofast recently launched its new website eurofast.eu. The new website offers improved navigation and functionality, creating a user-friendly environment for visitors. The newly redesigned website...
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ARE YOU SUBMITTING YOUR CITIZENSHIP APPLICATION THROUGH A TRUSTED ADVISORY COMPANY?
The Citizenship by Investment industry is constantly growing. Along with the industry, the number of licensed companies – as well as of those that are not credible – is increasing. Such an...
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Eurofast; CEO Message
Dear clients and friends, 2018 was a year of many changes in our organization which were very important in redefining our strategy and the Next Chapter in Our Eurofast Story. 2018 marked the 40th...
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ROMANIA: One of the best holding jurisdictions
Romania is a place where you should focus next if your business or your clients need a holding structure. The recently adopted legislation is encouraging investment funds and big companies to...
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Moldova temporarily suspends Citizenship by Investment Program
Moldova’s President, Igor Dodon, during a meeting of Moldova’s Supreme Security Council, informed the local press that the Government had suspended the country’s recently introduced citizenship...
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Bulgaria amends VAT legislation; changes affect a wide range of sectors
The VAT rate in Bulgaria has remained unchanged at 20% for many consecutive years. Recently, there has been a lot of debates on the future possibility of amending the VAT rate for certain food...
Read MoreInvesting into the Balkans through a Cyprus Alternative Investment Fund
As a collection of emerging markets with strong growth potential, the Balkan countries have firmly positioned themselves on the map of attractive investment locations. Steadily growing numbers of...
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North Macedonia adopts Law on Partial VAT Refund to Physical Persons
The newly adopted (June 27, 2019) and published (Official Gazette No.133/28-06-2019) Law on Partial VAT Refund to Physical Persons has been met with both enthusiasm and a myriad of questions from...
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MONTENEGRO – A NEW REGIONAL IT HUB?
This small Mediterranean country – known as the perfect blend of gorgeous coastline and dramatic mountains – has much more to offer then meets the eye. In terms of the business climate,...
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Georgia introduces rules for classification of taxpayers; amends refund procedure
On February 5, 2019, the Georgian Ministry of Finance issued Order No. 30 on the classification of taxpayers, which has entered into force on February 7, 2019. As stated in the Order, the category of...
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What is the PSD2 and how is Croatia preparing for a change of game in the payment industry?
PSD2 (Second Payment Services Directive) is an EU Directive with a huge impact on payment processing industry. The traditional role of banks in this sector is drastically changing as they are faced...
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Republic of Srpska adopts new Law on Games of Chance
Earlier in 2019, the National Assembly of Republic of Srpska adopted the Law on Games of Chance, aiming to improve the organization of games of chance and their introduction into legal frameworks....
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Serbian Ministry of Finance clarifies the requirement for valid transportation cost documentation
On 25 April 2019, the tax authorities issued an official notice to the Serbian Chamber of Commerce regarding the issue of employees’ transportation cost taking into consideration the Ministry of...
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Albanian companies given incentives to distribute profits
The 2019 fiscal year in Albania introduced significant changes in the Law on Income Tax. The new law provisions provide for a reduction of the income tax rate on dividends and income sharing, for the...
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AMENDMENTS TO THE GREEK ANTI-MONEY LAUNDERING LAW
Read in Greek While the new Law 4557/2018 on the prevention and suppression of money laundering is still only a few months old and whilst the Central Registry of Beneficial Owners has not yet been...
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Greece: Corporate tax relief voted by the Greek Parliament
Read in Greek The Greek Parliament recently voted in favor of the reduction of the tax rate on income arising from dividends. As a result, the rate has been amended to 10%, from the previously valid...
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Danish cases: CJEU issues important verdict on beneficial ownership
On 26 February 2019, the Court of Justice of the European Union (“CJEU”) issued its decisions in six cases which deal with the interpretation of the Parent-Subsidiary Directive (“PSD”) and...
Read MoreSaudi Arabia – Cyprus Double Tax Treaty
On 5th March 2018, Cyprus published Notice no. 4237/18 in the Official Gazette, announcing the new double tax treaty with Saudi Arabia. In the case of Saudi Arabia, the treaty covers the Zakat and...
Read MoreAgencija Standar & Poor’s potvrdila stabilan izgled za Crnu Goru
Agencija za kreditni rejting ”Standard & Poor’s” objavila je novi Izvještaj za Crnu Goru kojim je ponovo potvrdila izgled rejtinga naše zemlje označenog kao „stabilan“,...
Read MoreStandard & Poors confirmed the stable outlook for Montenegro
The credit rating Agency ”Standard & Poors” confirmed in its new Report that Montenegro has a stable B+/B credit rating. The growth of the Montenegrin economy increased to 4.7% in...
Read MoreDonijeta odluka o Izboru Agenata za Posredovanje
Sekretarijat za Razvojne Projekte donio je i objavio na svom sajtu Odluku o izboru agenata za posredovanje radi realizacije posebnog razvojnog programa kroz investicije. U saopštenju i Odluci je...
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