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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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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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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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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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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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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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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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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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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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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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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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“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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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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“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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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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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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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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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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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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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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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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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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Temporary Residence and Status of Digital Nomads in Croatia
A digital nomad is a third-country citizen who is employed or performs work remotely through communication technology for a personally owned or another business entity that is not registered in...
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Albania: Extension Deadline to File Annual Personal Income Statement
Through a normative act, the Council of Ministers of the Republic of Albania has approved the decision to extend the deadline for submitting the annual statement of personal income...
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Slovenia: Tax Law Amendments to Income Tax Act
Several Tax laws related to personal income tax and corporate income tax fields were amended since the beginning of 2021. The legal changes adopted on 1 January 2021 had a...
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Bosnia: Preliminary Laws and Excise Duties
The first draft of the Law on Excise Duties seeks to meet the criteria of the European Union, including: -period of adjustment of taxpayers and ITA to the new rules for excise products, which...
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Albania: Official Notice on Deregistration of Fiscal Devices
Following the Fiscalization Reform which has officially started in January 2021, the General Directorate of Taxes of the Republic of Albania has issued an official announcement...
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Montenegro: New Economic Support Measures
The Government of Montenegro has announced new measures to support the economy for the second quarter of 2021, due to the crisis caused by the Covid-19 pandemic....
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Georgia Launches New Revenue Service for Individuals in the Midst of Tourism Sector Outburst
The tourism sector, which employs about 150,000 people, has been hit tremendously by the COVID-19 pandemic. For more than 6,000 companies linked to tourism, property tax and income tax payments were...
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Bulgaria: Latest Amendments in the VAT Act
In Effect on 1 July, 2021 New changes were introduced into national VAT legislation related to the implementation of the provisions of Council Directive (EU) 2017/2455 of 5 December 2017...
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Serbia: Rulebook On Interest Rates On Intercompany Loans
Impact on TP Study & Income Tax for 2021 The Ministry of Finance of Serbia has adopted the Rulebook on interest rates for 2021 that should be applied for the purposes of calculation of income...
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Croatia: Adjustments to Tourist & Forest Contribution Fees
Since the beginning of 2021, it has been questionable whether grants received to mitigate the negative consequences of COVID-19, should be included in the basis for calculating the tourist and forest...
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Serbia implements New Law on Fiscalization
The new law adopted in late December 2020 regulates the subject of fiscalization and its process through an electronic device as well as the content of the fiscal account. The government aims at a...
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Greek Government Takes Measures to Restart Local Economy
This was stated, by the Minister of Finance, Christos Staikouras, who also described the network of short-term policies that will support the restart of the economy. The cost of the support measures...
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Ukraine: New Tax Amendments & Covid-19 Restrictions
Despite the third wave of COVID-19 and strict quarantine restrictions, April in Ukraine was very rich in news, bill proposals and law amendments. The President of Ukraine,...
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Greece: Ministry of Finance Announces New Tax Relief Measures
The Ministry of Finance announced on April 22nd new tax cuts and the abolition of the special solidarity contribution for natural persons engaged in business activity, legal...
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Cyprus: New Amendments to the Residency Programme
On April 7, 2021, the Republic of Cyprus has announced amendments to the eligible criteria for the Cyprus Permanent Residency Programme. In pursuance of the provisions...
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Cyprus: Ultimate Beneficial Owner (UBO) Registry Now In Effect
As we informed you late last year, the Council of Ministers decided to transpose the 4th Anti-Money Laundering Directive (EU) 2015/849 to the national legislation. The registry...
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North Macedonia: Extension of VAT Deadlines & Criteria for Deregistration
Extended VAT payment deadline in 2021 The North Macedonian Government has recently extended the payment deadline for VAT due following the filing of a periodic VAT return. Typically, the...
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Ukraine Equates the e-passport to the Regular Passport
On March 15, the Ukrainian Cabinet of Ministers implemented Decree #278, allowing for e-passports to equate to regular passports. E-passports are digital analogues of...
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Albania: New Fiscalization Tax Reform Requires e-invoicing
As of January 1st, 2021, pursuant to Law 87/2019, the tax system reform “On electronic invoicing and turnover monitoring”, has officially entered into force in the...
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Georgia Introduces Support Program For Returning Migrants
The Georgian government has launched a program to help migrants, who have returned to their homeland amid the pandemic. The IDP`s and Eco-migrants Agency of Georgia has begun accepting...
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Croatia: VAT Application Threshold Increase
In 2021 set of Croatian tax reforms the one in regards to Value added tax stands out as the current HRK 7.5 million threshold of the taxation procedure according to the collected fees has been...
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Georgia: the Government Revises the Existing Tax Benefits For Businesses
The Georgian authorities are planning to revise their tax policy that came into force in January 2021. The review will also include tax breaks. Changes to the tax policy and additional tax benefits...
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Serbia: Elements Determining The Annual Personal Income Tax
for the fiscal year 2020 On March 9th, 2021, the Ministry of Finance announced explanation No. 413-00-3 / 2021-04 relating to the manner of calculating the annual income tax. According to...
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Ukraine signed the Law on ‘The Bureau of Economic Security’
On March 22, the president of Ukraine, Volodymyr Zelensky, signed the Law relating to The Bureau of Economic Security. As we wrote previously, the main function of the Bureau of...
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A look at Intra-Group Loans and Safe Harbour Rules in Cyprus
Christodoulos Damianou, together with colleagues Christos Theophilou and Demis Ioannou of Taxand Cyprus present a case study of how the Cypriot tax authorities use safe harbour rules in determining...
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Competitive State Support for Investment Projects in Ukraine
State support of investment projects plays a significant role for both investor and the local community. Governments try to attract investments by different incentives: tax deductions,...
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Late Filing Penalties of the Annual Return (HE32 Forms) for Companies in Cyprus
Eurofast would like to inform you that from April 1st, 2021, the Registrar of companies shall impose penalties for every company that fails to...
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North Macedonia Increases Social Security Contribution Base
In a procedure customary to the start of each new fiscal year, the Public Revenue Office of the Republic of North Macedonia has revised the minimum and maximum amounts used for the payment of...
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Georgia Introduces Five Tax Benefits For Businesses in 2021
The Law of Georgia on Amendments to the Tax Code of Georgia, was published in the “Legislative Herald of Georgia” (document number N83-II რს-...
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Romania: Latest Changes to Fiscal Code & Accountancy Law
The Emergency Ordinance No. 13 dated as at the 24th of February 2021, amending and supplementing Law No. 227/2015 on the Fiscal Code...
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Sustainable Finance Disclosure Regulation: Let it Begin
The EU’s Action Plan on Sustainable Finance has, since 2016, pursued the implementation of regulatory measures aimed at introducing market...
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Inadequate Transfer Pricing Approach Costs Greek Companies €6.1 MM in Taxes and Penalties.
Transfer Pricing documentation for all types of intra-group transactions has been applicable to Greek entities for over a decade. However, a lot has changed the past few years, in fact, even the...
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President Zelensky Initiated the Tax Amnesty in Ukraine
During the past year, Ukraine implemented land reform, adopted new AML Law, drastically amended its tax system with the new Anti-BEPS Law, introduced CFC rules and created a basis for a...
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Albania: Registration of Beneficial Owners
In June 2020, the Albanian Parliament approved Law 112/2020 On the Register of the Beneficiary Owners. The law has created an electronic register that will comprise the list of the...
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Greece: Amendments to Solidarity Tax and Social Contribution
as of 1st of January 2021 With the provision of article 298 of law 4738/2020, with which paragraph 50 was added to article 72 of law 4172/2013, Greek solidarity tax has been...
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Croatian Tax Reform
Personal income tax amendments in 2021 implemented since January Croatia entered 2021 with a new set of tax reforms of which the most important determinants are reduction of income tax rate and the...
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Amendments to VAT Regulations in the Field of Construction in Serbia
IN FORCE AS OF THE 1ST OF JANUARY 2021 The Law on Amendments to the Law on Value Added Tax was published in the “Official Gazette of the Republic of Serbia”, no....
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Extension of Deadline for Implementation of DAC6 in Cyprus
Eurofast would like to inform you that a further extension of the deadline has been announced regarding the mandatory automatic exchange of information in the field of taxation in relation to...
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Georgia Introduces Tax Benefits For Businesses in 2021
Absolutely all entrepreneurs in Georgia will be able to count on tax breaks in 2021. The Minister of Finance, Mr. Ivane Machavariani, outlined five main components of an...
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Republic of Serbia: Program of Direct Benefits to Legal Entities in the Private Sector
The Government of the Republic of Serbia adopted a program of direct benefits to private legal entities at a session held on February 11th, 2021. The Program...
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Stock Exchange listings of Collective Investment Schemes in Cyprus
The Cyprus Stock Exchange (“CSE”) operates within the defined European framework and is under full supervision by the Cypriot authorities. In addition to the Regulated Market, the CSE also...
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Amendments to the Corporate Income Tax and VAT Act in Bulgaria
Effective 1st of January 2021 Changes to the Corporate Income Tax Act were published in the Bulgarian State Gazette no. 104/8 December 2020 and no. 107 of 18...
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VAT Refunds to Taxpayers Who Are Not Based in Montenegro
The Law on Value Added Tax in Montenegro prescribes the VAT rate of 21%. VAT is calculated and paid at the general rate of 21% of all trade in products, services and imports of...
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Double Tax Treaty (DTT) Cyprus and Egypt – Applicable 1 January 2021
The newly amended sections relate to taxes on income and the prevention of tax evasion and avoidance. Pursuant to the latest discussions between the Republic of Cyprus and Egypt, an...
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Attractive & Favorable Taxation of Individual Entrepreneurs in Ukraine
Business always follows the basic economic principle being that of maximizing revenue and minimizing expenses. Governments are always interested in the development of business via the creation of new...
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Ukraine develops new legal framework for the IT industry
According to the International Data Corporation, the IT industry seems to have been less hit by the COVID-19 crisis compared to other business sectors worldwide. The experience gained in 2020 will...
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Cyprus: the EU’s Newcomer For Introducing Transfer Pricing Legislation
It is probable that, while you are reading this article, Cyprus is already the latest European country to introduce transfer pricing legislation in its income tax...
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Implementation of DAC6 in Cyprus
Eurofast would like to inform you that on the 25th of June 2018, the EU Council Directive 2018/822 (commonly referred to as “DAC6”) was published in the Official Journal of the EU. DAC6 amends EU...
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Romania: Establishment of the new minimum gross base salary guaranteed at national level
On Wednesday, January 13th, the Romanian Government voted on decision no. 4/13.01.2021 and subsequently published the decision in the National Gazette relating to the approval to increase the minimum...
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Dispute Advisory Services
Whilst in everyday life disputes between individuals are commonplace, the same happens within organizations. Disputes are an inevitable byproduct of doing business and the nature of litigation is...
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Latest amendments to the Bulgarian Social Security and Tax legislation effective as at January 1st...
Certain changes to the Bulgarian Social Security legislation were published in the Bulgarian State Gazette No 103/4.12.2020, that entered into force on the 1st of January 2021. The amendments are...
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