Newsroom
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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%...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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....
Read More
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...
Read More
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’...
Read More
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....
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
ΜΙΑ ΔΙΑΦΟΡΕΤΙΚΗ ΦΟΡΟΛΟΓΙΚΗ ΑΝΑΜΟΡΦΩΣΗ
Μία ριξηκέλευθη απόφαση εκδόθηκε από το Ελληνικό Κοινοβούλιο με την ψήφιση του Άρθρου 171 του Ν.4972/2022. Το ΦΕΚ...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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,...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
To Κρυπτονόμισμα γενικά, αλλά και στην Ελλάδα
Το κρυπτονόμισμα είναι ένας τύπος ψηφιακού νομίσματος που χρησιμοποιείται μόνο ηλεκτρονικά. Θα μπορούσε να...
Read More
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’...
Read More
Κύπρος: Επίδομα Ασθενείας μόνο μέσω της ηλεκτρονικής...
Το Υπουργείο Εργασίας, Πρόνοιας και Κοινωνικών Ασφαλίσεων, σε συνεργασία με το Υφυπουργείο Έρευνας,...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More
Interest rate on loans between related parties for 2022
The Decision on the publication of the interest rate on loans between related parties, which determines the amount of the interest rate on loans between related companies referred to in Article 14 of...
Read More
Year 2022 brings new set of Tax Laws in Serbia
A new set of Tax Laws has been adopted in the Republic of Serbia most of which will be applicable as of January 2022. The main changes...
Read More
Non-taxable occasional rewards during holiday season
In Croatia, during the holiday season, employees and their children are likely to be given occasional or special rewards as a...
Read More
Albania: Significant changes in the Law for UBO Registration
The Parliament of Albania recently announced amendments in the Law on the register of beneficiary owners, through a new draft law The changes made are substantial and...
Read More
New Fiscalisation Model in Republic of Srpska
Starting from January 2022, a new model of fiscalisation will come into force in the Republic of Srpska. That will enable the suppression of the gray economy, and will benefit both...
Read More
Greece: Certain tax changes have been included in the draft Budget of 2022
Corporate taxation Greece enacted the reduction of the CIT rate from 24% to 22%, from 2021 onwards. This measure has already been adopted by virtue of Law...
Read More
UK companies able to continue to operate in the EU pending final sign off
The Cyprus Securities and Exchange Commission (“CySEC”) announced on December 14th, 2021, the amendment of Directive 87-04. The amendment relates to the provision of...
Read More
Ukraine opens own sky to European flights
On October 12, Ukraine signed a Common Aviation Area Agreement (CAAA) with the European Union. Since Ukraine was the 13th largest extra-EU market in 2019, with 9.8 million passengers, the...
Read More
Cyprus introduces new strategy for attracting companies to the country
On 15 October 2021, the Minister of Finance of the Republic of Cyprus, Mr. Konstantinos Petrides, announced the Action Plan for Attracting Companies to Operate and Expand their Activities in...
Read More
Κύπρος: Παράταση Προθεσμίας για εφαρμογή της Οδηγίας...
H Eurofast θα ήθελε να σας ενημερώσει ότι το Τμήμα Φορoλογίας έχει δώσει εκ νέου...
Read More
Cyprus: Additional Deadline Extension for DAC6 Implementation
Eurofast would like to inform you that an additional extension of the deadline until January 31st, 2022 has been given by the Tax Department, as regards mandatory...
Read More
Montenegrin government proposes ambitious economic plan “Europe Now”
On November 4th, the government of Montenegro announced the Europe Now program which sets the strategic...
Read More
“Tax Calculator” launches in Georgia
A new service –Tax Calculator – developed by the National Statistics Service of Georgia (“Geostat”), was recently launched in Georgia. Tax Calculator is a new electronic...
Read More
Serbia signs double taxation treaty with Japan
Serbia and Japan recently signed “Agreement on Elimination of Double Taxation with respect to Income Taxes and Prevention of Tax Evasion and Avoidance” in Belgrade. The...
Read More
Albanian Government announces new changes on Tax Laws
The Albanian Minister of Finance presented the Fiscal Package of 2022 during the Parliamentary Assembly on Economy and Finance. The main laws that...
Read More
Bulgaria signs new double tax treaty with the Netherlands
The agreement, promulgated in SG, issue 55 of July 2, 2021, is in line with the priorities of the two countries, the current Bulgarian and Dutch tax legislation and the modern...
Read More
New home for Lebanese companies
Lebanese companies seeking long term stability are increasingly looking to Cyprus to relocate their operations. Disasters of the last few years, an economy in free fall, and constant political unrest...
Read More
Digitalization of accounting processes and cloud accounting
Development of science and technology, general availability of fast mobile internet, cloud software, availability of electronic services via computer or mobile phone, the general trend of...
Read More
New Economic and Fiscal Policy Guidelines from 2022 to 2024
The Government of the Federation of BiH, at its session held on June 3, 2021 adopted the Guidelines for Economic and Fiscal Policy of the FBiH for the period 2022 to 2024. In the 2016-2019 period,...
Read More
Ukraine implemented “Anti-Oligarch Law” #5599
On 23 of September, Ukrainian Parliament adopted the Draft Law #5599 that will initiate anti-oligarch policy. As we published previously, Ukraine came up under the control of the group of oligarchs....
Read More
Ukraine officially legalises cryptocurrencies
In one of our previous articles, we wrote about the intention of the Ministry of Digital Transformation to legalise cryptocurrencies in Ukraine. On September 8, 2021, after almost a year of changes...
Read More
European Investigation Order
The European Investigation Order (EIO) is a judicial decision issued in or validated by the judicial authority in one EU country (Member State) to have investigative measures, to collect or make use...
Read More
Serbia introduces 4000 new work qualifications
The Ministry of Education, Science and Technological Development, in cooperation with the European Union (EU), the Swiss Agency for Development and Cooperation (SDC), the German organization GIZ and...
Read More
Extension of the UBO submission deadline in Ukraine
The Parliament recently adopted changes in the new Decree № 768/36390 which forces to disclose an ownership of legal entities in Ukraine. The submission deadline was extended from 3 months to one...
Read More
Fiscalisation: Full implementation is postponed until end of December 2021
Pursuant to Fiscalisation reform for the declaration of business-to-business and business-to-consumer transactions, the General Directorate of Taxation has informed all taxpayers (subject to VAT)...
Read MoreCyprus: Additional Deadline Extension for DAC6 Implementation until November
Eurofast would like to inform you that an additional extension of the deadline until November 30th, 2021 has been given by the Tax Department, as regards mandatory...
Read More
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. ...
Read More
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...
Read More
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...
Read More
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...
Read More
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...
Read More