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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 of Regulation 6(2) of the...
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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 Increasement
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 timely file its annual return. Upon...
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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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Bosnia & Herzegovina Publishes Regulations For VAT Refunds To Non-Residents
The regulations for granting VAT refunds to foreign taxable persons were published in Official Gazette No. 78 of Bosnia and Herzegovina on 4 December 2020. The legislation aims at harmonization of...
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Overview of 2021 Albanian Tax Legislation Revamp
Recently, the Albanian government has published certain changes to the tax legislation which are effective as of January 1st 2021, affecting a wide range of taxes. Increase of the VAT threshold...
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Georgia Introduces a New Package Of COVID-19 Assistance
The Georgian Government has developed a new anti-crisis package, within the framework of which it will provide all possible assistance to residents and businesses in an extremely difficult...
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Croatia Rehauls Tax System in 2021; Reduces Tax Rates & Increases Thresholds
Croatia has published a set of 2021 reform Acts, including the Act on Amendments to the Corporate Income Tax, Personal Income Tax, Value Added Tax and Fiscalisation. Our Croatia team’s digest of...
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North Macedonia introduces a new VAT rate; hospitality and catering sectors affected
Effective 1 January 2021, the North Macedonian VAT regime has been amended to include a new tax rate of 10%, in addition to the previously prescribed standard rate of 18% and reduced rate of 5%. This...
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4th and 5th AML Directive – Establishment of UBO Register – Cyprus
On December 16th, 2020, the Council of Ministers decided to transpose the 4th Anti-Money Laundering Directive (EU) 2015/849 to the national legislation. This new AML Law...
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Greece: a Myriad of Reasons to Take a Second Glance at Residency
Financial motivation alone is never enough to decide upon one’s return to a country or even to move to another employer. The excellent lifestyle, the mild climate along with the working conditions...
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Legalisation news for Cryptocurrencies in Ukraine
Times magazine recently announced that 2020 is the worthiest year in world history. ...
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Greece: 50% Tax Reduction from the Annual Income of 1st-time Employment
It is widely known that brain drain is the worst threat to a country’s prosperity. The Greek government announced legislative initiatives to reverse this phenomenon, to attract foreign...
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OPENING A BANK ACCOUNT IN MONTENEGRO
Montenegro has been recognized in recent years as one of the best countries to invest in, mainly because of its political stability, liberal economic regime of foreign trade, favorable tax policy (9%...
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Opening a Bank Account in Serbia
Serbia boasts an excellent strategic location, solid infrastructure and highly knowledgeable human resource potential. Being at a unique position in the European market, Serbia offers diverse...
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Ukraine`s strategy against COVID-19
It has been a while since the world found itself some peace and rest. The COVID-19 outbreak has not only introduced to us the virus itself, but also a new era of masks, sanitizers and “home...
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Obligations of Bulgarian Companies under “MAMLA”
IntroductionThe new Measures against Money Laundering Act (the “MAMLA”) promulgated in the State Gazette, issue 27, dated 27 March 2018, and entered into force on 31 March 2018, partially...
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Recent Tax Developments in Europe
Despite COVID-19, the international tax environment continues to transform. Has your organization updated its method of operation to comply with the new requirements? The EU Anti-Tax Avoidance...
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Romania: Company Law to be amended – Law 223 / 30.10.2020
In an effort to reduce bureaucracy when operating limited liability companies, Romania has amended its Company Law that will come into force 3 days following its publication in the National Gazette,...
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HR, Payroll and PEO services in Bulgaria
In recent years, Bulgaria has been an increasingly attractive destination for the outsourcing of businesses in numerous industries. As a member of the European Union, Bulgaria has well-developed...
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Cyprus Investment Programme Cancelled
In an Extraordinary General Meeting of the Cyprus Parliament on 13 October 2020, the Council of Ministers has voted and decided to cancel the Citizenship by Investment Programme. In its official...
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Opening a bank account in Bulgaria
In recent years, Bulgaria has become one of the most attractive destinations for investments. The country is renowned as a center of operations for foreigners’ businesses as a result of...
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Glamping: camping in style and with amenities
Glamping is a glamorous way of camping. It is designed for those who enjoy spending time in nature without wanting to sacrifice luxury accommodation. This unique experience includes all the...
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Bosnia & Herzegovina amends Law on Tax Incentives for Employers
In order to clarify the application of tax incentives, on 22 July 2020, the National Assembly of the Republic of Srpska (RS) adopted amendments to the Law on Incentives in the Economy. In the Law on...
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CROATIA OPTS TO EXTEND CROSS-BORDER REPORTING DEADLINES UNDER DAC 6
As a result of COVID-19 pandemic, on 24 June 2020, the European Council reached an agreement on an optional delay to the reporting deadlines regarding cross-border arrangements under EU Directive...
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The Bureau of Economic Security of Ukraine’s business impact
On September 3rd 2020, the supreme legislative body of Ukraine (Verkhovna Rada) adopted a Draft Law № 3087-d “On the Bureau of Economic Security of Ukraine” through which it proposes the...
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Covid measure: VAT rate reductions in Montenegro
In light of the new developments related to the Covid-19 pandemic and the preservation of economic activity, Montenegro has introduced new amendments to the Law on Value Added Tax, specifically for...
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Tax incentives in Georgia for international IT and maritime companies
The Georgian Finance Minister, Vano Matchavariani, recently announced that companies offering IT and maritime services that apply for, and obtain, the status of an international company within the...
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Amendments to Romanian Labour Code – ( Law 213 / 30.09.2020)
The most important specifications of the law that came into force on October 3rd, amending and completing the Labour Code, are the following: Any Romanian who is interested in being employed, can be...
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Stated Deadline for Ultimate Beneficial Owners in Greece registration
We would like to inform you that the extended suspension of operation of the information system “Central Register of Ultimate Beneficiary Owners (“UBOs”) per article 20 of law 4557/2018...
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New Regulations For Foreigners Who Work Online From Serbia
The Serbian Labor Minister, Zoran Đorđević, recently announced amendments to the Law on Employment of Foreigners and the Law on Foreigners. The amendments aim at securing higher state revenues...
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Έλεγχος – επισκόπηση: Το Διεθνές Πρότυπο Αναθέσεων...
Στην εποχή που η διαφάνεια των οικονομικών καταστάσεων καθίσταται αναγκαία και χρήσιμη για τις Εταιρίες, ο...
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North Macedonia: Deadline For New Transfer Pricing Reporting Expires Today (September 30)
North Macedonia became the 117th member to join the Inclusive Framework (“IF”) for the global implementation of the Base Erosion and Profit Shifting (BEPS) Project in August 2018. Under...
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SOFIA AMONG THE TOP 25 TECH CITIES OF THE FUTURE FOR 2020/21
The capital of Bulgaria, Sofia, was ranked among the top 25 cities in Europe at the “fDi and TNW’s Tech Cities of the Future” for 2020/21. Sofia is one of the two South-East European cities...
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The Cyprus Anti-Tax Avoidance Directive (Exit Taxation)
The Cyprus Parliament on 19 June 2020 has voted the Cyprus transposition of the European Union (EU) Anti-Tax Avoidance Directive (ATAD) for Exit taxation and Hybrid mismatch rules, which essentially...
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Cyprus implements EU ATAD Exit Taxation & Hybrid Mismatches
The Cyprus Parliament on June 19th 2020, voted for the Cyprus transposition of the European Union (EU) Anti-Tax Avoidance Directive (ATAD) for Exit taxation and Hybrid mismatch rules. The Directive...
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GREECE ATTRACTS FOREIGN PENSIONERS WITH BENEFICIAL TAX RATES
Following the introduction of the non-dom regime for high net-worth individuals (HNWIs) in Greece, the Greek Parliament voted further the Law 4714/31.7.2020 regulating the non-dom regime specifically...
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EGYPT: PENALTY WAIVER LAW NO. 173 FOR THE YEAR 2020
On August 16, 2020, the Government of Egypt issued Law No. 173 for the year 2020. The law was issued to waive penalties for delayed tax payments and interest on tax differences and penalties for...
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New Georgian visa program for self-employed and remote workers
[print_link] Georgia is one of the few countries that has established itself as a “Covid-safe” country and the country’s government is doing everything it can in order not to lose this...
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CYPRUS PERMANENT RESIDENCY (CATEGORY F)
[print_link] Regarding the Permanent Residency Permit for applicants from non-European Union countries, among the documents that need to be submitted, the applicant must meet the requirements noted...
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60-day rule – Cyprus Tax Residency
[print_link] According to the Income Tax Law of 2002, the Cyprus tax residency- based system constitutes individuals physically spending over 183 days within a tax year (1st January to 31st December)...
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القانون رقم 170 لسنة 2020
[print_link] فى 13 أغسطس 2020 ، أصدرت الحكومة المصرية القانون رقم 170 لسنة 2020 و الذى يطالب الشركات بخصم 1% من رواتب جميع...
Read MoreEGYPT ISSUES LAW 170 ON SALARIES AND PENSIONS DEDUCTIONS DURING THE PANDEMIC
[print_link] On August 13th 2020, the Government of Egypt issued Law No. 170 for the year 2020. The law requires companies to deduct 1% from all its employees’ salaries for a period of 12 months...
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New generation passports, residence permits and ID cards to be issued to Cypriot citizens
[print_link] Applications for the long-awaited new generation electronic Cyprus passports, residence permits and ID cards have begun as of the 30th of July 2020 as announced by the Cyprus Civil...
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NEW INDIVIDUAL TAX RATES & PENALTIES ON TAX DIFFERENCES (LAW NO. 26 2020)
[print_link] LAW NO. 26 FOR THE YEAR 2020 On May 7th, 2020, the Government of Egypt issued Law No. 26 for the year 2020 that amended specific articles in the Income Tax Law No. 91 for the year 2005...
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Εισαγωγή εταιρείας στη Ν.Ε.Α Αγορά του ΧΑΚ
[print_link] Είναι ευρέως γνωστό, ότι η Κύπρος διαθέτει ένα πολύ ανταγωνιστικό φορολογικό σύστημα. Δίνονται...
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Cyprus – Switzerland DTT and signed Protocol
[print_link] Cyprus and Switzerland, signed a protocol on Monday 21st July 2020, amending the existing double taxation agreement of 2014 intending to strengthen the framework of economic relations...
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CEO Message
[print_link] Dear clients, associates and friends We have already entered the two hottest months of the summer safely. This is a very special summer, in the midst of a pandemic, daunting most people...
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Controlled foreign companies (CFC) rules in Ukraine
[print_link] The controlled foreign companies (“CFC”) rules are a powerful mechanism allowing authorities to tax the foreign profits of residents. Ukrainian CFC rules were first set towards the...
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Bulgaria enters the Eurozone’s “waiting room”
[print_link] Germany’s assumption of the Presidency of the EU began on the 10th of July 2020. Along with it came the long-awaited announcement that Bulgaria and Croatia entered the ERM2 exchange...
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ROMANIA: THREE MAJOR CHANGES TO THE COMPANY LAW
[print_link] On the 2nd of July 2020, after an almost six month wait, the law that allows for the de-bureaucratisation of company incorporations in Romania, was finally published in the National...
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Ukraine is launching a pilot project of E-residency
[print_link] On Thursday, June 25, the Cabinet of Ministers of Ukraine adopted a decree “On implementation of a pilot project of electronic residency in Ukraine”. The Minister of Digital...
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Croatia 2020 VAT revamp and subsequent measures introduced
[print_link] In the last month of 2019, Croatia published amendments on its VAT system which generally apply as of 1 January 2020. The most important changes introduced included implementation of the...
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Bosnia and Herzegovina ratifies MLI Convention
[print_link] Bosnia and Herzegovina, following its 30 October 2019 signing of the Multilateral Convention (MLI), had published the list of expected reservations and notifications. Bosnia and...
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Citizenship by Investment: opting for Cyprus
[print_link] Pursuant to subsection (2) of section 111A of the Civil Registry Laws of 2002-2013, the government of the Republic of Cyprus enforced a number of favourable incentives to encourage...
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Ukraine drastically amends its tax system with the new Anti-BEPS Law
[print_link] Supported by the OECD, the Base Erosion and Profit Shifting (BEPS) Action Plan is spreading across the world to eliminate different tax avoidance strategies. On May 23, the supreme...
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VAT suspension scheme boost Greece holiday homes sales
[print_link] The transfer of a newly built property (prior to its initial use/occupation) as well as of the plot on which the building is situated on is subject to VAT in Greece. This is provided...
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“All eyes on the Balkans: Banking operations in Bulgaria, Romania, Montenegro and Serbia”
[print_link] Needless to say, a business requires a bank account in order to function properly. In certain instances, however, having to open a bank account is more complex that one would...
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Ukraine adopts new AML Law; clarifies and intensifies financial monitoring
[print_link] April in Kyiv was an intense month, not only because of the globally challenging coronavirus crisis, the new land and medical reforms but also due to the new National Bank of Ukraine...
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Double Tax Treaty between Cyprus and Kazakhstan ratified; will enter into force 2021
[print_link] On January 17th,2020, the double tax treaty between the Government of the Republic of Kazakhstan and Government of the Republic of Cyprus was ratified. The DTT Convention on income tax...
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LATEST UPDATES ON MONTENEGRO CITIZENSHIP BY INVESTMENT PROGRAM
[print_link] Montenegro was affected by the Covid-19 pandemic and crisis much like the rest of the world. This unprecedented situation has disrupted all aspects of economy, including the recently...
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Greece adopts favourable VAT measures to strengthen the tourism
[print_link] In aiming to attract investments and foster its economy, the Greek government is preparing its new draft bill that will provide further reductions in taxes and social security...
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EUROFAST CSR POLICIES AMIDST COVID-19 OUTBREAK
[print_link] At Eurofast we have long believed that solid and consistent corporate social responsibility (CSR) policies constitute a cornerstone to our identity and brand both towards our customers...
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Land reform in Ukraine: a new wind for investors
[print_link] After 19 years of discussions, changes and ameliorations, on March 31st 2020, the supreme legislative body of Ukraine (Verkhovna Rada) adopted the so-called “land bill”...
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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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Продление срока действия греческого вида на...
В соответствии с Решением греческого министерства 12889/2020 (Официальный вестник 1086 Β / 30-3-2020) сроки действия...
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СОЗДАНИЕ ИНВЕСТИЦИОННОГО И ИММИГРАЦИОННОГО ПЛАНА В...
Непредсказуемое появление COVID-19 потрясло мир. Нынешние события в эпоху нестабильности непременно окажут...
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