Newsroom

AUGUST 6, 2019

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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JULY 25, 2019

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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JULY 25, 2019

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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JULY 25, 2019

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...

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JULY 25, 2019

Investing 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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JULY 25, 2019

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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JULY 12, 2019

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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JULY 11, 2019

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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JULY 11, 2019

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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JULY 11, 2019

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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JULY 11, 2019

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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JULY 11, 2019

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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JUNE 11, 2019

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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JUNE 11, 2019

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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MARCH 19, 2019

Albanian companies given incentives to distribute profits

The new fiscal year in Albania has started with significant changes introduced in the Law on Income Tax. The new law provisions provide for a reduction of the income tax rate on dividends and income...

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JANUARY 18, 2019

Shqipëria ndryshon Ligjin për Lojrat e Fatit

Në datën 25 Tetor 2018 qeveria shqiptare aprovoi ndryshimin e ligjit për lojrat e fatit i cili është efektiv nga 01 Janar 2019. Ndryshimet do kenë nje ndikim të rëndësishëm në industrinë...

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JANUARY 18, 2019

Shqipëria ndryshon ligjin mbi të Ardhurat; prezanton iniciativat për turizimin

Këshilli i Ministrave propozoi projektligjin në Parlamentin Shqiptar i cili prezanton disa ndryshime në tatimin mbi të ardhurat. Ky projektligj u aprovua nga Parlamenti në datën 09 Korrik 2018....

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DECEMBER 18, 2018

Albania changes Law on Gambling

On October 25 2018, the Albanian government approved the changes to the law on gambling which will become effective as of January 1, 2019. The changes will have an essential impact on the gambling...

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SEPTEMBER 11, 2018

Albania changes Law on Income Tax; introduces incentives for agro tourism

The Albanian Council of Ministers proposed a draft law to the Albanian Parliament, which introduces several changes to the income tax. The draft law was approved by the Albanian Parliament on the 9th...

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AUGUST 20, 2018

Albania changes Law on Building Tax

In November 2017, with Law no.107, the Albanian Parliament changed the methodology on which the payment of the tax on buildings was based, introducing fundamental amendments. The building tax is a...

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JULY 16, 2018

Cyprus: New Alternative Investment Funds Legislation

On 10th July 2018, the Cyprus parliament approved the new alternative investment funds (AIF) legislation which will replace the existing law and which enables, for the first time in Cyprus, the...

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JUNE 23, 2018

New location in Zagreb, Croatia

Eurofast is very happy to announce the relocation to new offices to accommodate its continued growth and future expansion plans, in June 2018. Our team is more than excited about our new offices...

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JUNE 23, 2018

BKR Intl EMEA Regional Conference in Cyprus

The BKR EMEA Regional meeting took place at the St Raphael Resort Hotel from 26th to the 28th May 2018. Some 106 delegates and companions enjoyed the meeting, which was hosted by BKR Cyprus member...

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JUNE 1, 2018

Republic of Srpska introduces new law on the deadlines for settlement of financial obligations in...

The National Assembly of Republic of Srpska adopted a Law that regulates the deadlines for settlement of financial obligations and penalties applicable in case of failure to comply. The law –...

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JUNE 1, 2018

Cyprus updates DTTs and protocols; signs new ones

During 2017, and the first quarter of 2018, various double tax treaties’ (DTTs) developments have taken place in Cyprus, with a number of new DTTs, protocols and amending protocols being signed and...

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MAY 30, 2018

BKR International EMEA Scholarship awarded to Cyprus-based student

BKR International is delighted to announce that it has awarded its annual EMEA scholarship to Andri Argyridou, a Cyprus-based student currently preparing for her TQUK Level 6 Diploma in Accounting...

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APRIL 25, 2018

Deklarata e Misionit të FMN-së për Kuadrin e Monitorimit Pas Programit në Shqipëri në Mars...

Neni IV i Akteve të Marrëveshjeve të FMN-së, miratuar nga OKB-ja në vitin 1944, parashikon që çdo anëtar merr përsipër të bashkëpunojë me Fondin dhe anëtarët e tjerë për të siguruar...

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APRIL 25, 2018

IMF Issues Mission Statement for Albania in March 2018; Asks for More Reforms

Based on Article IV of the Article of Agreements of IMF, during March 2018, an IMF mission visited Tirana, with the aim of evaluating economic developments for the Post-Program Monitoring (PPM)...

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APRIL 25, 2018

Shqipëria miraton ndryshimet e Standarteve Ndërkombëtare të Raportimit Financiar; prezantimi i...

Akti legjislativ shqiptar i cili përcakton parimet dhe rregullat e përgjithshme për përgatitjen e standardeve të kontabilitetit, pasqyrave financiare dhe të dhënave kontabël është ligji nr....

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FEBRUARY 15, 2018

Albania Approves Changes to Accounting Standards; Introduces IFRS 15

The Albanian legislative act which defines the general principles and rules for the preparation of accounting standards, financial statements and accounting records is the law No.9228, dated...

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DECEMBER 21, 2017

In honor of Panos

In memory of our beloved Director and friend, Panos Diallinas, Regional Director Eurofast Global who passed away on December 3, 2017. Panos  will always remembered for his  positive attitude...

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DECEMBER 19, 2017

New office address in Tirana: Giving you one more reason to visit us!

We are pleased to announce that we have moved offices in Tirana to accommodate our growing team! Our new offices details are as follows: Kajo Karafili st, P. Nova, k. 4, Tirana 1001 Phone: +355 42...

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DECEMBER 19, 2017

Shqipëria miraton buxhetin për vitin 2018

Parlamenti shqiptar pas një sesioni të gjatë dhe debateve të shumta, miratoi me shumicë votash, buxhetin për vitin fiskal 2018. Draft buxheti u shoqërua nga Relacioni përkatës dhe nga një...

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DECEMBER 19, 2017

Qeveria Shqiptare bën ndryshime në zbatimin e TVSh-së

Në Nëntor 2017, përpara miratimit të buxhetit për vitin tatimor 2018, qeveria shqiptare miratoi Vendimin e Këshillit të Ministrave Nr.652, datë 10.11.2017, i cili bëri një sërë...

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DECEMBER 14, 2017

Albanian Government Reduces VAT Rate for Accommodation Services

On November 2017, before the approval of the budget for the 2018 fiscal year, the Government of Albania approved the Decision of the Council of Ministers no.652, dated 10.11.2017, which made several...

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DECEMBER 14, 2017

Albania Approves Budget for 2018

The Albanian Parliament, after a long session and numerous debates, approved the budget for the 2018 fiscal year. The draft budget was accompanied by the relevant Report and several presentations....

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OCTOBER 26, 2017

Qeveria shqiptare planifikon të përfshijë biznesin e vogël në skemën e TVSh-së

Tatimi mbi Vlerën e Shtuar, është një prej tatimeve më të rëndësishme në sistemin fiskal shqiptar. Në bazë të parashikimeve ligjore aktuale, të gjitha bizneset janë subjekte të...

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OCTOBER 26, 2017

Rënia e papunësisë në Shqipëri

Instituti Shqiptar i Statistikave (INSTAT) ka raportuar se gjatë tremujorit të dytë të vitit 2017, papunësia në Shqipëri ka rënë në nivelin e 13.9%. Kjo përbën nivelin më të ulët që...

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OCTOBER 24, 2017

Albanian government plans to include small businesses in the VAT scheme

The Valued Added Tax is one of the most important taxes in the Albanian fiscal regime. . According to the current legal provisions all businesses are subject to VAT declaration and payment, with the...

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OCTOBER 24, 2017

Albanian unemployment rate drops during Q2

The Albanian Institute of Statistics (INSTAT) has reported that during the second quarter of 2017 the unemployment rate in Albania has decreased to 13.9%. This is the lowest level of unemployment...

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JULY 18, 2017

Hyn në fuqi Marrëveshja për Mbrojtjen e Investimeve ndërmjet Shqipërisë dhe Emirateve të...

Gjatë vizitës në Shqipëri të Ministrit të Energjisë së Emirateve të Bashkuara Arabe në Tetor 2015, dy vendet nënshkruan Marrëveshje për Mbrojtjen e Investimeve. Kjo marrëveshje u botua...

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JULY 18, 2017

IPA between Albania and United Arab Emirates enters into force

During the visit to Albania of the United Arab Emirates Minister of Energy In October 2015, the two countries signed an Investment Protection Agreement. This Agreement was published in the Albanian...

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JULY 18, 2017

Shqipëria aprovon ligjin e faljes për detyrimet tatimore dhe doganore të papaguara

Me anë te ligjit nr.33/2017, i aprovuar në datën  21 prill 2017 dhe i cili hyri në fuqi më 07 maj 2017, parlamenti shqipëtar lehtësoi bizneset nga detyrimet e vjetra tatimore dhe doganore të...

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JULY 6, 2017

Albania approves Law on remission of unpaid tax and custom duties

With Law no.33/2017, which was approved on the 21st of April 2017 and entered into force on the 7th of May 2017, the Albanian Parliament relieved businesses from old unpaid tax and custom duties. The...

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JUNE 29, 2017

To Petya or NotPetya; this is how to protect yourself!

A new ransomware has risen and is spreading across Europe like wild fire. This new malware is creating chaos across businesses, from supermarkets to shipping ports, ad agencies and law firms. The new...

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MAY 25, 2017

Проект закона Грузии о страховании депозитов

В соответствии с проектом закона от 3 марта 2017 г. предусматривается обязательное страхование депозитов...

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MAY 24, 2017

Изменения в законодательсве Грузии о Национальном...

29 декабря 2016 г. в Закон Грузии «О Национальном банке Грузии» (далее – «Закон») был внесен ряд изменений,...

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APRIL 11, 2017

Albania changes Hydrocarbons Law

By adopting law no.6/2017, the Albanian Parliament amended the 1993 Law on Hydrocarbons (Exploration and Production). These last changes aim to make the law more easily applicable, as well as to...

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FEBRUARY 22, 2017

Double Taxation Treaty between Albania and Iceland becomes effective

On 26th of September 2014, the Republic of Albania and the Republic of Iceland signed a treaty for the avoidance of double taxation and the prevention of tax evasion regarding income tax. This...

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DECEMBER 13, 2016

Albanian Parliament amends the Law on Tax Procedures

In November 2016, the Albanian Parliament approved a large number of changes in one of the main laws regulating the activity of the Tax Authorities in the country, the Law on Tax Procedures. The...

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NOVEMBER 9, 2016

Albanian Transfer Pricing Regulations

Transfer pricing rules have been present for more than a decade in the Albanian Corporate Income Tax (CIT) Law, but specific and detailed regulations on the application of these rules was only...

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SEPTEMBER 27, 2016

Albania changes VAT exemption rules

The 2014 Albanian VAT law aimed to harmonize the Albanian VAT legal framework with the European Union acquis in this field, specifically with Directive 2006/112/EC. The new law included many...

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JULY 12, 2016

Legal procedures for the registration of a new commercial company in Albania

The new laws’ approval on the National Registration Center and the commercial companies, respectively in 2007 and in 2008, represented a revolution in the process of the registration of commercial...

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APRIL 19, 2016

Amendments to Albanian property tax requested by IMF

Albania | April 2016 | Property taxes in Albania are regulated by the law on the local tax system and consist of the building tax and the agricultural land tax. Subject to the property tax are all...

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MARCH 28, 2016

Albania introduces changes in the social contribution system for freelancers

Albania | March 2016 | On January 21st, 2016, the Council of Ministers of the Republic of Albania adopted a new decision, which aims to determine the reference monthly salary for purposes of...

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FEBRUARY 19, 2016

Albania and Morocco sign an Agreement on the Avoidance of Double Taxation

Albania | February 2016 | Albania and the Kingdom of Morocco preliminarily agreed on the need for a Double Tax Treaty back in 2012 when treaty negotiations commenced. The willingness to conclude such...

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JANUARY 7, 2016

Albania abolishes taxes for small businesses

Albania/December 2015 The government of Albania has announced a new tax reform which includes the removal of the obligation to pay the simplified income tax for small businesses with annual turnover...

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JANUARY 7, 2016

Albania and Kosovo sign a new agreement on double taxation

Albania/November 2015 An agreement for the avoidance of double taxation of income and capital taxes and the prevention of fiscal evasion, concluded between the Republic of Albania and the Republic of...

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OCTOBER 29, 2015

Oil and gas exploration in Albania

Albania/October 2015 In May 2015, Albania initiated an international call regarding seven oil and gas onshore and offshore blocks. The Albanian competent governmental institution, the Albanian Agency...

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OCTOBER 27, 2015

Albania changes the double taxation agreement with Switzerland

Albania/October 2015 In 1999, Albania and Switzerland signed an Agreement the main scope of which is the avoidance of double taxation. The general objective of this kind of agreements is to make sure...

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SEPTEMBER 17, 2015

New tax incentives for operating in free zones in Albania

Albania/September 2015 The Government of Albania has approved some amendments to the Law on the Establishment and Functioning of Economic Zones. The amendments introduce new regulations and new tax...

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JULY 9, 2015

Categories of foreigners working in Albania

Albania/March 2015 Foreign citizens, the employees, employers or self-employed in registered entities for fiscal effects in the Republic of Albania, are secured and protected mandatorily, according...

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JULY 9, 2015

VAT Reimbursement Procedure Directive

Albania/May 2014 The reimbursement of Value Added Tax has been a known concern for businesses in Albania. Many Albanian companies have a considerable amount of refundable VAT still un-reimbursed by...

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JULY 9, 2015

Transfer Pricing: A step forward for Albania

Albania/October 2014 The Albanian Ministry of Finance issued informative administrative guidelines for taxpayers related to the new Transfer Pricing Legislation. According to the “Instruction on...

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JULY 9, 2015

VAT Deferral for machinery/equipment imports in Albania

Albania/September 2014 The Law no. 7928, dated 27.04.1995 “On Value Added Tax”, as amended, implemented a scheme of deferral and exemption from the payment of VAT. Based on paragraph 2.1...

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JULY 9, 2015

Albanian Transfer Pricing Regulations

Albania/July 2014 Albanian Transfer Pricing Regulations Transfer pricing rules have been present for more than a decade in the Albanian Corporate Income Tax (CIT) Law, but specific and detailed...

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JULY 9, 2015

Albania Becomes Official Candidate to Join EU

Albania/June 2014 On 24 June 2014, the European Union has officially named Albania as a candidate country for EU membership. This is subject to the support by EU heads of states at the European...

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JULY 9, 2015

Transfer Pricing Regulations are now forced in Albania

Albania/June 2014 Transfer pricing rules have been present for more than a decade in Albanian Corporate Income Tax (CIT) Law, but specific and detailed regulations on the application of these rules...

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JULY 9, 2015

Changes to tax legislation impacting hydrocarbon operations

Albania/June 2014 A new tax legislation impacting companies operating in the hydrocarbons sector came into effect at the beginning of January 2014. Previously, Law no.7746 on Hydrocarbons, dated July...

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JULY 9, 2015

Albania changes the Value Added Tax Legislation

Albania/March 2014 Value Added Tax is the most important tax in Albania. According to the fiscal indicators regarding the consolidated budget, VAT is expected to amount to 8.5% of the GDP for the...

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JULY 9, 2015

Changes to the Small Enterprises Tax Law in Albania

Albania/February 2014 At the end of 2013, the Parliament of Albania has approved several laws, which initiate the implementation of the tax reforms declared by the new government after winning the...

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JULY 9, 2015

Changes in the tax legislation related to the tax representative of non resident taxpayers

Albania/November 2013 According to the law on Tax Procedures, the non resident taxpayer has the right to assign a representative in Albania. Non resident taxpayers are all those who do not meet at...

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JULY 9, 2015

Albania ratifies the Convention on Mutual Administrative Assistance in Tax Matters

Albania/November 2013 On March 1 2013, Albania signed the Convention on Mutual Administrative Assistance in Tax Matters. This agreement was ratified according to the Albanian legislation on August 8...

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JULY 9, 2015

The Administrative Courts and their impact on the public administration functioning

Albania/October 2013 Since May 2012, the Parliament of Albania has approved the law for the creation and functioning of the Administrative Courts, at all the three levels of judiciary, including the...

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JULY 9, 2015

Know your rights -Tax appeal procedure in Albania

Albania/September 2013 Taxpayers in Albania has the right of appeal to tax assessment notice, decisions that affect the taxpayer’s obligation on any claim for refund or tax relief, or to any...

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JULY 9, 2015

Changes to local and employment income taxes

Albania/July 2013 In April 2013, the Albanian Parliament approved two laws, No. 106/2013 and 107/2013, that provided changes to the laws on personal income tax and local taxes. Both laws have entered...

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JULY 9, 2015

Albania signs double tax treaty with UK

Albania/May 2013 On March 26 2013, Albania and the UK signed a double tax treaty on income and capital. The treaty generally follows the OECD model convention. The withholding tax at source for...

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JULY 9, 2015

New Fiscal Package Brings Changes

Albania/March 2013 Last December, Albanian Parliament approved a fiscal package which affects VAT, income tax, tax procedures, excise and customs tariffs. The change that the VAT law undergoes has to...

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JULY 9, 2015

M-Tax and E-Payment Inaugurated in Albania

Albania/March 2013 In February 2012, the Albanian government inaugurated two innovative services, M-tax and e-payment intending to save taxpayers’ time, costs as well as to increase transparency...

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JULY 9, 2015

Priority to Cash Registers to Cut Down on Fiscal Evasion

Albania/February 2013 The installation of the cash registers and their use is becoming very important in Albania given the efforts to consolidate the free competition rules in the market as well as...

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JULY 9, 2015

What is attractive about Albania beyond the 10% flat tax

Albania/February 2013 Albania has been applying an attractive flat tax of 10% since 2008. The same flat tax is approximately implemented in the last decade by most of the regional countries. Thus,...

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