Newsroom
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’...
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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. After...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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ΜΙΑ ΔΙΑΦΟΡΕΤΙΚΗ ΦΟΡΟΛΟΓΙΚΗ ΑΝΑΜΟΡΦΩΣΗ
Μία ριξηκέλευθη απόφαση εκδόθηκε από το Ελληνικό Κοινοβούλιο με την ψήφιση του Άρθρου 171 του Ν.4972/2022. Το ΦΕΚ...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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,...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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To Κρυπτονόμισμα γενικά, αλλά και στην Ελλάδα
Το κρυπτονόμισμα είναι ένας τύπος ψηφιακού νομίσματος που χρησιμοποιείται μόνο ηλεκτρονικά. Θα μπορούσε να...
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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’...
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Κύπρος: Επίδομα Ασθενείας μόνο μέσω της ηλεκτρονικής...
Το Υπουργείο Εργασίας, Πρόνοιας και Κοινωνικών Ασφαλίσεων, σε συνεργασία με το Υφυπουργείο Έρευνας,...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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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...
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Κύπρος: Παράταση Προθεσμίας για εφαρμογή της Οδηγίας...
H Eurofast θα ήθελε να σας ενημερώσει ότι το Τμήμα Φορoλογίας έχει δώσει εκ νέου...
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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 January 31st, 2022 has been given by the Tax Department, as regards mandatory...
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Montenegrin government proposes ambitious economic plan “Europe Now”
On November 4th, the government of Montenegro announced the Europe Now program which sets the strategic...
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“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...
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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...
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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...
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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...
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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...
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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...
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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,...
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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....
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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...
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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...
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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...
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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...
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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...
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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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