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  • Changes in Croatian legislation: Third chapter of the Tax Reform
    The Croatian government is working relentlessly on the recovery of the Croatian economy. Two rounds of tax reforms already took place in 2017 and 2018 respectively, with a third chapter being opened currently. As of January 1, 2019, a total of 80 laws and bylaws have been amended, most of them related to tax issues. We are hereby summarizing an...
  • New Pension scheme introduced in Georgia
    A Pension reform was initiated by the Government of Georgia and entered into force on January 1, 2019. This scheme consists of the activation of a so-called “funded pension”, to which everyone will make a minor contribution - the employee, the employer and the state treasury. Participation in the new scheme contributions is mandatory and is imposed on employers, resident...
  • COMPANY SETUP AND ADMINISTRATION IN BULGARIA
    Congratulations, you have chosen a very perspective country to invest in; one with a stable economy in the last few years, an easy procedure for company registration and a transparent tax system with a short list of taxes and social security obligations. It is our pleasure to assist you in this process; but before you start you have to make...
  • Montenegro Citizenship by Investment Program News: Government opens applications for Agents and Due – Diligence Firms
    The Government of Montenegro adopted the Decision on criteria, method and procedure for selection of persons who may acquire Montenegrin citizenship by admission for the purpose of implementation of special investment program of particular importance for the business and economic interest of Montenegro during its 99th session, effectively defining and announcing the beginning of the Citizenship by Investment Program as...
  • Montenegro – Portugal Income Tax Treaty enters into force
    On 10th December 2018, Portugal published Notice no. 144/2018 in the Official Gazette, announcing the new income tax treaty with Montenegro. The treaty covers Montenegrin corporate profit tax and personal income tax and Portuguese personal income tax, corporate income tax, and surtaxes on corporate income tax. The treaty applies from 1st January 2019 and follows the general OECD model. The...
  • MEPs agree on new rules to tax digital companies’ revenues
    On December 13, 2018, the Members of the European Parliament (MEPs) confirmed their legislative proposals in respect to the imposition of a Digital Services Tax (hereinafter “DST”) for entities with digital presence - as opposed to physical presence - or substance, in a given County. The Parliament is pushing for an approval before the end of its mandate which expires...
  • Few things to know before starting a business in Montenegro
    According to the latest World Bank 2018 annual ratings, Montenegro is ranked 50th among 190 economies in the ease of doing business ratings. In the long-term, the ease of doing business is projected to trend around 58.00 in 2020, according to the World Bank forecast. Many have chosen Montenegro as a location for their business for the following reasons: a...
  • 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 industry; the second largest employer in Albania, after the energy sector. Sports betting and slot machines will be closed until December 31, 2018 and will be...
  • The Accounting profession: winds of change
    Robotic process automation (RPA) is affecting all sorts and types of industries, and the accounting profession is by no means an exception. RPA can help companies from multiple industries execute various business processes quickly and accurately. This can be achieved at reduced costs with less need for human intervention. Now more than ever before, there is fear that automatic work...
  • Alignment of the Croatian AML Act to the 4th EU Directive
    The first Croatian Anti-money laundering Act was adopted in 1997 and with it, Croatia implemented international standards and sets out strong grounds for the prevention and fighting of money laundering and terrorism. In 2008, effective as of January 1, 2009, the Croatian Parliament passed a new AML Act, aligning thus to the acquis communautaire. The Directive 2005/60/EC on the prevention...
  • Montenegro as a key destination for investors and a new home for global citizens
    A tiny Mediterranean country, settled between the borders of ex-Yugoslavia member states, is in the spotlight for its rapid and sustainable growth. The beautiful blend of stunning mountains and clear sea, combined with an average of 240 sunny days per year, makes Montenegro a destination attractive for tourists, investors and global citizens alike. Since 2006, when the country gained its...
  • Bulgarian new AML measure requires urgent action by companies
    In March 2018, the 4th EU Money Laundering Directive was implemented, known as MLD4, which came into force in June 2017. With this Directive, Bulgaria adopted a new anti-money laundering measure that was transposed in the relative legislation. Among the main innovations in the MLD4 and the Bulgarian AML Act is the obligation for collecting and filing information on ultimate...
  • Romania increases minimum differentiated wage
    The Romanian Government has adopted an emergency ordinance on 9th of November 2018 which provides for the amendment of the Labour Code. The changes introduce the definition of a minimum differentiated salary, dependent on the length of the work and / or the level of education. The Ministry of Labor has stated that the amendments aim at establishing a basic...
  • Croatia signs agreement on avoidance of double taxation with Japan
    2018 is a year in which Croatia and Japan celebrate the 25th anniversary of their diplomatic relations. This milestone is further marked with the signing of the agreement on avoidance of double taxation, which took place on October 19, 2018. The official document, Agreement between Japan and the Republic of Croatia for the elimination of double taxation with respect to...
  • Amendments to the Law on Cash Registers in Brčko District
    On 17 October 2018, the Assembly of Brčko District adopted amendments to the Law on Cash Registers, essentially narrowing the list of persons who are subject to an obligation to register invoices using cash registers. The new amendments now grant the exemption from the above obligation to a number of taxpayer categories including farmers not registered for VAT, farmers and...
  • Cyprus hikes social contributions in 2019; introduces NHIS
    Cyprus Social Insurance Fund (SIF) contributions will increase starting from January 2019 while contributions for the implementation of the National Health Insurance System (NHIS) will commence in March 2019. Social Insurance Contributions rate hikes from 2019 As from 1 January 2019, an additional rate of contribution to the Social Insurance Funds will be increased by 0.5 percentage points both by...
  • FYR Macedonia introduces progressive personal income tax; increases tax expenditures for companies
    After 10 years of 10% flat personal income tax rate in FYR Macedonia, the Ministry of Finance has recently abolished the approach and introduced the Law on progressive personal taxation which has become effective as of 1 January 2019. Aiming at a creation of a more fair tax system, the new provisions result in the following main changes important for...
  • Kosovo ratifies tax treaty with Austria
    On the 8th of June 2018, the republics of Kosovo and Austria signed the Convention for elimination of double taxation with the purpose to develop their economic relationship and to enhance their co-operation in tax matters. On July 27, 2018, Kosovo ratified the treaty; thus it will be effective from the following year. The convention will be applied to income...
  • Serbia-San Marino DTT enters into force
    Serbia and San Marino signed a DTT on April 16, 2018, thus effectively resulting in the removal of San Marino from the Serbian list of countries with a preferential tax regime. The Law on Confirmation of the DTT was adopted by the Serbian Assembly on September 25, 2018 and San Marino is expected to start the application of the DTT...
  • E-residency introduced in Georgia
    Georgia is becoming a very attractive destination to both live and do business in. The low cost of living and the relatively simple process for obtaining a residence, coupled with its status as an entrepreneur-friendly country with reduced tax burden make it one of the prime corruption-free investment destinations with low business costs. In addition to the simplicity of obtaining...