The Legal 500

Serbia

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Editorial

Serbia remains gripped by an economic malaise with debt equivalent to 70% of GDP, in addition to which the country was hit by record floods in 2014. Although foreign investment is low and infrastructure projects have been slow to progress, the latter half of 2014 produced a modest uptick in legal instructions. There has been investment from Abu Dhabi in agriculture and commercial development, such as the €3bn Belgrade Waterfront project. New laws require the privatisation of approximately 500 state-owned companies to be completed by the end of 2015 and the need for private companies to sell assets to repay debt will provide private equity investment opportunities. Kohlberg Kravis & Roberts made its first investment in Southeastern Europe (SEE) in 2014 when it acquired cable and satellite operator SBB/Telemach from Mid Europa Partners; the bidding process and regional deal, co-ordinated from Serbia, provided work for numerous law firms. Also in the headlines is the sale of troubled Hypo Alpe-Adria-Bank’s entire Balkan business.

Serbia’s small but competitive legal market is led by a handful of sophisticated, domestic firms competing for international transactions with the large CEE/SEE regional players. Among the home-grown talent, Karanovic & Nikolic has led the way in Balkan expansion and competes head-on with global firms such as CMS.

TSG - Tomic Sindjelic Groza
www.tsg.rsm

TSG law office Tomic Sindjelic Groza is one of the leading national law offices in Serbia with an international orientation. It provides services to national and international clients in Serbia in English, German, Russian and Serbian. The law office was founded in 2000 by a group of Serbian lawyers of the younger generation with international education. Today this law office is known in the market for providing to its clients highly efficient services with a personal and experienced touch.

Press releases

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Legal Developments in Serbia

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
  • Setting Up a Pre-harvest Financing Framework in Serbia

    Over the last 10 years, considerable legislative efforts have been made towards creating a favourable framework for financing agribusiness and agricultural production in Serbia. The latest piece of legislation in that sector is a law on secured pre-harvest financing.
  • Tax Legislation Overhaul Proposed in the Republic of Srpska

    Significant changes to the tax regulations in the Republic of Srpska (“RS”) are expected in the coming months. On March 6, the National Assembly of RS passed amendments to the Law on Fiscal Cash Registries. In addition, Parliament approved the Government’s proposals on amendments to several important tax laws, including corporate income tax, personal income tax, social security contributions and property tax. Proposed changes to the laws governing accounting and financial audits have also been approved. These changes are intended to clarify and strengthen existing tax rules, widen the tax base and introduce more discipline in the payment of tax, but also to reduce the tax burden for businesses in order to stimulate economic growth.
  • VAT Exemption Rules Clarified in the New Rulebook of the Minister of Finance of Montenegro

    The Montenegrin Minister of Finance issued a Rulebook on the Procedures Governing VAT Exemptions for Investors and Supply of Certain Products and Services (the “Rulebook”). The Rulebook defines in more detail the process of VAT exemption introduced by recent amendments to the VAT Law of Montenegro.
  • Tax Legislation Overhaul Proposed in the Republic of Srpska

    Significant changes to the tax regulations in the Republic of Srpska (“RS”) are expected in the coming months. On March 6, the National Assembly of RS passed amendments to the Law on Fiscal Cash Registries. In addition, Parliament approved the Government’s proposals on amendments to several important tax laws, including corporate income tax, personal income tax, social security contributions and property tax. Proposed changes to the laws governing accounting and financial audits have also been approved. These changes are intended to clarify and strengthen existing tax rules, widen the tax base and introduce more discipline in the payment of tax, but also to reduce the tax burden for businesses in order to stimulate economic growth.
  • The Gas Pipelines, the Cold War and the Black Sea Region

    Since the end of the Cold War, the Black Sea region has gained even greater political and economic importance and has become the subject of a dominance battle between world powers including the United States of America, Russia and the most influential member states of the European Union. While these world powers battle for dominance, local players such as Turkey and Ukraine have also gained importance and have used their geopolitical position to promote themselves as key international policy players.
  • Supporting Renewables in Serbia

    Serbia is a contracting party to the Energy Community Treaty (ECT), signed in October 2005 between the European Union (EU) and nine South Eastern European countries. Since then, Bulgaria, Romania, and Croatia have ceased to be parties upon their accession to the EU and thus are no longer parties to the ECT, while Moldova and Ukraine have become parties to the agreement.
  • Amendments to Transfer Pricing Rulebook

    In our Newsletter 17/2013 , we presented novelties introduced into Serbian transfer pricing regulations by the new Rulebook on Transfer Pricing and Arm's Length Methods Applicable to Determination of Prices in Transactions Between Related Entities (" Rulebook "), which elaborates on the statutory requirement for mandatory transfer pricing documentation for FY 2013 and onwards.
  • Serbian brewery fined in Bosnia for abuse of dominance

    On 20 November 2013, the Bosnian Competition Council issued a decision establishing that the Serbian brewery "Apatinska" abused its dominant position on the relevant market of beer distribution in Bosnia and Herzegovina. The Council imposed a fine on the brewery in the amount of BAM 430,000 (EUR 215,000).
  • Photographs and the current events exception in Serbian copyright law

    The High Court in Belgrade and the Appellate Court in the same city have issued a few decisions in 2013 rejecting arguments by the defendants that their use of photographs, without the authorization of the copyright owners, was lawful because the photos were used within the context of reporting about current events. While the outcome in each case was identical, the judgments differ in the interpretation of the law. A reader is left unsure as to what the Serbian copyright law actually says about the current events exception to copyright infringement.
  • Serbian parliament adopts amendments to Competition Act

    Amendments to the Serbian Law on Protection of Competition were published in the Official Gazette on 31 October 2013 and will come into force on 8 November 2013. The adopted amendments to a large extent follow solutions from the draft which the Government submitted to the Parliament back in July this year. We devoted two earlier blog posts to various drafts of the amendments (apart from the Government's July draft , we also analyzed the initial draft published in April). Now that the amendments have ripened into law, it is worth providing an overview of the most important changes to the competition legislation.

Press Releases worldwide

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to