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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
  • Croatia: The New Bankruptcy Act Aims to Accelerate Bankruptcy Proceedings and Resolve Non-Liquidity

    The recently adopted Croatian Bankruptcy Act (" SZ ") [1] sets out a new integrated pre-bankruptcy and bankruptcy regime. SZ has entirely replaced the previous bankruptcy act that was in force for 18 years, as well as provisions regulating pre-bankruptcy settlement proceedings prescribed under the Act on Financial Operations and Pre-bankruptcy Settlement [2] . read more
  • New regulation on reporting of credit operations with non-residents in Macedonia

    The National Bank of the Republic of Macedonia (“NBRM”) has adopted a new Decision on the Manner and Terms of Recording and Notification of Executed Credit Operations (“Decision”), which applies to credit operations of Macedonian residents with non-residents. This Decision was adopted at the beginning of October, and came into force on 1st November.
  • Macedonian ‘Safe Harbour’ agreement ruled invalid by the European Court of Justice

    On 6 October 2015, the European Court of Justice deemed the “Safe Harbour” agreement that allowed for the transfer of personal data from the EU to the US to be invalid. The “Safe Harbour” agreement was concluded in 2000 between the European Commission and the US government and essentially guarantees protection of personal data transferred by American companies from the EU to the US. In practice, it allowed companies (such as Facebook, Google, Apple etc.) to self-regulate the protection of EU citizens’ data in carrying out exports to US data centres.
  • New Law on Consensual Financial Restructuring

    As of 3 February 2016, the new Law on Consensual Financial Restructuring (“Law”) will introduce an improved framework for voluntary debt restructuring in Serbia (“Restructuring”). The Law was adopted as a part of a national strategy to address the increasing number of non-performing loans in the country, which was adopted in August 2015 (“Strategy”).[1] The Law will replace the existing Law on Consensual Financial Restructuring of 2011, which produced modest results in practice.
  • The Rulebook Governing VAT Registration of Foreign Entities Enacted

    In accordance with the latest amendments to the VAT Law, the Ministry of Finance has adopted a Rulebook on the Manner and Procedure of Approving Tax Representation for the purpose of Value Added Tax ( Rulebook ). The Rulebook outlines the procedure and documentary requirements for VAT registration of foreign entities in Serbia.
  • Serbian Competition Commission Intensifies Enforcement

    The Serbian Commission for Protection of Competition did not seem to relax much during the summer months, actually intensifying efforts to enforce competition law by launching several investigations.
  • New Personal Income Tax Law in the Republic of Srpska

    On 16 July 2015, the Parliament of Republic of Srpska (“RS”) adopted a new Law on Personal Income Tax (“Law”) which came into force on September 1st 2015.
  • Law on Conversion Adopted in Serbia

    On 28 July 2015 the newly enacted “Law on Conversion” (the “Law ”) which sets out the procedure for converting the right of use into ownership rights over construction land for a fee (the “Conversion ”), will come in force.
  • IP Pro Discusses Fake Goods in Eastern Europe

    Karanovic & Nikolic IP Senior Associate  Relja Mirkov  was recently interviewed by IP Pro on Eastern European countries that attract fake goods from Asia and how to tackle the problem.
  • 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.