Individual Tax Rulings Now Possible in Moldova – And They’re Binding!
What previously was impossible and not foreseen by local legislation is now possible. Starting 1 January 2017, the Tax Code of Moldova (the "Tax Code") was amended by Law 281/2016 to include a separate norm (Art. 136¹) on individual tax rulings ("ITR") for the benefit of entrepreneurs. Within the limits of its scope and in …
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Expedited Procedure Rules part of the new ICC Rules
On March 1, 2017, the amendments to the ICC Rules entered into force. Among different changes, maybe the most noticeable ones relate to the introduction of the Expedited Procedure Rules (hereinafter: the Rules), now contained in the new Article 30 of the ICC Rules and the new Appendix VI.
New tax rulebooks in Serbia – trend of increased taxation of foreign legal entities
Upon recent amendments of the Law on Value Added Tax in Serbia (the “VAT Law”), the Ministry of Finance adopted several accompanying secondary pieces of legislation:
Serbia: Regulation on the Terms and Conditions for Attracting Direct Investments
The Regulation on Terms and Conditions for Attracting Direct Investments (“Official Gazette of the Republic of Serbia”, no. 110/2016) has come into force on 1 January 2017. The Regulation introduces certain changes in regards to public invitation, grounds and conditions for the allocation of funds in respect of the investment projects.
The Miracle of Taxation
Published: 21 Mar 2017 at 04:00 / NEWSPAPER SECTION: BUSINESS The Miracle of Taxation Two hundred and forty years ago, the renowned economist Adam Smith set out four canons of taxation in The Wealth of Nations. A decent tax system, he wrote, should follow the standards of justice, certainty, convenience and economy.
Bulgaria: Opening the gas market for foreign traders!
Most recently, the Bulgarian Energy Regulator has taken significant steps towards the full liberalisation of the natural gas market: In December 2016, the Bulgarian Energy Regulator adopted legislative amendments to the Rules for Trading of Natural Gas (Правила за търговия с природен газ, "Trading Rules") and the Rules for Access to the Gas Transmission and/or …
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When Arbitration Meets Insolvency in Montenegro – Can They Coexist?
Even at first blush, it is apparent that arbitration and insolvency make strange bedfellows. The reason they make such an odd couple is the different underlying policies, objectives, and purposes they stand for. The heart of arbitration lies at the privity of contract and the existence of party autonomy independent from the state. In contrast, …
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Hungary: Registration Fees for Company Establishment Abolished
In an aim to simplify state administration and support economic growth, the Hungarian Parliament adopted a new law abolishing the registration fee and the publication cost for incorporating limited liability companies ("LLC") (korlátolt felelősségű társaság), limited partnerships (betéti társaság), general partnerships (közkereseti társaság), and sole entrepreneurships (egyéni cég). The new law becomes effective on 16 March 2017. …
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New regulation on unit-linked life insurance in Hungary
Policyholders of unit-linked life insurance products pay an agreed sum for the unit-linked insurance to the insurance company, as a regular premium, or in one lump sum. These payments cover the life insurance component as well as the investment, administrative costs, contracting fee and the commissions. The "total cost charged" ("TCC") is an indicator – …
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Hungary: Increase of Minimum Sale Price May Affect Retail NPL Transactions?
On 7 March 2017, the Hungarian parliament adopted a law that increases the minimum sale price of a residential property in the enforcement procedure from the current 70% of its market value to 100% (market value to be understood as the price set by the appraisal of the bailiff), provided that (i) the claim to …
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