JPM & Partners > Belgrade, Serbia > Firm Profile

JPM & Partners

Serbia > Commercial, corporate and M&A Tier 1

JPM & Partners’s full-service corporate practice consistently advises on high-stakes M&A, corporate and commercial law, takeovers, and regulatory issues. The practice also leverages the expertise of its tax, public procurement, and data protection colleagues. A major proportion of the firm’s workload includes multi-jurisdictional transactions. Leading the corporate department, senior partner Nenad Popović is ‘the top choice for all corporate matters‘, while Jelena Gazivoda has longstanding experience in landmark transactions in Serbia and the SEE region. Other names to note are Jelena Stanković Lukić, Nikola Đorđević, Bojana Javorić and Janez Voncina.

Practice head(s):

Nenad Popović; Jelena Gazivoda


‘Attention to detail, fast responses, and they care about their clients.’

‘All complex questions are answered speedily and the advice is of high quality.’

‘Clients get the necessary result quickly and for reasonable and transparent remuneration.’

‘The top choice for all corporate matters is Nenad Popović, an excellent veteran lawyer with longstanding experience and a remarkable track record in the most challenging transactions in Serbia. Clients have full confidence in Nenad.’

‘Jelena Gazivoda – outstanding legal proficiency in a vast range of legal matters, including commercial and corporate work – always a bespoken advice with direct and to-the-point information and recommendations.’

‘Nikola Đorđević – deep academic knowledge and fantastic analytical skills, combined with a perfect understanding of industry practices and specifics.’

‘Bojana Javorić is very good at ensuring that deals are concluded on time.’

‘Janez Voncina is available to help 24/7.’

Key clients

Dulux Group

Hemslade Trading Limited

Noventiq Holdings PLC

United Star Software


Blue Grid SA

Smartsy doo


SD Worx People Solutions

Gastrans Ltd.

Public enterprise Srbijagas

Gazprom Joint-stock company

New Frontier Group

Alpski Cvet doo


Work highlights

  • Acted (as Serbian legal counsel) for Hemslade Trading, which was involved in a longstanding asset-related dispute.
  • Advising Noventiq Holdings PLC on the acquisition of a minority shareholding of 11.175% in Serbian IT company SAGA LLC.
  • Advising Azulis Capital, a private equity firm based in Paris, on the potential acquisition of a minority stake in Advans Group.

Serbia > Competition Tier 1

Key areas of expertise for JPM & Partners‘ competition team, which is particularly focused on cross-border matters, are high-end international mergers and cartel investigations. Other notable specialisms include dawn raids, defence strategies for potential antitrust and damages claims, and restrictive agreements and individual exemptions. With ‘great experience in handling complex merger control procedures’, Nikola Poznanović leads the competition and antitrust department, which includes Bojana Javorić Mićović, who was promoted to partner in February 2023, and the ‘very responsive, practical and reliableŽivko Simijonović. Luka Hajduković and Katarina Savic are are other names to note.

Practice head(s):

Nikola Poznanović


Completes complex tasks within agreed timelines.’

‘Clients receive the service in the shortest possible time and their requests regarding deadlines are always met.’

‘All the team members show an exceptional level of professionalism.’

‘Excellent knowledge, good contacts at the Competition Authority, and responsive and practical.’

‘Nikola Poznanović has great experience in handling complex merger control procedures.’

‘Nikola Poznanović has great commercial knowledge of various industry sectors. Good contacts at the Serbian Competition Authority, too.’

‘Bojana Javorić Mićović’s input is very helpful and well timed.’

Živko Simijonović is very responsive, practical and reliable.

Key clients

Knjaz Miloš Serbia


Total Energies

Assicurazioni Generali S.p.A.

Gauselmann group

Noventiq Holding PLC


National Alliance for Local Economic Development (NALED)


Pini Holding S.r.l.

Dulux Group Limited

INTELLYA d.o.o. Beograd

Deutsche Gesellschaft für Internationale Zusammenarbeit (GIZ) GmbH


AIK bank

Banca Intesa

Erste Bank


OTP Bank

Procredit Bank

Raiffeisen Bank

Unicredit Bank

NLB Komercijalna banka

RBA bank (now operating as a part of Raiffeisen bank)

Payten d.o.o. Belgrade.

Messer SE & Co. KGaA

Toyota Tsusho Europe S.A

Work highlights

  • Advised National Alliance for Local Economic Development, together with payment institutions and banks, on the individual exemption of a restrictive agreement from prohibition.
  • Advised Messer SE & Co. KGaA and Toyota Tsusho Europe S.A. on the merger control procedure regarding the creation of a joint venture.
  • Advised Knjaz Miloš and PepsiCo Inc on merger control procedures before the Serbian and Montenegrin competition authorities.

Serbia > Dispute resolution Tier 1

Providing ‘an exceptional blend of experience’, JPM & Partners‘ disputes expertise ranges from insurance, insolvency, trade mark and financial services-related matters, to white-collar and environmental crime. The practice is particularly active in cross-border matters. Milos Mitić is civil and criminal law department leader; Djordje Novčić is a commercial litigation, insurance dispute and arbitration specialist; and Aleksandar Popovic is ‘a great lawyer’. The group also comprises investor-state arbitration expert Ivana Petković as well as Milos Maksimovic, who acts for technology companies, and experienced litigator Aleksandar Grujic. Former partner Jelena Milinović departed the firm in March 2023.

Practice head(s):

Milos Mitić; Djordje Novčić; Aleksandar Popovic

Other key lawyers:

Ivana Petković; Milos Maksimovic; Aleksandar Grujic; Ivan Petrovic; Danilo Nikolić


‘JPM & Partners is a reliable and very experienced partner for all legal challenges that a company can have in Serbia.’

‘Proved to be the best Serbian law firm. Provides an exceptional blend of experience and talented lawyers.’

‘All the lawyers are dedicated and provide exceptional legal services. They are solution oriented, open-minded and with great business sense. Billing is always transparent and easy to understand, providing great value for money.’

‘Clients can always expect a full service and the best possible outcome.’

‘Professional approach, structured presentation skills, and a wide range of experience.’

‘Djordje Novčić is an excellent lawyer, with extensive knowledge of business matters and highly recognised for his achievements in the field of arbitration. Working with him is a great experience.’

‘Aleksandar Popovic is a great lawyer. Extremely good in terms of responsiveness and availability, providing accurate, precise information and clear advice at all times.’

‘Ivan Petrovic -strong professional approach and a wide range of experience.’

Key clients

Colas Rail

TotalEnergies France

BASF Germany


Master Building

Verag Spedition

Work highlights

  • Successfully represented Colas Rail in an international arbitration proceeding involving a significant dispute against a subcontractor and its bank, which arose further to the breach and violation of a subcontract agreement.
  • Assisting TotalEnergies with negotiations to minimise its risk exposure, deriving from termination of a contract with a leading Serbian energy company.
  • Representing Xella Serbia in a court proceeding against the Serbian Electricity Company, which involves seeking compensation for the client’s factory buildings affected by coal exploration.

Serbia > Employment Tier 1

Predominantly acting for major IT, retail and automotive sector clients, JPM & Partners' expertise extends beyond employment and labour legislation to encompass data protection, corporate law and IP matters. Heading up the practice, Jelena Nikolić routinely handles employment termination procedures, court representations, due diligence, and the employment aspects of M&A deals. Nikolić’s expertise extends to workplace-related health and safety, fire protection, gender equality, harassment prevention, employment of foreigners, and the protection of whistleblowers. Aleksandar Popovic also advises on labour matters, while Andrea Cvetanović assists with the development of progressive workplace strategies.

Practice head(s):

Jelena Nikolić

Other key lawyers:


Very client, goal and solution oriented.’

‘Clients trust their expertise.’

Key clients

Red Hat (IBM Company)



Contitech Fluid Serbia

Continental Automotive Serbia

Microsoft Corporation

Viatris Healthcare

SD WORX People Solutions

Norma Group, South East Europe

TOM TOM International

Enterprise Services (formerly HP)

Providenca Holding, Llc, USA

Teklas Automotive

MTU Maintenance Serbia


IKEA Serbia

Groundlink Serbia

Gastrans Serbia

Deutsche Schule Belgrad

New Yorker Serbia

Acibadem Representative office


United Star Software Limited

Work highlights

  • Advised Red Hat (a subsidiary of IBM) on the obligations of a person engaged in Serbia, in relation to a transition process from Nokia to Red Hat (a project that is affecting 26 countries).
  • Assisted SD Worx, a European HR solutions provider, with drafting mandatory employment documentation.
  • Providing legal advice to Sliide on the engagement of personnel in Serbia.

Serbia > Projects and energy Tier 1

For certain clients, JPM & Partners delivers ‘the best legal advice in Serbia’. Active across the energy, infrastructure, mining, and natural resources sectors, the team is experienced in major energy and natural resources projects, financings, PPPs, concessions, direct investments, and regulatory issues. Cross-border work is also a particular strength. With ‘outstanding legal proficiency’, senior partner Jelena Gazivoda is an energy and infrastructure specialist, while Nikola Đorđević routinely handles complex energy mandates and Ivan Petrović‘s wide-ranging expertise covers project development, financing and construction. Marko Mrdja and Marija Vukčević are other experienced practitioners.

Practice head(s):

Jelena Gazivoda


‘Outstanding knowledge of the industry, not only from a legal perspective, but also from practical, technical, regulatory and commercial viewpoints, which makes their advice very helpful.

‘Jelena Gazivoda – always bespoken advice with direct and only to-the-topic information and recommendations.’

‘Nikola Đorđević – deep academic knowledge and fantastic analytical skills alongside a perfect understanding of industry practices.’

‘JPM is a great team of equally-great people – experts in energy matters with experience in the implementation of complex projects from scratch, right up to the establishment of commercial operations.’

‘Understands the commercial aspects of clients’ operations and knows the industry very well. Such an approach always gives added value to all they do. The best legal advice in Serbia.’

‘The team is strong, the individuals are available for all requests at any time, and they are skilled and technologically competitive.’

‘Their prices are fair and provide value for money. They are always up to date and provide the very best level of service.’

‘Jelena Gazivoda – outstanding legal proficiency in a vast number of areas, including the energy sector.’

Key clients

Gastrans d.o.o. Novi Sad

Transportgas Srbija d.o.o. Novi Sad

Yugorosgaz-Transport d.o.o. Niš

Yugorosgaz a.d. Beograd

FCN Energy Logistics Limited

Menaco Private Wealth Company

Public enterprise Srbijagas Novi Sad

Underground Gas Storage Banatski Dvor doo

South Stream Serbia AG

Joint Stock Company Gazprom

Ministry of Science of the Republic of Serbia

Work highlights

  • Advising Gastrans on drafting the Network Code to align it with five EU natural gas Network Codes.
  • Advised Underground Natural Gas Storage Banatski Dvor on expanding its natural underground gas storage.
  • Advised the Ministry of Energy, Energy Agency of the Republic of Serbia, Transportgas Srbija doo, Gastrans doo, and Yugorosgaz Transport doo (as members of a Working Group) on drafting secondary legislation in Serbia.

Serbia > Banking and finance Tier 2

With ‘excellent knowledge of Serbian legislation and regulation’, JPM & Partners’ banking and finance team has extensive experience in project finance, PPPs, NPLs, reorganisations, and restructurings. Co-leading the ‘responsive and accurate’ group at senior partner level, Jelena Gazivoda, who has ‘outstanding legal proficiency in a vast number of legal areas’, has expertise in complex financings and financial services-related deals; and Nenad Popović specialises in banking and finance, including strategic transactions and regulatory issues. The team also showcases banking and finance expert Nikola Poznanovic, who has ‘good knowledge of foreign exchange matters’.

Practice head(s):

Nenad Popovic; Jelena Gazivoda

Other key lawyers:

Nikola Poznanovic; Nikola Djordjevic


‘The JPM team is very professional, providing a variety of unique services.’

‘They provide a very useful service in relation to both the financing and energy markets.’

‘Jelena Gazivod – bespoken advice with direct and to-the-point information and recommendations.’

‘Individuals that are very professional, proactive, reliable, responsive and accurate, and with good knowledge of English.’

‘JPM has excellent knowledge of Serbian legislation and regulations, which they perfectly match with the international aspects of finance matters.’

‘Jelena Gazivoda – outstanding legal proficiency in a vast number of legal areas, including the energy sector.’

‘Nikola Poznanovic is a great person, with experience in this field and good knowledge of foreign exchange matters’.

‘Nikola Djordjevic – deep academic knowledge and fantastic analytical skills, along with perfect understanding of industry practices and specifics.’

Key clients


Victoria Group

China Shandong International

MK Group

Pacific Investment Management Company LLC

Work highlights

  • Advising on the negotiations and execution of a loan facility agreement with VTB Bank for the purpose of financing the construction of a 400km natural gas pipeline.
  • Advising an American investment management firm on the drafting of the legal due diligence report for the Serbian subsidiary of B2Holding ASA, and receivables that the Serbian subsidiary holds in relation to a senior facility agreement.

Serbia > Real estate and construction Tier 2

JPM & Partners is ‘completely devoted to clients’ needs’. In addition to its real estate and construction expertise, the firm has strong credentials in strategic projects, PPPs and concessions. Recent mandates range from the acquisition of real estate in bankruptcy, to construction agreements, greenfield projects, lease agreements, and asset and share deals. Heading the team, Ivan Petrović is a ‘fantastic construction lawyer’, whose practice covers real estate, construction contracts, permitting, PPPs, and litigation. Providing key support, the ‘very dedicatedMarija Vukčević‘s practice includes real estate due diligence and restitution disputes.

Practice head(s):

Ivan Petrović

Other key lawyers:


‘The team as a whole and their individual members are experienced and very knowledgeable.’

‘They have an adequate number of lawyers to be completely devoted to clients’ needs.’

‘Ivan Petrović – excellent business-oriented approach, along with deep academic knowledge of the subject.’

‘Experienced in FIDIC and EPC contracts and they are very fair in every sense.’

‘Respects deadlines and provides excellent quality work – very fair in pricing, never overcharge, and they have excellent presentation skills. They apply new technologies that ensure transparency.’

‘Excellent knowledge of standard international contract model forms, such as FIDIC, as well as their implementation in Serbia.’

‘Ivan Petrović – fantastic construction lawyer with great expertise in FIDIC and EPC. Always provides the best solutions and is respected by the counterparty for his diligence, expertise, and attitude. Great person to work with.’

‘Marija Vukcevic is hard-working, eager to learn more, very precise, and very dedicated. Always respects the deadlines and provides good quality advice. Committed to the details of the deal.’

Key clients



PSG Banatski Dvor







Work highlights

  • Advising Mondada Investment on the sale of real estate in a prime location in Belgrade.
  • Advising BG UrbanLux on the acquisition of leisure facilities.
  • Advising PSG Banatski Dvor on the expansion of an underground gas storage facility.

Serbia > Intellectual property Tier 3

A trailblazer in the legal industry’, JPM & Partners‘ IP and creative industries department handles trade mark, patent and design applications both in Serbia and internationally. The group is co-led by senior partner Miloš Mitić, a licensed Serbian trade mark and design attorney, whose experience includes several landmark IP cases; and Aleksandar Popović, ‘an outstanding lawyer with vast experience in all IP-related matters’. Miloš Maksimović is another key name to note.

Practice head(s):

Miloš Mitić; Aleksandar Popović

Other key lawyers:


‘JPM is a trailblazer in the legal industry, with a unique blend of strengths and capabilities that make it a standout choice.’

‘Their commitment to innovation, diversity, and a client-centric service sets a high bar for other firms to follow.’

‘JPM is not just a law firm, it’s a partner in clients’ success and a pioneer in the legal profession in Serbia.’

‘JPM’s team is not only comprised of highly-skilled attorneys but individuals who are deeply committed to their clients’ success.’

‘The firm’s approach to client service is unparalleled, with a focus on understanding clients’ unique needs and delivering tailor-made solutions. This client-centric approach sets JPM apart from the crowd.’

‘JPM & Partners is one of the leading full-service law firms in Serbia  – knowledgeable, professional, and with great business sense. JPM has a big team of hard-working lawyers who are results driven.’

‘Aleksandar Popović is an outstanding lawyer with vast experience in all IP-related matters. Clients are completely satisfied with his services. He is completely client oriented and always available, providing accurate, precise information and clear advice.’

‘Miloš Maksimović is an energetic and dedicated lawyer – always proactive, supportive and quick to react.’

Key clients

Stately Productions Ltd

Masterworks automodules tech corp. Ltd.

Lilly drogerie d.o.o. beograd

Just communications d.o.o. beograd

Stichting Amber Alert Europe

She films d.o.o. beograd

This and that productions d.o.o. Beograd

Jugoslovenska kinoteka (the Yugoslav film archive)

Tim-ing centar d.o.o. kragujevac

Master builders solutions


Beiersdorf AG

Multivista systems llc

CRH Serbia

H&M Hennes & Mauritz

Decathlon s.a.

New Yorker

Adp Gauselmann GmbH

Filmski centar Srbije

Messer Tehnogas




Contitech fluid Serbia

Merkur casino GmbH

Emergo sport

Work highlights

  • Providing legal support to Stately Productions on the Heads of State project in Serbia and Montenegro, and participating in the drafting of a general production agreement.
  • Assisting Lilly Drogerije with the protection of several trade marks.
  • Advising Just Communications on the finalising of a services and delivery master agreement.

The oldest commercial law firm in Serbia, JPM & Partners has been helping local and international businesses grow in Serbia and throughout the SEE region for almost 30 years. Rated as a top-tier law firm by all the leading legal directories (The Legal 500, Chambers & Partners, and IFLR1000), we provide clients with full-service coverage and pride ourselves on truly understanding their sector and their business needs.

We have offices in Serbia and Montenegro and expanded regional and global reach to other jurisdictions through memberships in Lex Mundi (the world’s premier network of independent law firms). In this way, we are delivering seamless cross-border legal services to our clients in multi-jurisdictional transactions, working closely with first-rate law firms throughout the region and around the world.

We have accumulated a wealth of knowledge in every major industrial and corporate sector, from energy to banking, transport, manufacturing and telecommunications, while remaining true to a pioneering spirit that has always drawn us to the latest trends and developments. Today we serve clients in growth sectors such as renewable energy, IT, and life sciences, offering innovative solutions and a proactive approach to broaching new ground.

We are known for working closely with clients and treating their problems as our own. Our lawyers pride themselves on being team players, fast and available, specialised in terms of practice area and industry, but versatile and creative in their thinking. We believe our advice should be tailor-made and that even the thorniest issue has a legal solution.

Department Name Email Telephone
Corporate Law and M&A Nenad Popovic +38112076850
Corporate Law and M&A Jelena Gazivoda +38112076850
Privatisation Nikola Jankovic +38112076850
Banking and finance Nenad Popovic +38112076850
Dispute Resolution Djordje Novcic +38112076850
Competition and Antitrust Nikola Poznanovic +38112076850
Labour/Employment Law Jelena Nikolic +38112076850
Energy, infrastructure and PPP Jelena Gazivoda +38112076850
Energy, infrastructure and PPP Nikola Djordjevic +38112076850
IP, broadcasting and advertising Aleksandar Popovic +38112076850
Privacy / Data Use and Security Ivan Milosevic +38112076850
Tax Law Nikola Djordjevic +38112076850
Customs Law Ivan Milosevic +38112076850
Corporate advisory and compliance Nenad Popovic +38112076850
Corporate advisory and compliance Milos Mitic +38112076850
Regulatory/consumer protection/gaming Jelena Stankovic Lukic +38112076850
Real estate and construction Ivan Petrovic +38112076850
Gaming Law Jelena Stankovic Lukic +38112076850
Arbitration Djordje Novcic +38112076850
Criminal Law and Criminal Compliance Danilo Nikolic +38112076850
Criminal Law and Criminal Compliance Luka Nikolic +38112076850
Criminal Law and Criminal Compliance Milovan Bogdanovic +38112076850
Corporate Law and M&A Bojana Javoric Micovic +38112076850
Privacy / Data Use and Security Andrea Cvetanovic +38112076850
Commercial, Corporate and M&A Aleksandar Grujic +38112076850
Labour/Employment Law Marko Ilic +38112076850
Photo Name Position Profile
Milovan  Bogdanovic photo Mr Milovan Bogdanovic Senior Associate
Andrea Cvetanovic photo Ms Andrea Cvetanovic Senior Associate
Nikola Djordjevic photo Mr Nikola Djordjevic Partner Nikola is a Partner at JPM, specialising in complex tax, M&A,…
Jelena Gazivoda photo Ms Jelena Gazivoda Senior Partner
Dragan Grbic photo Mr Dragan Grbic Senior Associate
Aleksandar Grujic photo Mr Aleksandar Grujic Senior Associate
Aleksandar Hadzic photo Mr Aleksandar Hadzic Partner
Marko Ilic photo Mr Marko Ilic Senior Associate
Nikola Jankovic photo Mr Nikola Jankovic Senior Partner
Bojana Javorić Mićović photo Mrs Bojana Javorić Mićović Partner Bojana is Partner at JPM experienced in Corporate/M&A, Commercial, Regulatory, and…
Milos Maksimovic photo Mr Milos Maksimovic Senior Associate
Katarina Milic photo Ms Katarina Milic Senior Associate
Ivan Milosevic photo Mr Ivan Milosevic Partner
Mirjana  Milosevic photo Mrs Mirjana Milosevic Senior Associate
Milos Mitic photo Mr Milos Mitic Senior Partner
Marko Mrdja photo Mr Marko Mrdja Senior Associate
Danilo  Nikolic photo Mr Danilo Nikolic Partner
Luka Nikolic photo Mr Luka Nikolic Partner
Jelena Nikolic photo Ms Jelena Nikolic Partner
Djordje Novcic photo Mr Djordje Novcic Partner
Ivana Petkovic photo Miss Ivana Petkovic Senior Associate
Ivan Petrovic photo Mr Ivan Petrovic Partner
Nenad Popovic photo Mr Nenad Popovic Senior Partner
Aleksandar Popovic photo Mr Aleksandar Popovic Partner
Nikola Poznanovic photo Mr Nikola Poznanovic Partner
Katarina Savic photo Ms Katarina Savic Senior Associate
Zivko Simijonović photo Mr Zivko Simijonović Senior Associate
Jelena Stankovic Lukic photo Ms Jelena Stankovic Lukic Partner
Janez Voncina photo Mr Janez Voncina Senior Associate
Marija  Vukcevic  photo Ms Marija Vukcevic Senior Associate
Number of lawyers : 40
Lex Mundi
Contacts : Nikola Jankovic
Contacts : Nenad Popovic
Contacts : Milos Mitic
Contacts : Jelena Gazivoda

We at JPM Jankovic Popovic Mitic are dedicated to the principles of diversity. We believe that by recruiting, hiring, and promoting people of different cultures, backgrounds, beliefs and preferences, the quality of our work life is enhanced and the legal services that we provide to our clients is more creative. Our vision is to promote a culture where all talented contributors can have and can see a path to long-term success.

Our leadership role in diversity within the legal community requires us to not only support diversity within our firm but to also promote the principles of diversity in the communities in which we live.

For some law firms diversity is just a good business practice. But diversity for JPM Jankovic Popovic Mitic is not just a business practice, it reflects who we are, individually and as a firm, and how we live our lives outside of the workplace.


COMPANY/FIRM: Serbian Company active in retail

TESTIMONIAL:  JPM is one of the leading Serbian law firms providing full scale legal services in all practice areas we need. JPM is offering a great service at competitive price. Deadlines are always met, response is quick and up to the point. All lawyers and associates are pragmatic and client oriented.

CLIENT: Corporate Compliance Officer

COMPANY/FIRM: Multinational Company active in construction sector

TESTIMONIAL: The overall services provided by JPM lawyers were of a high professional standards. In our opinion, the JPM lawyers have profound knowledge of legislation and legal practice.  We would, also, point out a short response time even in case of complex matters. For these reasons, we are very satisfied with the services provided by JPM. Based on our experience, we think that JPM law office is one of the top-ranking law offices in Serbia.


COMPANY/FIRM: Multinational Corporation active in energy sector

TESTIMONIAL: JPM has been involved in our business since day one and is as such extremely familiar with our requirements. They offer the tremendous advantage of providing a broad range of practice groups and areas, and

are hence very responsive to the vast multitude of issues businesses face. They provide excellent value for money in comparison to much slower foreign practices we work with across our group.

Tax incentives for renewables – possibilities

The energy development strategy of the Republic of Serbia until 2025 with projections until 2030,as well as the Integrated National Energy and Climate Plan, which is currently being developed and adopted,

Serbia – Data Protection Strategy Proposal for 2023-2030

The Serbian Ministry of Justice released a Data Protection Strategy Proposal for 2023-2030 and invited stakeholders to participate in public discussion.

Yet another investigation initiated by the Serbian Competition Commission and a clear sign of continuous enforcement activity

On 24 March 2023, the Commission for the Protection of the Competition (“Commission”) initiated an investigation against the Hotelsko, Ugostiteljsko i Turističko preduzeće Moskva doo (“Moskva”) for possible gun-jumping.

Arm’s length interest rates

The Ministry of Finance published, at the end of -March 2023, its eleventh Regulation on interest rates which are considered to be in line with the "arm’s length" principle. The Ministry of Finance, i.e. the Minister issues this Regulation every year and it pertains to the interest rates for that year.

Capital gains tax and tax exemptions

The latest amendments to the Law on Personal Income Tax, in the part that refers to tax exemptions for tax on capital gains of natural persons, have expanded the scope of exceptions to the taxation of capital gains. However, it does not seem to be done in a coherent and comprehensive way.

Incentives for Startups – New Innovation Fund’s Register and Copyright deposition as missing links for Tax reliefs

In the Republic of Serbia, there is a number of various incentives for startups, stretching from state aid incentives to private support programs, which represent either a form of financing and subsidization of startups or a form of tax relief with the aim nonetheless to help innovative businesses grow and keeping the economy sustainable. Through various incentives and accompanying programs, the Republic of Serbia is working to create an environment that encourages the development of new, original, and innovative businesses from all respectable areas.

Capital gains tax and tax exemptions

The latest amendments to the Law on Personal Income Tax, in the part that refers to tax exemptions for tax on capital gains of natural persons, have expanded the scope of exceptions to the taxation of capital gains. However, it does not seem to be done in a coherent and comprehensive way.


After the publication of the draft of the Law on Amendments to the Law on Spatial Planning and Construction, a series of public hearings on the proposed draft law was held in February 2023, and now we are waiting for the final wording of the proposal of the amendments and the lawmaker’s response to the of proposals and objections raised during the public hearings.

Renewables sector – challenges and the future expectations

The renewables sector in the Republic of Serbia has been growing for a while with a focus on wind energy, solar energy, biomass, and biogas and as recently on agrivoltaics.

New Governance Structure of the ICC Commission on Arbitration and ADR

We are pleased to announce that JPM Partner Djordje Novcic has been appointed by the Serbian National Committee as one of the Delegates to the ICC Commission on Arbitration and ADR (the ‘Commission’).

Finalizing the legal framework for easier construction of renewable energy facilities

The Ministry of Ecology, Spatial Planning, and Urbanism of Montenegro („Ministry“) enacted a Rulebook on closer criteria for the assessment of requests for the issuance of urbanistic-technical conditions for the construction of facilities for the production of electricity from renewable sources of the sun and other renewable sources (“Rulebook”). The Rulebook entered into force on the day of its publication in the Official Gazette of Montenegro, i.e., on 12 October 2022.

Serbia harmonizes energy legislation with EU natural gas network codes

Government of the Republic of Serbia has adopted on yesterday session 5 Regulations by which the Republic of Serbia harmonizes its legislation with the EU natural gas network codes, the obligation of which exists for the Republic of Serbia as the contracting state of the Energy Community.


The Fiscal Council of the Republic of Serbia published on 29 September 2022 the „Proposal of social and tax policy measures for reducing inequality and poverty risks in the Republic of Serbia“. One of the proposed measures of tax policy for reducing inequality is doubling the limit of non-taxable salary amount, from RSD 19,300 to RSD 40,000 and introduction of non-taxable census of RSD 20,000 per month, to be granted for each household member – dependent. In order to maintain the existing level of budgetary funds, should this proposed reform of individual income tax be adopted, i.e. in order to prevent decrease of budgetary funds due to the reform, it is necessary to increase the salary tax rate from 10% to 15% in parallel with increase of non-taxable census and introduction of non-taxable census for household members-dependents.

A big step for FINTECH companies in Montenegro

To comply with the highest European standards and safety conditions – Law on amendments to the Law on payment transactions (“Law”) has been adopted in the Parliament of Montenegro on 29 September 2022. Free movement of capital and full compliance with the Payment Service Directive 2 (“PSD2”) were main reasons for adopting the Law which shall ensure that the provisions of payment services in Montenegro are regulated in the same way as in the member states of the European Union.


The Government of the Republic of Serbia rendered the new Ordinance on Conditions, Manner and Procedure for Awarding the State-owned Agricultural Land for Use for Non-agricultural Purpose, that came into force on 10 September 2022.

In Which Cases Several Transactions can be Considered as One Concentration

According to the latest Position published by the Serbian Commission for the Protection of Competition, it is prescribed whether and in which cases the scope of one concentration can be several undertakings that are not considered interrelated.


Despite being one of the most turbulent periods in the history of the mankind, 20th century represents one of the brightest spots in the evolution of technology. Except for the general enthusiasm in all branches over the industry, the second half of the century has been fertile when it comes to executing some revolutionary ideas. In the late 50s, an American scientist, a member of the team that worked on the development of the first nuclear bomb, has created something yet unseen, something that will be recognized as one of the fastest growing industries in the years to come.


Despite being already recognized as one of the leading European countries regarding foreign investments, the Republic of Serbia continues its active policy of attracting foreign investors. The direct consequence of the substantial increasement in investments in a plethora of different fields is the fact that there are even more and more foreign natural and legal persons willing to invest in producing audiovisual works on the territory of the Republic of Serbia. The Republic of Serbia recognized this trend and took measures to improve the environment for investing in audiovisual works within the so-called creative industries (e.g. films, short films, TV shows, documentaries, animated films, etc. ‘’Industry’’).

Amendments of the Tariff Methodologies in the Field of Natural Gas

The Energy Agency of the Republic of Serbia (“AERS”) adopted three decisions on amendments of the following methodologies, on its session held on 7 July 2022:

Tax incentive for new residents in Serbia

Government of the Republic of Serbia adopted the Regulation on Criteria for Granting Incentives to the Employers who Employ Newly Inhabited Persons in the Republic of Serbia (hereinafter referred to as the “Regulation”), published in the Official Gazette of the RS no. 67/22 and entered into force on 18 June 2022.

New Developments in Legal Framework for Tax Relief in Serbia for companies in research and development sector

Serbian Personal Income Tax Law and Serbian Corporate Income Tax Law, as well as the Serbian Law on Mandatory Social Insurance Contributions, prescribe tax and social insurance contributions related reliefs for companies that conduct activities of research and development in the Republic of Serbia.

JPM the first law firm in the region to adopt eDiscovery

We are happy to announce continued cooperation with Luminance and the adoption of their AI-powered platform – eDiscovery.

JPM GDPR Team at the Data Protection Conference

JPM Parter Ivan Milosevic and Senior Associate Andrea Cvetanovic participated in BvD Autumn Conference Data Protection and Supervisory Authority Day 2020 in Mannheim, Germany.