Treaties with Luxembourg and the Republic of Korea RatifiedSerbian Parliament ratified the double tax treaty with Luxembourg which was discussed in our recently published tax alert. If Luxembourg follow suit and ratifies the treaty this year it is likely that the treaty will be applicable from 1 January 2017.Parliament also ratified the double tax treaty with the Republic of Korea, signed in January this year. The treaty is based on the standard OECD Model Tax Convention ...
Karanović & Nikolić is pleased to announce the election of one of its Partners, Tanja Unguran, to the position of AmCham Serbia's Chair of the Finance & Tax Committee. The Finance & Tax Committee, as one of the seven total AmCham Committees including those in charge of Combating Grey Economy, Healthcare Systems, Corporate and Business Law, Human Resources, Labour Task Force, and Real Estate Task Force, is tasked with improving the business environment via atwo-year agenda ...
After more than a four months and a Phase II (in-depth) investigation, the Competition Commission gave conditional approval, to Sunoko's acquisition of the Star Šecer company and its subsidiary Te-To - the owner of the sugar factory in Senta. No divestments have been required from Sunoko. The ruling presents the finale of one of the most complicated merger cases in Serbia thus far and Karanovic & Nikolic is proud to have been advising MK Group throughout the process ...
The first upscale exploration of oil and gas in Montenegro started in 1914, when King Nikola Petrovic approved the National Assembly's decision for oil exploration around Lake Skadar. The first well in the area of Crmnica dates back to 1922 - although it produced nothing of significance. In later researches of the Montenegrin offshore, the existence of geological structures with the potential for hiding hydrocarbon deposits was confirmed ...
As the summer season draws closer, a stream of news continues to come our way from the Adriatic coast of our region. Montenegro is the source of updates this time around, as there have been reports about the Stratex Group taking full control over Budvanska Rivijera Hotel Group – a company in which they already hold a 30% ownership stake. The deal would include all of Budvanska Rivijera's assets excluding the St ...
The Republic of Serbia has officially closed its border crossings for passengers in road, rail, air and water traffic at 8.00 a.m. on 20 March 2020. The passing of humanitarian aid and crossings of national importance that are approved by the competent authority are still allowed. International passenger traffic to and from the Nikola Tesla Airport has been suspended in accordance with the Government of Serbia’s decision on 19 March 2020 from 12.00 p.m. onwards ...
Following the announcement of economic measures aimed towards responding to the COVID-19 outbreak, the Serbian Government issued two regulations on 10 April 2020 that determine the conditions and criteria for compliance of the state aid (i) for remedying the negative effects caused byCOVID-19 and (ii) for remedying a serious disturbance in the economy caused byCOVID-19, whereas both regulations will be valid until 1 July 2021 ...
The Serbian Competition Commission (the "Commission") continues its diligent examination of the Serbian competitive landscape in specific industries, this time with inquiries in two more industries – sportswear (including footwear and sporting equipment) and oil (petroleum products). Once again, the aim behind the market test was to identify potential issues on the relevant markets and provide broader insight into the functioning of the relevant markets ...
Serbia – Executive Summary of Qualification of a Director's Mandate (in a local or foreign company) This article, authored by Jelena Danilović, was originally published in the 2016 'Social Security for Directors Working in Multiple Jurisdictions', published by World Services Group.Domestic Rules1. Social security regimeRegistered legal representatives i.e ...
There is encouraging news for those with plans of getting involved in a start-up project in Slovenia, as theSlovenian Enterprise Fundhas announced almost EUR 5 million to support innovative start-ups this year ...
In a recent statement to the press, the Slovenian Minister of Economic Development and Technology, Zdravko Počivalšek, labelled the Serbian spas as great tourism potentials and 'undiscovered gems', before continuing to declare Slovenian interest for investing in them ...
Last week's news reports from Slovenia are letting us know that the Slovenian state holding company (SDH) decided to privatise Nova Ljubljanska Banka (NLB), the country's biggest bank, through initial public offering (IPO) ...
According to latest news reports, Plinovodi – the company managing Slovenian gas pipelines, will be brought under majority state control, while the energy company, Petrol, is due to secure a majority stake in the gas wholesaler Geoplin under a contract signed this month. It should be noted that the Slovenian Sovereign Holding (SSH) and Petrol are currently the largest Geoplin shareholders. Geoplin, in turn, is the sole shareholder of Plinovodi ...
On 12 March 2015, the Slovenian Competition Protection Agency ("Agency") initiated proceedings against Hyundai Avto Trade d.o.o. ("HAT"), the national distributor of Hyundai vehicles, together with a network of authorised repair shops for Hyundai motor vehicles ...
The new Slovenian Public Procurement Act, the ZJN-3 ("Procurement Act"), enters into force on 1 April 2016. After a long period of dual regulation of the general and utility areas of public procurement, the new Procurement Act unifies both areas in a single act, thus invalidating the existing Public Procurement Act - ZJN-2, and the Act Regulating Public Procurement in Water, Energy, Transport and Postal Services - ZJNVETPS ...
The new Slovenian Public Procurement Act, the ZJN-3 ("Procurement Act"), enters into force on 1 April 2016. After a long period of dual regulation of the general and utility areas of public procurement, the new Procurement Act unifies both areas in a single act, thus invalidating the existing Public Procurement Act - ZJN-2, and the Act Regulating Public Procurement in Water, Energy, Transport and Postal Services - ZJNVETPS ...
Judging by industry reports, it seems that another rich tourist season is in the making for Slovenia. The spas are working at full capacity during Easter and May holidays, and both international and domestic guests are pouring in ...
Slovenia has amended the Financial Operations, Insolvency Proceedings and Compulsory Dissolution Act (ZFPPIPP or the Insolvency Act) again, following amendments in 2013, amending preventive restructuring, simplified compulsory settlement and personal bankruptcy proceedings. Amendments to the Insolvency Act, which were adopted by the National Assembly on 31 March 2016, will come into force on 26 April 2016 ...
The Slovenian National Assembly adopted the Class Action Law, which will implement an important institute to the Slovenian legal system, i.e. mechanism of class action. This mechanism is already applied in the UK, Belgium, Netherlands and Sweden, but is yet to be implemented in numerous EU member states. The new mechanism of class action will provide for the injured parties, both natural and legal persons, to file a compensation claim in case of mass harm situations ...
European Court of Human Rights Considers an Employer's Right to Monitor EmployeesIn its recent judgment Bărbulescu v. Romania, the European Court of Human Rights ("ECHR") considered an employer's right to monitor an employee's work computer and an employee's right to privacy ...
Media reports are letting us know that the "Serbia - A Strategic Crossroads between Western and Eastern Europe," conference was held in Paris on 15 September, where the French companies were presented with the political and economic environment in Serbia, as well as with the ensuing investment opportunities and the possibility of financing economic projects ...
At the end of 2016 the Serbian Parliament adopted changes to Serbian tax laws, introducing a number of important changes in the area of VAT, excise duties and general tax procedures. Amendments to the laws governing these areas were adopted at the very end of 2016 – on the 28th of December 2016 ...
As we are slowly nearing the mid-point of 2016, it is a good time to look back on the export values of companies in Serbia during the previous year, as it is made possible by a set of Serbian Ministry of Finance's recently published data in this regard. According to the Ministry, the total value of the top 15 exporters in the first seven months of 2015 had totalled at approximately EUR 2.2 billion, asFiat Chrysler Automobiles (FCA) led the way with an export value of EUR 814 million ...
The Serbian Competition Commission (the "Commission") recently fined four undertakings for bid rigging in the public procurement for the maintenance of train wagons. The contracting authority, the "Nikola Tesla" power plant, which represents the largest electricity-producing complex in Serbia, informed the Commission about possible collusion in public procurement for repair services for the train wagons it uses in coal transportation ...
After two long years of analysing and debating, the Serbian Parliament adopted changes to the Bankruptcy Law and they have entered into force. The idea was to improve the position of secured creditors and to provide clarity to certain provisions that caused conflicting interpretations in practice. Changes will apply only to bankruptcies initiated after the changes entered into force ...
