On taxation of electronic services from 2017 Dear Ladies and Gentlemen, The law “On Amendments to Parts I and II of the Tax Code of the Russian Federation” comes into force on January 01, 2017. Pursuant to the adopted changes, starting from 2017 foreign companies which do not have permanentestablishment in Russia and provide electornic services to individuals inRussia will be required to register with the Russian tax authorities and pay VAT in Russia. 1 ...
According to recent media reports, Minister of Trade, Tourism and Telecommunications in Serbia's newly formed government, Rasim Ljajic, stated that a free trade agreement between Serbia and the countries of the Eurasian Economic Union (EEU) should be signed come November, while outlining that at this stage, the matter is out of Serbia's hands and fully dependent on the EEU ...
An interesting piece of news in the sphere of tax law has recently been provided by the Court of Justice of the European Union (CJEU) decision that found Portuguese withholding tax rules to be breaching EU law.The case concerns a loan given to Auto Estradas do Litoral SA ("Brisal"), a Portuguese company by the Irish bank – KBC Finance Limited ...
The effect of Brexit on EU nationals living and working in the United Kingdom will undoubtedly be of interest to many employers as things develop over the coming months. The provisions for leaving the EU are outlined in Article 50 of the Treaty on European Union, which states that "Any Member State may decide to withdraw from the Union in accordance with its own constitutional requirements ...
Darko JovanovićandMarko Ketler, Partners at Karanović Nikolić, recently commented on the state of the regional NPL market in a View More
Recognising the great potential for film production and post production in South East Europe, a group of legal experts have gathered to develop industry expertise and work with organisations and Governments supporting this fledgling sector ...
News reports are informing us that Belgrade will gain another bridge over the Danube river in the near future – this one at the Ada Huja island and over three kilometres long. The basic purpose of this bridge will be to connect the Pančevo road with the Slanci road, according to the City officials. It is planned for the bridge to be built in four segments, as the initial documentation is expected to be finalised in early 2018 at the latest ...
The Israeli Tax Authority (the "ITA") has recently published a draft circular ("Draft Circular") on the tax treatment of holdback payments and reverse vesting mechanism in the context of merger and acquisition transactions. According to the Draft Circular, subject to certain conditions as will detail below, the sale of shares to which holdback payments and reverse vesting mechanisms apply would be subject to a capital gains tax rate of 25% (30% in case of controlling shareholders) ...
An important piece of regulation has been introduced in Montenegro recently, through the reduction of VAT on catering services in four stars hotels (in the north of the country) and five-star hotels (on the seaside), which will be effective from 2018 ...
The most recent example of a fashion designer losing the right to use his/her name came about this week. Karen Millen lost her court battle to challenge the agreement reached after the sale of her business to Baugur for £95m in 2004 which stated that she could not use her name in business in the future ...
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 Act of 22 July 2016 Amending the Energy Law and Certain Other Acts was published on 2 August 2016. The act is intended to eliminate the black market in fuels, strengthen competition on the market, and improve Poland’s energy security. The amendments introduced by the act primarily concern the market for natural gas and liquid fuels ...
Zoetis, the animal health company, has acquired Danish biotech company Scandinavian Micro Biodevices for USD 80 million (approximately DKK 533 million). Plesner assisted Zoetis with the transaction. Zoetis Inc. has acquired Scandinavian Micro Biodevices ApS for the purpose of extending its pipeline of veterinary diagonistics products ...
The Construction (Design and Management) Regulations (Northern Ireland) 2016 ("CDM 2016") come into force on 1 August 2016. The legislation includes transitional provisions, so that, where a project has already started by 1 August 2016, the Client must appoint a Principal Designer before 1 August 2017 (unless the project ends before that date). In the meantime, the existing CDM Co-ordinator must comply with the duties of a Principal Designer ...
Media outlets have recently been reporting on the possibility that Nikola Tesla Airport will acquire Sava Centar (SC), with the purpose of turning it into its company headquarters. This acquisition would be followed by an investment of over EUR 30 million in the next three years for the building's reconstruction and adaptation ...
On 11 July 2016, The National Bank of Serbia adopted amendments to three by-laws of the Law on Banks (Risk Management Decision, Decision on the Classification of Bank Balance Sheet Assets and Off-balance Sheet Items and the Decision on Reporting Requirements for Banks), and in doing so, took a significant step towards effectuating the implementation of the strategies on resolving non-performing loans and the action plan rendered by the Government of the Republic of Serbia and the Nation
Global competition law circles have recently been shaken by the European Commission's record-setting fine of EUR 2.93 billion for collusion on the automotive market, imposed against Volvo, Daimler, Iveco and DAF trucks. The sanctions in question varied amongst the accused parties, with Daimler facing the largest penalty in the amount of more than EUR 1 billion on its own. Iveco's fine was set at EUR 494 million, DAF's at EUR 752 million, and Volvo's fine has been set at EUR 670 million ...
Allied Irish Bank PLC -v- Moloney & anor [2016] IEHC 346 Twomey J, 20 June 2016, concerned an application by Allied Irish Bank (AIB) for summary judgment in the sum of €10.8m. The defendants contested the application claiming that they had a binding oral agreement with AIB, whereby it was agreed that the defendants would sell the properties charged to AIB, and the outstanding loan would be written off. The fact of the borrowings was not disputed ...
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 ...
Recent news reports are informing us that an Anglo-Chinese consortium, consisting of British company Scarborough Group International and the Chinese owned China National Electric (CNEEC) company, has signed a contract to build a thermal power plant in Loznica, in the amount of EUR 230 million. The consortium received additional financial support from the China Development Bank, while the Chinese insurance company Sinosure also showed interest in participating in the project ...
Brexit – what does it involve and when could it happen? In a referendum, held in the United Kingdom on June 23, 2016, a majority of voters decided in favor of the United Kingdom of Great Britain and Northern Ireland (UK) leaving the European Union (EU) (this exit from the EU by the UK is the so-called Brexit). The referendum is not binding ...
Latest news reports from the airline industry show that the European Commission has ended their investigation into the ownership structure of "Air Serbia", reaching a conclusion that Serbia indeed holds management rights over its national air carrier. Furthermore, having in mind their minority stake in Air Serbia, Etihad Airways has thus been enabled to operate according to EU standards in Serbia ...
According to latest news reports, Elektroprivreda Crne Gore (EPCG) has shown significant interest in buying a majority stake of the Montenegrin branch of Telekom Srbija – View More
The US Second Circuit Court of Appeals, overturning an earlier court ruling from a lower court, has held that the US Government cannot compel Microsoft to hand over emails stored on a server in Dublin in a narcotics case. The decision is a milestone victory for privacy rights and will be greatly welcomed by US technology companies storing data abroad ...
