About us ▼
Capabilities ▼
Jan 10, 2020 | Insight
Please note that there are a number of value added tax (VAT) amendments applicable as of the start of 2020, as follows... Continue reading
Jan 03, 2020 | Insight
Please note a number of amendments included in Law no. 263/2019 on the amendment of Law 227/2015 regarding the Fiscal Code, effective as of 1 January 2020... Continue reading
Dec 27, 2019 | Insight
On 6 December 2019, the Greek Parliament passed into law reforms of the Greek tax code. Suspension, until 31 December 2022, of the Value Added Tax (VAT) at the rate of 24% on the sale of new immovable properties (i.e. having a building permit after... Continue reading
Dec 27, 2019 | Insight
A note on definition of ‘substance’
Just recently in Bermuda (24 December 2019), both the Economic Substance Amendment Act 2019 and the Economic Substance Amendment Regulations 2019 (the Amendment Legislation) came into force. The Amendment Legislation makes... Continue reading
Dec 07, 2019 | Insight
Slovenia passes bank bail-in legislation
Recently, Slovenia’s parliament passed legislation on bank bail-in repayments under which the Bank of Slovenia would have to cover all possible repayments to those who lost their investments during the country’s 2013 overhaul of the banking ... Continue reading
Dec 02, 2019 | Insight
Romanian construction industry update
At the beginning of November, Romania enacted a series of reforms to its law on construction. Designed to spur on real property growth, the reforms are designed to streamline the application and authorization of building permits... Continue reading
Nov 26, 2019 | Insight
Just recently, Romania’s National Energy Regulatory Agency (ANRE) adopted Order no. 202/ 2019, which endorsed with the Approval no. 89 / 2019 on the procedure for the operation of the intraday electricity market as developed... Continue reading
Nov 15, 2019 | Insight
Romania: Financial institutions and outsourcing
The revised European Banking Authority Guidelines on outsourcing arrangements have recently come into force. They change the rules for outsourcing by credit institutions and investment firms subject to the Capital... Continue reading
Nov 10, 2019 | Insight
The new Serbian Act on State Aid Control has entered into force, with implementation commencing 1 January 2020. The legislation significantly modifies the existing system and aims to: (i) harmonise the applicable legal framework... Continue reading
Oct 28, 2019 | Insight
Romania: Companies must now declare UBOs
Romania has recently introduced an obligation requiring the declaration of beneficial owners for registration purposes. Failure to comply can result in fines up to RON 10,000 (2,500 euros). When does the statement... Continue reading
Oct 18, 2019 | Insight
Croatia: UBO Register deadline
In accordance with the 4th AML Directive, Croatia has instituted an obligation on all locally established legal entities, as well as trusts and equivalent foreign entities, to register their ultimate beneficial owner(s) with a newly... Continue reading
Oct 16, 2019 | Insight
In the last few years, Bulgaria has made steady steps towards liberalization of its natural gas market and its integration into the EU common market. Developments also include the Bulgaria-Greece, Bulgaria-Serbia... Continue reading
Oct 7, 2019 | Insight
Poland amends legislation on payment terms in commercial transactions
Poland has recently amended its legislation with respect to repayment obligations in commercial transactions. Coming into force on 1 January 2020, the amendment is designed to limit payment backlogs, shortening of the admissible... Continue reading
Oct 3, 2019 | Insight
A look back at Poland and GDPR
Earlier in March of this year, the Polish GDPR supervisory authority issued its first decision, imposing an administrative fine in the amount of PLN 943,000 (approx. EUR 220,000) for the infringement of the information obligation... Continue reading
Sep 15, 2019 | Insight
GDPR in the Czech Republic – a retrospective
Earlier in March of this year, the Czech Republic approved legislation incorporating the provisions of the General Data Protection Regulation (GDPR) promulgated on the European Union level. As GDPR was enacted to achieve... Continue reading
Sep 9, 2019 | Insight
In March 2018, Poland introduced legislative change with respect to ultimate beneficial owners (UBOs). The new regime takes becomes live on 13 October 2019, and contemplates a UBO Register designed to process information about... Continue reading
Sep 5, 2019 | Insight
ECJ decision on Croatian loan agreements
In February of this year, the European Court of Justice (ECJ) ruled that Croatia cannot retroactively invalidate loan agreements that were deemed valid at the moment of execution. The ECJ decision is based on a 2017... Continue reading
Aug 25, 2019 | Insight
Czech Republic: Competition update
The Czech Office for the Protection of Competition recently found two companies guilty of bid rigging in a public tender. While similar bid-rigging cases occur quite frequently and generally fall within the Office’s purview, this case is unique because, for the first... Continue reading
Aug 13, 2019 | Insight
On 8 August 2019, while speaking at the Ukrainian-Turkish business forum in Istanbul, Ukrainian President Volodymyr Zelensky announced plans to legalise gambling in Ukraine.
According to President Zelensky, new regulations will include the... Continue reading
Aug 13, 2019 | Insight
Given the increased pollution levels and large quantities of municipal solid, commercial and industrial waste being generated daily in both developed and developing countries, it is expected that various waste-to-energy processes, including recovering... Continue reading
Aug 05, 2019 | Insight
The European Commission ordered a study on the enforcement of State aid rules and decisions by national courts, which has now been published. A similar study was undertaken in 2006, and updated in 2009. For this new study coordinated by Spark... Continue reading
Jul 27, 2019 | Insight
Bulgarian legislation on the legal cultivation of cannabis makes for interesting reading. Some readers might feel that the regulations and definitions are the most hilarious things ever, and this article aims to shed light on why this may be, while running... Continue reading
Jul 20, 2019 | Insight
The turnover limit for the calculation of the tax credit for sponsorships, patronage, and private scholarships has increased from 0.5 % to 0.75 %. The amendment, which entered into force on 29 July 2019, is set forth by Law 156/2019 for amending... Continue reading
Jul 12, 2019 | Insight
Ukraine: Film and television production
A long-awaited mechanism for compensation of TV and film production costs spent in Ukraine is to be implemented beginning 2020. A law on state aid in the cinematographic industry was adopted in 2017, providing numerous incentives and state... Continue reading
Jul 09, 2019 | Insight
Since the 25 May 2018 launch of the EU’s General Data Protection Regulation (GDPR), which provides for a uniform set of data protection rules directly applicable in all EU member states, supervisory authorities have levelled “effective, proportionate and dissuasive”... Continue reading
Jun 26, 2019| Insight
EU Regulation on online platforms
On 14 June 2019, the Council of the European Union approved the new Regulation on promoting fairness and transparency of online platforms. The new Regulation will enter into effect in summer 2020, without the need for any further implementation... Continue reading
Jun 15, 2019| Insight
On 17 June 2019, the National Media and Infocommunications Authority (NMHH) published the draft documentation on its website for the auction of frequencies for wireless broadband services that support 5G mobile technology... Continue reading
Jun 05, 2019 | Insight
Czech Republic: Whistleblowing
In February 2019 the Ministry of Justice of the Czech Republic submitted a bill that aims to provide whistleblowers credible tools to report illegal conduct in the workplace and protect them against potential reprisals. The bill also introduces new duties for... Continue reading
May 13, 2019 | Insight
Croatia introduced significant changes to the Companies Act and the Court Register Act on 20 April 2019 with the main goal of easing the incorporation of (simple) limited liability companies (“ltd companies”). Ltd companies are the predominant... Continue reading
May 22, 2019 | Insight
On 17 May 2019, the President of Ukraine signed a decree launching 5G technology in the country. Under this Decree, the Ukrainian government and the telecommunications regulator, the National Commission for the State Regulation of Communications... Continue reading
May 05, 2019 | Insight
The London Interbank Offered Rate (LIBOR), the most commonly used benchmark interest rate, will cease to exist by the end of 2021. It is anticipated that this will have ramifications for the commercial loan markets, as well as for intra-group financing... Continue reading
Apr 16, 2019 | Insight
On 10 April 2019, the EU framework for screening foreign direct investment (FDI) came into force, allowing the European Commission and Member States until 11 October 2020 to put in place mechanisms and resources to comply... Continue reading
Apr 05, 2019 | Insight
The EU Parliament adopted the Directive on future “Preventive Restructuring Frameworks”, which creates the basis for uniform preventive restructuring across the European Union and will fundamentally change how companies deal with financial difficulties... Continue reading
Mar 19, 2019 | Insight
In Poland recently broad changes were brought about by the implementation of the EU Trademark Directive 2015/2436 ((EU) Directive 2015/2436 of the European Parliament and of the Council of 16 December 2015 to approximate the laws of... Continue reading
Mar 18, 2019 | Insight
Can European farmers be certain that a bottle of milk or a kilo of apples will remain more expensive than a bottle of mineral water? Recently, the European Parliament, the Council and the European Commission agreed in December... Continue reading
Mar 13, 2019 | Insight
On 5 March 2019, the Council of the EU approved a new framework to screen foreign direct investments (“FDI”) coming into the EU. This concludes a legislative process kicked off in 2017. The newly adopted Regulation aims to protect the EU’s strategic... Continue reading
Mar 11, 2019 | Insight
Croatian employers have until the end of this year to partially comply with the recently enacted Act on the Protection of Whistleblowers. The Whistleblower Protection Act defines who will be deemed a whistleblower and enjoy protection for... Continue reading
Feb 27, 2019 | Insight
Unfair advertising in Bulgaria
The Commission for the Protection of Competition (CPC) recently penalised Metro Cash & Carry Lev 14,972,320 or 2% of its 2017 turnover for conducting an unfair comparative advertising campaign. The CPC ordered Metro to terminate the... Continue reading
Feb 22, 2019 | Insight
Adoption of the General Data Protection Regulation of the European Union (EU) 2016/679 (GDPR), applicable as of 25 May 2018, marked a watershed in the regulation of personal data protection and the rights of persons whose data is being processed... Continue reading
Feb 20, 2019 | Insight
Of the five types of corporation that may be established under Romanian law, joint stock and limited liability companies continue to be the most common. Recent statistics show that almost 1 million companies are active in Romania... Continue reading
Feb 14, 2019 | Insight
Project Iceberg, launched at the beginning of this year by the Romanian tax authorities, is a giant nationwide operation to be implemented throughout 2019. It consists of a wave of tax audits on major multinational companies active in all sectors, with the... Continue reading
Feb 10, 2019 | Insight
EURid is the private, independent, not for profit organisation that has operated the dot.eu TLD since 2003. Last year EURid reported the EU Commission’s Notice to Stakeholders which announced that in the event of a no deal Brexit, UK individuals and... Continue reading
Jan 28, 2019 | Insight
The main provisions of Law 30/2019 amending Government Emergency Ordinance 25/2018. The Registry of Non-profit Organisations and Religious Institutions will be published on the website of the National Agency for Fiscal Administration (ANAF)... Continue reading
Jan 27, 2019 | Insight
Czech Republic: Insurance update
On 1 December 2018 the new Insurance Distribution Act became effective in the Czech Republic. It replaces the still effective Act No. 38/2004 Coll., on Insurance Intermediaries and Loss Adjusters, and implements the plan envisaged by the European... Continue reading
Jan 20, 2019 | Insight
Emergency Ordinance No. 114/2018, on the establishment of measures in the field of public investments and of fiscal-budgetary measures, the amendment and supplementation of some normative acts and the extension of some deadlines, recently introduced... Continue reading
Jan 20, 2019 | Insight
On 21 January 2019, Ukraine and Israel formally concluded a free trade agreement. The full text of the FTA is not yet publicly available, but the deal includes the following points: the annulment of Israeli import duties for approximately 80% of Ukrainian... Continue reading
Jan 15, 2019 | Insight
On 6 November 2018, the European Council approved a slew of long-awaited changes to the Audiovisual Media Services Directive (the Directive), the seminal piece of EU legislation regulating audio visual media services across the European Union... Continue reading
Jan 14, 2019 | Insight
On January 1, 2019, Poland introduced obligations to report “tax arrangements” following the requirements mandated by EU Directive 2018/822 of May 25, 2018 (the EU Directive), which amended EU Directive on Administrative Cooperation 2011/16/EU... Continue reading
Dec 21, 2018 | Insight
On 1 January 2019, the Romanian monthly minimum gross wage will increase from RON 1,900 to RON 2,080, and to RON 2,350 for employees with higher education and at least one year of work experience in such a position... Continue reading
Dec 21, 2018 | Insight
After a public hearing that lasted more than a year, the National Assembly of the Republic of Serbia adopted the new Data Protection Law (on 9 November 2018. Until the Law comes into force on 21 August 2019, the currently valid law will apply except... Continue reading
Dec 14, 2018 | Insight
Environmental permits (“EP”) and integrated environmental permits (“IEP”) are now subject to annual endorsement, according to the new procedure adopted by the Ministry of the Environment. Permit holders will have to apply... Continue reading
Dec 05, 2018 | Insight
Hungary: Digital consumer protection
The Hungarian Competition Authority (HCA) recently published a strategy paper presenting its views on consumer protection in the digital age. The paper subtly indicates that the HCA will continue to follow the European Commission’s guidance in this regard... Continue reading
Nov 28, 2018 | Insight
Czech Republic: Corporate compliance programs
Business corporations have been criminally liable in the Czech Republic since January 2012. A December 2016 amendment has introduced the possibility to exculpate oneself from criminal liability if the company has applied all efforts that could be... Continue reading
Nov 21, 2018 | Insight
Companies have until 31 May 2019 to register their beneficial owners in the Bulgarian Commercial Register and Register for Non-profit Legal Persons. This obligation comes as a result of the adoption of a new Law on the measures against money... Continue reading
Nov 20, 2018 | Insight
Bosnia and Herzegovina: Competition update
The Bosnia and Herzegovina Competition Council will apply new tariffs as from November 2018. Among these, the most significant are the increased merger control clearance fees, which have doubled... Continue reading
Nov 15, 2018 | Insight
Romania: PPP / infrastructure update
The Romanian government recently launching the first public procedure for the award of a strategic infrastructure project under the new Romanian PPP legislation: the construction of the Ploiesti-Brasov motorway... Continue reading
Nov 07, 2018 | Insight
Debate is raging about the Romanian “offshore” law setting out the legal framework for oil & gas exploration and production in the Black Sea offshore perimeters, fuelling political turmoil and deterring investment... Continue reading
Nov 07, 2018 | Insight
Czech Republic: Competition update
This past April the Czech Office for the Protection of Competition adopted new guidelines on the method of setting fines for competition law infringements, noting that the need for a revision of the previous guidelines had emerged... Continue reading
Nov 05, 2018 | Insight
Technology-driven transformations are not only disrupting our everyday lives, but are also radically transforming the infrastructure sector. Innovation is driving an upgrade of existing infrastructure, such as digital; on the other hand, it is determining... Continue reading
Oct 22, 2018 | Insight
To enable decisions to be passed efficiently, Romania’s Companies Law creates flexible mechanisms and procedures allowing specific shareholder powers to be delegated to a company’s management. Such mechanisms have been... Continue reading
Oct 18, 2018 | Insight
Hungary: Thoughts on national security
The Hungarian Government recently adopted Act no. LVII of 2018 on the Control of Investments Detrimental to the Interests of Hungarian National Security. Under the Act, investors from outside the EU, Switzerland and EEA countries... Continue reading
Oct 17, 2018 | Insight
Failure to take or observe mandatory measures for health and safety at work may entail, among other types of liability (civil, administrative), potential criminal liability for employers. The Romanian Criminal Code provides for two offences which sanction... Continue reading
Oct 16, 2018 | Insight
Below is a list of the main amendments included in the Emergency Government Ordinance no. 89/2018 regarding several budgetary-fiscal measures, and amendments for the modification and completion of some normative acts... Continue reading
Oct 15, 2018 | Insight
Bulgaria: Competition law update
With Decision No. 1046 issued on 20 September 2018, the Bulgarian Commission for the Protection of Competition gave the green light to the acquisition of Rapido Express and Logistics OOD by its competitor Speedy AD, in accordance with... Continue reading
Oct 15, 2018 | Insight
Romania: New rules on internships
The internship contract is an alternative tool by which a company provides a student or trainee the opportunity to work in the company to gain theoretical and practical knowledge in a specific field, with a view to possible employment after the internship... Continue reading
Oct 05, 2018 | Insight
One year has passed in Poland since the Act on Counteracting the Unfair Use of Contractual Advantage in the Trade of Agricultural and Food Products entered into force. The act aimed to protect small Polish farmers and grocery suppliers from the abuse... Continue reading
Oct 05, 2018 | Insight
The EU General Data Protection Regulation (GDPR), which has been in effect the European market since 25 May 2018, requires companies to meet certain standards when transferring personal data to non-EU countries or “third countries”... Continue reading
Sept 25, 2018 | Insight
Romania’s Competition Authority has increasingly engaged in extra-jurisdictional investigations, involving actual cross-border raids in offices outside of Romania with the support of local competition authorities and police... Continue reading
Sept 20, 2018 | Insight
Hungary’s new work-life balance
Gender equality may be a core EU principle, but it will not become a reality without effective legal action. To meet the EU objective of reaching a 75% employment rate for both men and women by 2020, the European Commission aims to change the.... Continue reading
Sept 20, 2018 | Insight
In recent years, the Hungarian Competition Authority (HCA) has seemingly aimed to foster cooperation between itself and market participants. Recent case law shows that the HCA strives for cooperation even when market participants allegedly... Continue reading
Sept 13, 2018 | Insight
The Polish government has announced a draft law to introduce an exit tax, which is a form of tax charged on unrealized income when a resident of Poland or a Polish asset leaves the country. The new legislation will implement one... Continue reading
Aug 20, 2018 | Insight
According to the latest statistics, Romanian tax authorities rank transfer pricing (TP) high on their agenda. Companies are increasingly aware of the risks they face unless they have the TP documentation ready when asked by the tax inspectors... Continue reading
Aug 20, 2018 | Insight
Hungary: Changes in trade secrets
On 8 June 2016, the European Parliament and the European Council adopted a Directive which aims to standardise the national laws in EU countries to stop the unlawful acquisition, disclosure and use of trade secrets... Continue reading
Aug 15, 2018 | Insight
On 19 July 2018 the Bulgarian competition authority prohibited the following two concentrations: the sale of the second largest media conglomerate in Bulgaria, Nova Broadcasting Group AD (owner of Nova TV)... Continue reading
Aug 10, 2018 | Insight
In July 2017 the Slovenian Competition Protection Agency initiated proceedings against Renault. The company was suspected of treating authorised mechanics and independent mechanics differently, which gave the agency grounds to believe... Continue reading
Aug 03, 2018 | Insight
EU regulatory change for online businesses
In its “Proposal for a Regulation for fairness and transparency for business users of online intermediation services”, the European Commission is interested in obliging online intermediation services and search engines to observe greater fairness... Continue reading
July 05, 2018 | Insight
Montenegro: Competition update
The most important change introduced by recent amendments to Montenegro’s Competition Act is that a single authority will be responsible for protecting competition and state aid in Montenegro... Continue reading
July 05, 2018 | Insight
Romania: Recent corporate changes
Following the entry into force of the Fourth Anti-money Laundering (AML) Directive (2015/849) in 2015, Ireland, Greece, the Netherlands and Romania are still in the process of passing appropriate implementation measures into national law... Continue reading
July 05, 2018 | Insight
Hungary: A managing director without representation rights
Hungarian law has always permitted shareholders of a company to limit the power of the company’s managing director(s). One has always been allowed to appoint a managing director without any right to represent the company... Continue reading
June 21, 2018 | Insight
Bulgaria: Boost to creditors’ rights on pledged receivables
The most popular Bulgarian security interests under credit transactions are special pledges, resembling English floating charges. Under special pledges over receivables in Bulgaria, collateral providers until recently retained their right to collect... Continue reading
June 20, 2018 | Insight
Hungary: Decline in turnover in employee dismissal cases
Companies always can restructure their internal organisation in order to increase efficiency, reduce costs, or focus on other areas of operation. With respect to the latter category, if a company’s turnover declines and its business starts to suffer... Continue reading
June 20, 2018 | Insight
Poland: Recent competition developments
The Polish competition authority has recently announced that proceedings had been initiated against Gazprom and its five partners (i.e., Engie, Uniper, OMV, Shell and Wintershall) involved in the financing and construction of the Nord Stream 2 gas pipeline... Continue reading
June 20, 2018 | Insight
Czech Republic: Restrictive clauses in lease agreements
Restrictive clauses are common in commercial lease agreements. Such clauses can limit a landlord’s ability to lease property to other tenants, restrict a tenant’s business activities to a certain geographical area or control the subleasing of property... Continue reading
June 19 2018 | Insight
Romania: Companies will be able to distribute dividends on a quarterly basis
The Romanian Parliament recently approved the Law on the Amendment and Completion of the Accounting Law No. 82/1991, Amendment and Completion of the Companies Law No. 31/1990 and Amendment and Completion of Law No. 1/2005... Continue reading
June 16, 2018 | Insight
New Trade Secrets Directive now in force across Central and Eastern Europe
As we were all busy preparing for Europe’s new GDPR system, we seem to have lost sight of the new EU Trade Secrets Directive that should have been transposed into EU national laws by June 9th of this year... Continue reading
June 16, 2018 | Insight
Bulgaria: CPC deems minimum hotel accommodation prices anti-competitive
The Ministry of Tourism recently proposed the introduction of minimum prices for sites categorised as ‘accommodation places’. In Decision 529/10.05.2018, the Commission for Protection of Competition (CPC) opined on the proposal’s compliance... Continue reading
June 14, 2018 | Insight
Russia: New VAT rules on cross-border e-commerce services: key points for B2B service providers
Russia has introduced new value-added tax (VAT) rules pertaining to certain cross-border e-commerce services, and these new rules are expected to have a significant impact on foreign e-commerce service providers... Continue reading
May 30, 2018 | Insight
Romania: Amendments to the implementing instructions for applying the Fiscal Code
Listed below are the main amendments included in Government Decision no. 354/2018 amending and supplementing the Implementing Instructions for applying Law 227/2015 regarding the Fiscal Code... Continue reading
May 29, 2018 | Insight
GDPR considerations in M&A transactions
Europe’s new General Data Protection Regulation (GDPR) came into force on May 25 and introduced unified EU rules on personal data protection. As nearly all companies obtain, store and/or process information about their business partners, customers, potential... Continue reading
May 11, 2018 | Insight
Romania: Squeeze-outs of minority shareholders
The squeeze-out of minority shareholders in closely held companies is one of the most highly controversial topics in Romanian corporate law. Historically, state owned companies were privatised through a management employee buy-out method... Continue reading
May 08, 2018 | Insight
Turkish PM Yıldırım has announced his government's economic package that contains social reforms and restructuring of some public receivables including SSI premiums and tax debt. Entitled the “Draft Law on Restructuring Some Receivables”... Continue reading
Apr 10, 2018 | Insight
Greece’s new Hellenic Cadastre
According to Law 4512/2018, Greece has abolished and replaced its “National Cadastre and Mapping Agency S.A.” with a new public entity entitled the "Hellenic Cadastre" (“Elliniko Ktimatologio”). The new agency shall be based in Athens and is... Continue reading
Mar 10, 2018 | Insight
New changes to power purchase agreements in Ukraine
Recently, there has been a push in Ukraine to amend power purchase agreements (PPAs) between Energorynok (the Ukrainian national energy company) and producers of energy from alternative energy sources. Designed to bring Ukrainian PPAs closer in line... Continue reading
Feb 13, 2018 | Insight
Hungarian autumn tax package effective January 1, 2018
The Hungarian Parliament has adopted significant amendments to the tax legislation relating to the procedural rules of tax authorities and income taxation. On the first of January 2018, the new Act on the Rules of Taxation and the new Act on the Rules of Tax... Continue reading
Jan 24, 2018 | Insight
New taxation regime in Romania on labour payments
This past November 2017, the Romanian Government issued Emergency Ordinance no. 79/2017, which modified the Romanian Tax Code. Interesting changes include the pre-tax contributions regime – which moved the social security... Continue reading
Jan 08, 2018 | Announcement
We are pleased to announce today that we have rebranded our firm regionally as Penenden LLP. This change is in conjunction with a general renewal and updating of our brand, our visual identity and our website. The Trial of Penenden Heath in 1076 was... Continue reading
Dec 15, 2017 | Insight
Highlights of the new Polish restructuring legal framework
The long-time debate on new restructuring procedures in Poland has recently yielded a specific piece of legislation. The new Polish Restructuring Law provides a brand new array of restructuring procedures, all of which implement the so-called “second chance”... Continue reading
Nov 20, 2017 | Insight
Marketing of pharmaceuticals products in Croatia
Since joining the EU, Croatia has agreed to implement the applicable EU regulatory framework governing the pharmaceuticals sector. The new legal framework on pharmaceuticals distribution is governed by the Croatian Regulation on Medicine Advertisement (CRMA)... Continue reading
Oct 11, 2017 | Insight
Company registration in Bulgaria
The registration of investment vehicles in Bulgaria has several benefits. The incorporation process itself is quite efficient, and there are no financial or filing obligations for a registered company that has no activity. The only obligation in this case is the submission... Continue reading
Sep 12, 2017 | Insight
A short discussion on the electricity and gas sector in Albania
Albania performs reasonably well overall with respect to the quality of its energy (electricity and natural gas) sector. A recent EBRD energy law reform assessment, for example, shows that the country’s regulatory independence remains strong although... Continue reading
Sep 06, 2017 | Insight
The Law Relating to Control of Concentrations between Enterprises, No. 22(I)/1999 as amended by Law 107(I) of 1999, which incorporates the well-known EU policy to promote competition and fight monopolization. The Law Relating to the Maintenance and Safeguarding... Continue reading
Jul 20, 2017 | Insights
Restrictions on the development of encumbered plots of land
The Supreme Court of the Czech Republic has ruled that any development of an encumbered plot of land by an easement is restricted to only certain business activities. The ruling concerned a case where an easement contract restricted the encumbered estate from... Continue reading
Jun 16, 2017 | Announcement
Serbia has expanded its double taxation treaty coverage
Effective as of 2017, Serbia’s double taxation treaty network has been extended to include Luxembourg. This is a ground breaking investment development because most EU and US based investors use Luxembourg vehicles when doing business in CEE... Continue reading
May 20, 2017 | Announcement
New Employment Law Rules in Bulgaria
As of January 2017, amendments to the Bulgarian Labour Code mandate certain new protections for Bulgarian nationals working in other European countries. The amendments apply to Bulgarian companies that send their employees on a business trip to the EU, EEA... Continue reading
May 08, 2017 | Announcement
Draft law regarding damages arising from anticompetitive behaviours
The Czech Republic is under the obligation to transpose the Directive of the European Parliament and of the Council No. 2014/104/EU of 26 November 2014, on certain rules governing actions for damages under national law for infringements of the competition law... Continue reading
Apr 20, 2017 | Insights
Tax inspectors must now prove misfeasance in EU cross-border mergers
In March, the Court of Justice of the European Union (CJEU) rendered its decision in the Société Euro Park Service, venant aux droits et obligations de la société Cairnbulg Nanteuil v Ministre des finances et des comptes publics case. The case (C-14/16) concerned the... Continue reading
Apr 05, 2017 | Insights
EU commission issues new rules on concluding energy supply agreements with non-EU member states
Recently the EU Commission has passed certain rules, as adopted by the EU Parliament on 2 March 2017, related to negotiating and concluding energy supply agreements with non-EU member states. The new rules require EU member states to inform the EU Commission... Continue reading
Mar 22, 2017 | Insights
New effective fees and stamp duties related to the construction sector and company incorporations
The Hungarian Parliament has recently enacted legislation relating to certain fees and duties that will reduce the procedural costs for corporate entities doing business in Hungary. The new rules are effective as of 16 March 2017. Proceedings for occupancy permits, the... Continue reading
Feb 03, 2017 | Insight
New Type of Investment Fund in Slovakia
A recent amendment to the Collective Investment Act, introduced numerous changes in Slovakia’s collective investment market. The essential change consists in the amendment that provides a new type of investment fund – commonly known as a SICAV (from the French... Continue reading
Feb 03, 2017 | Insight
Naturalisation of investors in Cyprus
The following non-Cypriot natural persons who meet one of the set financial criteria provided below, are eligible to apply for the acquisition of Cypriot citizenship. Individuals, either personally or through a company in which they are participating as shareholders... Continue reading
Jan 09, 2017 | Insight
From the year 2017 onwards, the obligation to prepare transfer pricing documentation between related companies will remain only with the entities whose revenue in the previous fiscal year exceeded EUR 2 million and only with regard to transactions of value... Continue reading
Dec 23, 2016 | Insight
The highest antitrust fine in Serbia
The Serbian Commission for Protection of Competition (SCPC) has fined EPS Distribution, an electric power distribution system operator, for the abuse of dominant position in the amount of 330 million RSD (approximately EUR 2.7 million). This is the highest... Continue reading
Dec 07, 2016 | Insight
New remedies for European individuals under the new EU General Data Protection Regulation
The new EU General Data Protection Regulation (GDPR) is due to come into effect on 25 May 2018. The GDPR will provide a new concepts on data protection in the EU and it is aimed at increasing level of protection for individuals whose personal data are processed... Continue reading
Nov 22, 2016 | Insight
Amendment law concerning the payment system in Romania
On 14 November 2016, an amended law was published relating to the introduction of modern payment systems. The amendments are applicable starting with 1 January 207. The main issues that are dealt with are that: the economic entities which have the obligatio... Continue reading
Nov 08, 2016 | Insight
Highlights of the proposed changes to the Bulgarian Commerce Act
In line with European Union recommendations, Bulgaria has prepared a draft law amending the Bulgarian Commerce Act. The amendments are still in draft and have not been approved by Parliament. Below are the important points on this draft law... Continue reading
Oct 10, 2016 | Insight
Call options as security under the Hungarian law
Although the current Hungarian Civil Code does not expressly provider for a call option as a security, it does not prohibit such a security. The first question this raises, therefore, is whether Hungarian law permits the use of a call option as security? While the... Continue reading
Oct 10, 2016 | Insight
New legislation on Warsaw properties
When the Second World War ended in 1945, Warsaw was in ruins. The new communist government introduced the 1945 Warsaw Land Decree (1945 Decree), which seized all the real estate within the borders of Warsaw at that time. After the fall of communism in Poland, there... Continue reading
Oct 03, 2016 | Insight
Immovable property acquisition taxation in Czech Republic
On 1 June 2016, the Czech Parliament issued a tax bill that resulted in a change to the levied immovable property acquisition tax. Usually, in the most frequent cases (sales contracts), the tax was payable by the transferor (seller), although the parties... Continue reading
Sep 29, 2016 | Insight
New amendment to the Hungarian Civil Code
The purpose of the new amendment to the Hungarian Civil Code, effective as of 1 October 2016, is to make effective the independent mortgage, which was used under the former civil code, along with refining rules with respect to the security deposit. The independent mortgage... Continue reading
Sep 12, 2016 | Insight
How Brexit may impact British property owners in Bulgaria
One of the most popular enquiries after Brexit is how expats and people who own property in Bulgaria will be affected. There are approximately 1.3 million UK citizens living in Europe many of which chose Bulgaria for their second home or just .bought a holiday home... Continue reading
Sep 06, 2016 | Insight
New type of investment fund in Slovakia
A recent amendment to the Collective Investment Act, effective form 18 March 2016, introduced numerous changes in Slovakia’s collective investment market. The essential change consists in the amendment that provides a new type of investment fund... Continue reading
Aug 30, 2016 | Insight
The new enforcement and security act in Serbia
Serbia’s new Enforcement and Security Act (ESA) was adopted on 18 December 2015, and has become effective as of 1 July 2016. Most importantly, ESA introduces the possibility to lodge an appeal against both the decisions of the court and the bailiff... Continue reading
Aug 09, 2016 | Insight
How to establish a limited liability company in Czech Republic
A limited liability company is the most common corporate form established by foreign investors in Czech Republic. The activity is governed by a Memorandum of Association, which is signed by all shareholders. It is essential to note that it is... Continue reading
Jul 25, 2016 | Insight
The Bulgarian Supreme Court has repealed cumbersome fee rates under the Public Procurement Act
An important amendment to the Assessment and Collection of Taxes Law (N.4/1978) in Cyprus is currently under consideration by the Council of Ministers regarding automatic exchange of information. More specifically, the proposed... Continue reading
Jul 22, 2016 | Insight
Cyprus: Proposed amendment in regards to automatic exchange
of information
An important amendment to the Assessment and Collection of Taxes Law (N.4/1978) in Cyprus is currently under consideration by the Council of Ministers regarding automatic exchange of information. More specifically the proposed amendment... Continue reading
Jul 14, 2016 | Insight
Banking secrecy in Cyprus update
Complete bank secrecy is fast becoming a matter of the past. The Automatic Exchange of Information (AEOI) portal provides a comprehensive overview of the work the OECD and the Global Forum on Transparency and Exchange of Information for Tax Purposes... Continue reading
Jun 24, 2016 | Insight
Brexit – Potential impact on London based private equity managers
On the 23rd of June, the UK voted to leave the European Union. Known as “Brexit”, the UK Government with now initiate Article 50 of the Lisbon Treaty, starting the two year procedure leading to the UK’s eventual withdrawal from the EU and... Continue reading
Capabilities
