Medical Tourism in Russia
Medical tourism to Russia has exploded recently thanks to the ruble’s exchange rate. The Government aims to promote such tourism creating medical visas.
Mr. Onishchenko (President of the Medical Tourism Association) thinks that state-supported medical tourism sector would be extremely lucrative the government.
The minister of Health, Veronika Skvortsova, stated that in 2015 10.000 foreigners, due to the ruble rate exchange, spent in Russia an estimated 7-10 billion rubles ($112-160 million) on treatment.
Looking at examples, a well-known Russian journal calculated that the cost of a coronary artery bypass graft surgery would cost $ 130.000,00 in the USA, 18.500,00 $ in Singapore while the cost in Moscow would be between 2.400,00 and 8.000,00 $.
According to a report drafted by Visa and Oxford Economics, medical tourists will leave $349 billion in cash in popular medical tourism destinations around the world. This is why many scientist and expert are advising Russia to create a new type of visa for foreigners seeking treatments.
The Government of Brazil puts 30 Billion R$ in order to realize new Infrastructure Projects involving involve motorways, railways, ports, airports, mining, petrol, gas and electric energy facilities.
Michel Temer says that public banks and the Unemployment Guarantee Fund (FGTS) will grant USD 9.3 billion with tariffs and rates of return that are defined by the markets.
The Government will also allow the renegotiation of terms of contracts of old concessions that are might facing financial difficulties.
The above funds will come from R$12 billion (US$ 3.6 billion) FGTS (3.6 billion USD), together with 5.4 billion USD coming from the National Economic and Social Development Bank.
Also the Banco do Brazil will put money on the new infrastructure Projects but the exact amount is still to be decided.
Slovenia’s economy grows by 2.7% y/y during the 2nd quarter
The rate of 2.7% is for Slovenia the one of economy’s growth in the second quarter of the 2016 according to the Statistics Office.
Taking into consideration season and working days, the Slovenian GDP was up in the second quarter by 0.5%.
In real terms, the economy grew at an annual rate of 2.5% in the first half of the year.
The main factors that contributed to such growth were manufacturing (1.7%) together with commerce, hospitality and real estate (0.9%).
The growth in GDP was also caused by exports rising by 7.5% (both goods and services)
Within other factors is to register that Gross investments in fixed assets were down by 3.6% due to a drop in investments in buildings and other structures (-18%).
Investments in equipment and machinery were meanwhile up by 13.2%.
Lack of standards blocks products from Kosovo
The economy of Kosovo keeps to be uncompetitive in front of producers of the region and EU member Countries. Kosovo’s faces accordingly a high trade deficit.
In the absence of standards and state subsidies, Kosovo’s products cannot manage to penetrate in the domestic market, let alone regional and international markets.
The local expert Mr. Nexhat Hasani says that manufacturers do not have a lot of knowledge about the criteria and standards required by the European Union and this is itself a big problem. Even the origin of the products, also animal products, is not known and the European Union does not accept it since the local certifications not in line with the European directives.
Further than this, it is well known that Kosovo’s manufacturers face many difficulties in obtaining loans, especially for the early stages of development. Such lack of sources reduces their access to new technologies and innovation.
Kosovo’s manufacturers also call on institutions of the Country to create favorable tax policies with the aim of boosting export.
Without such criteria, the situation will possibly remain with the described deficit.
The best italian-made agricultural machinery
Italian manufacturers of agricultural equipment are known as being amongst the best and most advanced of their kind on the international environment.
Going to Brazil to the Agrishow will be a very suitable occasion: an Italian delegation will attempt the show supported by the Unacoma trade association.
There will be displays of items such as as plastic filters for tractors, harrows and hoes: everything that is needed for a great harvest.
The Brazilian market has proved particularly active and rewarding for Italian manufacturers due to a process of modernization, especially with regard to the machinery in the agricultural field.
The Agrishow fair has become a point of reference for buyers and specialist operators from all parts of South America.
Last year, about 155,000 professional operators visited the event, while a total of 700 exhibitors took part, representing 65 different countries: within them, the Italians.
The European Union is Kosovo’s most important economic partner with over 40% of imports and exports and over 50% of investments, as said by the Prime Minister Isa Mustafa.
Mustafa pointed that the know-how and the technology brought by the European investors is a great contribution for the local economy.
He expects the European Union to promote the investments in Kosovo since there is a suitable labor market, and low average salaries
To the meeting took part the EU ambassador to Kosovo, Samuel Zbogar, the head of the Council of European Investors, Emmanuel Mitsou and representatives of institutions, businesses and experts of economy.
To receive expert advise by Alessandro Pasut about the investments in Kosovo click here!
Exporters in Albania will be refunded VAT
On June 21st, 2016 the Albanian government has approved the decision to make an automatic refund of the VAT within one month for all businesses which are 50% export companies. Before this benefit was only for this was only for those businesses which dealt 100% with exports.
The minister Mr. Ahmetaj explained that such operation removes the obstacles to get the benefit for those businesses which are 50% export companies.
Due to this big change from now on the number of businesses that benefit is 1050 or 40% of the total.
This has been one of the main requests that exports have had for years. Ahmetaj said that this facilitation will firmly help both the Albanian exports and the export of Albanian goods.
Bosnia & Herzegovina
Sarajevo hosted on Monday the Business Accelerator “FGSME” funded by the European Union, and is developed by Sarajevo Economic Region Development Agency “SERDA”.
The goal of the project is to promote economic growth and employment in Bosnia & Herzegovina. The total project value is 520,670.00 euros, of which 441,470.00 euros was financed by the EU from IPA 2011”.
As part of event, SERDA and other partners in the FGSME project, were awarded for the Acknowledgement for Entrepreneurship development in South East Europe in 2015.
The website of the Business Boost Centre, www.msp.ba and www.sme.ba, provides unique services and information for small and medium enterprises and local institutions in BiH and abroad. Through this website SMEs have the capability to establish contacts with local and foreign partners, carry out market research, as well as its own promotion.
To receive expert advise by Alessandro Pasut about Bosnia & Herzegovina click here!
Two years ago the fourth biggest bank in Bulgaria – Corporate Commercial Bank- was closed down and then declared bankrupt. Two billion euro was discovered to be missing from the bank. Many customers lost their money. The task of laying bare the truth and of trying to help collect the credits due was assigned to a specialized British company. The worst prognosis and darkest suspicions were proven true: the owner of the bank, Tsvetan Vassilev, used his own bank as his personal pocketbook.
He sneaked out of the country and has been living abroad for two years, with the Bulgarian authorities making attempt after attempt to have him extradited.
The Bulgarian National Bank now has new management, and the Corporate Commercial Bank no longer exists. There are no financial perturbations in the country either and the banking system should now be running smoothly.
In the framework of amendments to the Fiscal Code, the types of services rendered abroad that are subject to a 16% tax rate have been expanded. They comprise management services, consulting services, marketing services, technical assistance services, research and design services, advertising and publicity services, and services rendered by lawyers, engineers, architects, notaries, accountants and auditors.
Clarifications have been introduced concerning the fiscal residency certificate of non-residents who are beneficiaries of income derived from Romania. As a consequence this document qualifies as authentic also when issued in an electronic format or online by the competent authority in the foreign state.
Further clarifications have been introduced regarding the taxable base and related VAT for supplies of goods or services performed between related parties that have limited deduction right, as well as regarding the taxable base for fixed assets.
The market value for supplies of goods and services performed between related parties is determined based on the same methods used to determine the market value for transfer pricing, when a comparable transaction can be identified.
To receive expert advise by Alessandro Pasut about the amendments of the Fiscal Code in Romania click here!