Kosovo

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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.

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Brazil

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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.

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Kosovo

Alessandro PasutKosovo

 

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.

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Albania

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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.

 

 

 

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Bosnia & Herzegovina – Economic growth

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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.

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Bulgaria

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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.

 

 

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The amendments of the Fiscal Code in Romania

Alessandro_PasutIn 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.

 

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Hungary company car tax

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Hungary

The Hungarian Parliament adopted some modifications to certain tax laws.

Company car tax. The amendments refer to persons and companies permanently leasing an automobile subject to company car tax in relation to contracts effective from last July. In this way those permanently leasing an automobile would also be entitled to deduct the amount of company car tax from the amount of motor vehicle tax. Permanent lease status includes rental for an indefinite period or for more than a year, provided that the lessee is registered as the keeper of the car.

Value added tax. The modifications contain rules which aim at eliminating potential tax accumulation regarding the sale of automobiles which are subject to input VAT deduction bans. The new rules make the sale of automobiles VAT exempt not only if there was non-deductible VAT attached to the purchase of the automobile but also if there was no input VAT attached to the purchase of the automobile – but if there had been any then the person subject to VAT would not have been entitled to deduct it.

 

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Hungary: Stability Savings Account

Alessandro PasutHungary

Stability Savings Account

The tax base will be calculated on the basis of the number of years between deposits and withdrawals: 1 to 3 years: 200%; 3 to 4 years: 100%; 4 to 5 years: 50%; and no tax liability will arise after the fifth year.

There will be no additional payment obligation on the income obtained under this arrangement. Thus private individuals can obtain non-taxable income five years after the deposit is made. However, there is no way to reclaim the taxes already paid on the amount deposited into an SSA.

The SSA can be inherited in a tax-neutral way. The account holder can specify one or more beneficiaries. In this case, the heir will have to be treated as the account holder also in respect of the deposit.

The account-holding credit institution will issue a certificate to the private individual with specified data content on the deposit and withdrawal. Detailed regulations pertaining to the SSA will be laid down in a separate decree.

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Lithuania: accounting requirements

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Accounting requirements. A commentary of the Corporate Tax Act regarding requirements for accounting was amended. The commentary specifies in detail what legal acts should be followed by an entity when performing accounting and preparing sets of financial statements depending on the form and activities of the legal entity.

Small partnerships and unlimited civil liability legal entities (except for general partnerships and limited partnerships, the general partners of which are public or private limited liability companies,) are entitled to choose whether accounting should be performed and financial statements should be prepared based only on Business Accounting Standard 38 Record keeping and financial reporting of unlimited civil liability legal entities and small partnerships or based on all other business accounting standards.

The Commentary has been supplemented with a provision which states that not only companies whose securities are traded in regulated market should keep records and prepare financial statements according to the International Accounting Standards but also financial brokerage companies, an operator of the regulated market, the Central Securities Depository of Lithuania and credit institutions except for credit unions.

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