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Montenegro

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Skoda Praha bargained the deal of building power plants in Montenegro

The Czech company Škoda Praha placed the best offer on the international tender issued by the Montenegrin government won the race to build another block of thermal power plant in Pljevlja.
Such construction is very important for the government of Montenegro.
Skoda Praha said it will build a thermal power plant of 254 megawatts with an electric efficiency of 39.5 percent, for 338.5 million euros. The second-ranked offer was from Chinese company CMEC.
The government’s call for the construction of the second block of the thermal power plant Pljevlja was answered by “Skoda Praha”, two Chinese companies – “Powerchina Hubei Electric Power Survey & Design Institute”, “China Machinery Engineering Corporation” (CMEC) and the Slovak company “Istroenergo Group”.
The project will provide town heating, in cooperation with the municipality of Pljevlja.
The construction of the second block of thermal power plants will achieve a strategic objective in the field of energy in Montenegro. In fact, it will ensure the energy independence of the Country.
(Source: Blkeu.com)

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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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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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Czech Republic: Solidarity tax

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Czech Republic

Solidarity tax: the General Financial Directorate has issued a statement regarding the interpretation of the new provision in the Income Tax Law on the tax increase regarding income taxed abroad.

According to this interpretation, Czech tax residents’ foreign-sourced income that is taxed abroad is not affected by the solidarity tax increase and it will not be counted in determining the portion of income subject to the solidarity tax increase.

The General Financial Directorate confirmed also that if a resident taxpayer only receives income that is excluded from taxation in the Czech Republic, he/she is not obliged to file a personal income tax return in the Czech Republic. This concerns mainly income from dependent activity/employment abroad.

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Czech Republic: a draft law on changes to tax laws

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Alessandro Pasut

 Czech Republic

The Chamber of Deputies is currently discussing a draft law on changes to tax laws in connection with the re-codification of private law. The draft law contains also an amendment to the VAT law limiting the supply recipient’s liability for VAT not paid by the supplier in cases where the payment for the taxable supply was made to an account of the supplier different from that published by the Tax Administration.

The liability will be limited to cases where the payment for the taxable supply is more than double the amount under the Act of the restriction of cash payments, i.e. CZK 700,000. This condition applies to the whole payment for the taxable supply, irrespective of how it was provided or whether advance payments have been made.

This regulation of liability, however, only applies to cases where payments are made to an account not published by the Tax Administration. For other cases, for example when a payment is made to a foreign account or when supplies are received from an unreliable payer, the rules remain unchanged.

Whereas the amendments to tax laws in connection with the re-codification of private law are generally effective from 1 January, the amendment to the VAT law modifying the rules on liability applies on the first day of the calendar month following the date of promulgation of the law.

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Hungary: Deductible expenses

Alessandro PasutAs part of the tax package published last 2013, the scope of deductible expenses for local business tax purposes is extended. According to the amendment, 7.5 per cent of the toll paid and accounted for as expense or cost by shipping companies in the financial year in relation to the usage – based on the actual distance travelled – of highways, motorways and main roads will be considered as deductible from the local business tax payable to local governments of the seat or permanent establishment of a company. Telecommunication tax. The amount of the telecommunication tax payable by the service providers has been raised from 2 HUF to 3 HUF per minute for each initiated phone call and per message sent. The monthly amount of tax payable is limited to HUF 5,000 for non-private household while previously is was HUF 2,500. Financial transaction tax. The tax rate for cash payments from payment accounts and from payment accounts using bank cards is increased from 0.3% to 0.6%. However, in this case the maximum limit of the tax of HUF 6,000 per transaction is abolished.

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Croatia: VAT

Alessandro PasutWith the accession to the EU, VAT on intra-community acquisitions is chargeable upon invoice issuance, or if invoice has not been issued, it should be charged no later than the 15th day of the month following the month in which the acquisition occurred.
The supply of goods to final customers within the EU will be taxable in Croatia, unless the value of the supply in question exceeds the distance selling threshold prescribed by the respective Member State. The proposed threshold for Croatia is HRK 270,000 (approximately EUR 35,700). The supply of land for construction will no longer be VAT exempt.
Invoices for the intra-community supply of goods should be issued no later than the 15th day of the month following the month in which the sale occurred. In case the supplier fails to issue the invoice in time, the acquirer is obliged to self-assess the VAT. Simplified invoice for the supply of goods and services not exceeding HRK 700 (approximately EUR 90) has been introduced. It will also be possible to issue collective invoices for several supplies made in the same month.

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Croatia: new tax law proves to be effective

Alessandro PasutNew tax law proves to be effective: the rigorous new measures implemented by the Croatian tax administration prove to be effective. In the tourism industry tax inspectors are implementing the new tax law aimed at controlling the grey economy by cracking down on businesses that avoided paying sales taxes. Several hotels, bars and restaurants were closed for some days due to financial irregularities. According to Finance Minister Slavko Linic the new measures adopted this year have been successful for the tax administration, bringing in much-needed revenues to the State, but the process known as “fiscalisation” is only beginning. In the six months since the start of the fiscalisation, the state recorded increased revenues of 1.73 billion euro against the same period last year, the tax administration reported.

The president of the Croatian Employers’ Association supports the finance ministry in the implementation of the new tax regulation. He said entrepreneurs who do not meet all the fiscal obligations constitute unfair competition to others.

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Belgium: New fiscal measures

Alessandro PasutThe Belgian Parliament has approved the law containing various tax measures decided in the framework of the budget.
Large companies will be subject to a fairness tax on their distributed dividends.
The fairness tax is a separate tax of 5.15% to be paid by the company distributing the dividends. Increases will be applied if the taxpayer fails to make advance tax payments. The tax only applies if during the taxable period the company has distributed dividends and part or all of the taxable profit has been offset by either current year notional interest deductions or tax loss carry-forwards. The taxable base of the fairness tax is calculated in three steps: firstly, the positive difference is determined between the gross amount of distributed dividends and the final taxable result which is subject to the corporate income tax rate of 33,99%.
The fairness tax will only be due if the amount of distributed dividends is higher than the final taxable result.

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