Changes to the Flat-Rate Taxation System on the Horizon?

Changes to the Flat-Rate Taxation System on the Horizon?

National Alliance for Local Economic Development (“NALED”) has submitted its proposal for the changes of the flat-rate taxation system to the National Coordination Body for Battling Underground Economy (“NCB”). This Government body will review the proposed changes, which would substantially alter the system of flat-rate taxation of independent contractors (i.e. individual entrepreneurs) as it exists now, and have a particular impact on certain industries which rely on it to a great extent, such as the IT sector.

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The Saga of the Serbian Banking Market Consolidation

The Saga of the Serbian Banking Market Consolidation

Société Générale’s most likely departure from Serbia is not going to be the only major news on the Serbian banking market this year. The answer to the question who will stay and who will expand its business depends on the business conditions in Serbia. Yet, in view of the market’s size, this is one is not the sole reason in determining the global strategies of international banking groups.

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Amendments to the Serbian Employment of Foreigners Act

Amendments to the Serbian Employment of Foreigners Act

On 28 June 2018, the National Assembly of Serbia adopted amendments to the Employment of Foreigners Act (“the Act“). These amendments, which simplify the procedure for issuing work permits in order to further develop a favorable business environment and attract foreign investments, will come into force on 7 July 2018.

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The Amendments to the Companies’ Act of Serbia – A Welcome Change for Doing Business in Serbia?

The amendments to the Companies’ Act of Serbia- A welcoming change for doing business in Serbia?

The National Assembly of the Republic of Serbia on 8 June 2018 adopted the much-awaited Amendments to the Companies Act (hereinafter referred to as: “the Amendments”). The Amendments represent an important step towards the harmonization of the Companies Act with the EU law as well as an important step towards adjusting to the contemporary business needs in Serbia.

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GDPR Compliance Process for Health Care Providers

GDPR Compliance Process for Health Care Providers

Confidentiality is a key aspect of health care provision, and health professionals must take extraordinary care in order to protect their patient’s privacy.
GDPR introduces significantly stricter general rules for personal data processing in comparison to the previous ones and its extraterritorial application for non-EU data controllers in cases which we previously wrote about. The strictest data processing rules relate to personal data concerning health, i.e. related to physical or mental health of a natural person, including the provision of health services, which reveal information about one’s health status.

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Revealing the Beneficial Owners – More Transparency or More Bureaucracy?

Revealing the Beneficial Owners – More Transparency or More Bureaucracy?

The Act on Centralized Record of Beneficial owners (hereinafter the “Act”), came into force on June 8, 2018. This is just one of the measures taken by Serbian authorities in order to enhance transparency of business in Serbia. The Act was enacted only a few months after Serbia was identified as a jurisdiction that has strategic anti-money laundering/combating the financing of terrorism deficiencies by the Financial Action Task Force – an inter-governmental body with the objective to set standards and promote effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system.

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What to amend in the Amendments to the Foreign Exchange Operations Act in Serbia?

What to amend in the Amendments to the Foreign Exchange Operations Act in Serbia?

The National Assembly of the Republic of Serbia has on 20 April 2018 adopted amendments to the Foreign Exchange Operations Act (“FEXO”) in order to meet the requirements stemming from the Stabilization and Association Agreement (SAA) with the European Union. These provisions, now allow, amongst other things, for the free movement of capital related to portfolio investments and short-term finance loans and credits.

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Acquiring Real Estate in Serbia by Foreign Natural and Legal Persons – Easier Said than Done?

Acquiring Real Estate in Serbia by Foreign Natural and Legal Persons – Easier Said than Done?

Although Serbian Constitution introduces the general principle of equality between Serbian nationals and foreigners, in certain domains it allows for this proclaimed equality to be limited through laws. That said, one of the rights that foreign legal and natural persons can only enjoy to a limited extent pertains to the possibility of acquiring real estate in Serbia, an issue which is increasingly gaining prominence. Whereas the conditions for natural persons that will not perform a business activity to acquire real estate are quite transparent and easy to understand, the situation for those who will, and for legal persons is rather vague, and to a large extent still represents a legal void.

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QR Code Payment System in Serbia

QR Code Payment System in Serbia

Over the last few years, QR codes have become a popular payment system, used in everyday life all around the world.  As their name implies QR – Quick Response codes, allow their customers to effect payments quickly, using only their smartphones or tablets.  Following this global trend, National Bank of Serbia („NBS”), initiated a procedure of implementation of this payment system in Serbia.

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Extraterritorial Application of GDPR – Should You Be Ready for May 25?

Extraterritorial Application of GDPR – Should You Be Ready for May 25?

EU’s General Data Protection Regulative (GDPR) comes into force on May 25.

As many EU-based personal data handlers count down the days until GDPR becomes effective hoping for the best, a burning question for non-EU personal data handlers remains – ‘does GDPR apply to my business or not’?
The stakes are pretty high, bearing in mind the draconian punishments GDPR prescribes for the breach of its provisions. That is why figuring out its extraterritorial application is crucial for non-EU entities.

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