Investment Opportunities in Serbian Energy Sector

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "Investment Opportunities in Serbian Energy Sector"

Transcription

1 Energy Investment Opportunities in Serbian Energy Sector Aleksandar Nedeljkovic, FDI Advisor for RES Projects at Serbia Investment and Export Promotion Agency (SIEPA)

2 Presentation Outline Short introduction to Serbia Serbian FDI trends Serbian energy sector outlook Benefits of Serbia About SIEPA

3 Energy Short introduction to Serbia

4 About Serbia Area: 88,361 km2 Population: 7.5 million Official Language: Serbian State Form: Democratic Republic ( million Capital: Belgrade (1.7 Currency: Serbian Dinar (RSD)

5 European Union path EU candidacy status achieved in March 2012 SAA Agreement signed in 2008 Trade interim agreement with EU since 2009 VISA liberalization for Serbian citizens since Dec 2009 European Union standards are being implemented as our path towards EU gets paved

6 Serbian economy trends and plans 5,4 GDP growth rate (%) 5,4 3,6 3,8 Unemployment rate (%) 21,8 21,6 18, ,9 14,4 24,4 1 1,9 1, ,5 13,6 7,3 Inflation (%) 11,0 8,6 6,6 10,3 7,0 4,2 Import and Export ( million)

7 Energy Serbian FDI trends

8 Serbia FDI analysis 2001/2011 Countries by value Source: SIEPA

9 Serbia FDI analysis 2001/2011 Countries by # of projects Source: SIEPA

10 Serbia FDI analysis 2001/2011 Sectors by value Source: SIEPA

11 Serbia FDI analysis 2001/2011 Sectors by # of projects Source: SIEPA

12 Energy Serbian energy sector outlook

13 Gross inland consumption Source: Official data of the Republic Statistical Office for 2010.

14 Energy supply & demand Source: Official data of the Republic Statistical Office for 2010.

15 Consumption of electrical energy in Serbia (projection) GWh Diagrammtitel Увоз Import Production Производња (New (нови capacities) капацитети) Production Производња (old (стари capacities) капацитети) Бруто Gross потрошња consumption Source: EPS Based on the projections of Electric power industry of Serbia, consumption of electrical energy in Serbia will increase by about 13% from 2010 to 2020

16 Foreign direct investments in energy sector ( million) Source: National Bank of Serbia * - Until 2011, the figures include FDI in energy and water infrastructure, while in 2011 figure represents FDI only in energy sector

17 RES investment process Energy permit Construction permit Privileged Producer Status & Feed-in tariff Energy License <1 MW N/A Local Government / Municipality Ministry of Infrastructure and Energy and PPA with EPS N/A 1-10 MW Ministry of Infrastructure and Energy Local Government / Municipality Ministry of Infrastructure and Energy and PPA with EPS Energy Agency (AERS) >10 MW Ministry of Infrastructure and Energy Ministry of Environment, Minning and Spatial Planning Ministry of Infrastructure and Energy and PPA with EPS Energy Agency (AERS)

18 Energy Benefits of Serbia

19 Equality in every sense National treatment of foreign investors Free repatriations of financial and other assets, profits and dividends No industry restriction for foreign investments. No issues with hiring international staff Availability of special programs offered by the Government Easy access to all levels of Government and its institutions

20 Human resources Around university and 2-year college graduates, and high school graduates per year Top quality technical education at both high school and university level A wide availability of highly qualified staff Strong command of the English language

21 Special taxes Salary Tax Rate Corporate Profit Tax Serbia 10% Bulgaria 10% Romania 16% Poland 19% Slovakia 19% 19% Croatia 19% Hungary 10-19% 0% 5% 10% 15% 20% Serbia 12% Czech Republic 15% Romania 16% Slovakia 19% Bulgaria 20% Hungary 17-32% Poland 18-32% Croatia 12-40% 0% 10% 20% 30% 40% VAT Serbia 18% Slovakia 20% Czech Republic 20% Bulgaria 20% Poland 23% Croatia 23% Romania 24% Hungary 25% 0% 5% 10% 15% 20% 25%

22 Special financial incentives Projects are evaluated to a set of criteria Investors have 3 years to finish the project Payments follow the project life cycle 4 tranches of 25% each Each payment is backed by a bank guarantee After the project is completed a bank guarantee for the full amount on 3 years is submitted Employ min 50 people Invest 500K / 1 Mill EUR Stay 3y after project completion 4,000 to 10,000 EUR for each employee! Since 2006, SIEPA granted more then 200 million EUR worth of cash grants.

23 Other incentives The National Employment Service Grants The National Employment Service (NES) grants include: the Employment Subsidies Program, the Apprentice Program, and the Re-Training Program. Corporate Income Tax Holiday Companies are exempt from Corporate Income Tax for a period of 10 years starting from the first year in which they report taxable profit if they invest in fixed assets an amount exceeding 8 million, and employ at least 100 additional employees. Corporate Income Tax Credits The amount of tax payable can be reduced by 20% or 80% of the amount invested in fixed assets for the respective tax period. This reduction cannot exceed 50% of the total tax liability for a single year. If not used entirely in the course of one year, this tax credit can be carried forward for a maximum period of 10 years. Customs-Free Imports of Machinery and Equipment Foreign investors are exempt from paying customs duty on imported equipment and machinery which represents the share of a foreign investor in a capital of a company in Serbia.

24 Energy SIEPA at your service

25 SIEPA at your service Assistance in various activities Selecting suppliers Linking all stakeholders Project aftercare Promoting investments Web site Conferences Investment seminars Project management Managing investment projects Providing informatio n General data Financial grants administration Tax, legal, other assistance Selecting investment location Municipal data Brownfield locations Greenfield locations Tax and legislation Sector analysis, brochures

26 Thank you for your attention!

Serbia Investment and Export Promotion Agency SERBIA QUALITY WORKS. Jelena Akovic Senior Legal Advisor

Serbia Investment and Export Promotion Agency SERBIA QUALITY WORKS. Jelena Akovic Senior Legal Advisor SERBIA QUALITY WORKS Jelena Akovic Senior Legal Advisor PRESENTATION RIGHTS RESERVED. COPYRIGHT SIEPA. YEAR 2010. ABOUT SERBIA Official Name: Republic of Serbia Area: 88,361 km 2 Population: 9.5 million

More information

Starting a Business in Israel

Starting a Business in Israel Starting a Business in Israel Inspiration Invention Innovation Content: Page 1. Business Entities....... 2 a. Company...... 2 b. Foreign Company (e.g. a branch)...... 2 c. Partnership...... 3 d. Self Employed......

More information

Monthly Update. January 2014

Monthly Update. January 2014 Monthly Update Politics On the 29 th of January, the President of the Republic of Serbia Mr. Tomislav Nikolic called for earlier Parliamentary elections for the 16 th of March 2014, in order to speed up

More information

R&D ACTIVITIES. Two in one A value added way to tax optimization

R&D ACTIVITIES. Two in one A value added way to tax optimization R&D ACTIVITIES Two in one A value added way to tax optimization 2 in 1 - A value added way to tax optimization One of the main priority fields of the Hungarian Government in relation to the 2014-2020 European

More information

Investing in Renewable Energy Sources in Serbia

Investing in Renewable Energy Sources in Serbia Investing in Renewable Energy Sources in Serbia Energy Community Investment Conference on Energy Efficiency and Renewable Energy Vienna, 18 March 2010. Biomass Crop farming residues 1/3 available for Energy

More information

Norway Country Profile

Norway Country Profile Norway Country Profile Produced by Oslo Revisjon AS P.O. Box 123 Skoyen, N - 0212 Oslo, Norway Phone: +47 22 50 24 50 Fax : +47 22 50 36 80 Email: firmapost@oslorevisjon.no The intention of this profile

More information

TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK

TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK ICELAND Introduction TAX PRACTICE GROUP Multi-Jurisdictional Survey TAX DESK BOOK CONTACT INFORMATION Ólafur Kristinsson LOGOS legal services Efstaleiti 5 108 Reykjavík Iceland +354-5400300 olafurk@logos.is

More information

Personal income tax: Entrance and top tax rates, Content: 1. Entrance tax rates Top tax rates... 6

Personal income tax: Entrance and top tax rates, Content: 1. Entrance tax rates Top tax rates... 6 Personal income tax: Entrance and top tax rates, 2014 Content: 1. Entrance tax rates... 2 2. Top tax rates... 6 Source: German Federal Ministry of Finance, Die wichtigsten Steuern im internationalen Vergleich

More information

GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE

GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE SECTION 1 DETAILS GUIDELINES ON THE COMPLETION OF THE STRUCTURAL BUSINESS STATISTICS 2014 QUESTIONNAIRE I. Principal Activity: Please provide an explanation of the activity of the enterprise according

More information

2013 Thinking Beyond Borders

2013 Thinking Beyond Borders INTERNATIONAL EXECUTIVE SERVICES 2013 Thinking Beyond Borders Ukraine kpmg.com Ukraine Introduction Individuals are subject to Ukrainian income tax as either tax residents or tax non-residents. Residents

More information

S&T - Company Presentation. August 2015

S&T - Company Presentation. August 2015 S&T - Company Presentation August 2015 About S&T AG S&T engineers Appliances for vertical markets Appliances comprise of dedicated hardware + combined software solutions Vertical niche solutions for Automation

More information

SERBIA TEXTILE INDUSTRY

SERBIA TEXTILE INDUSTRY SERBIA TEXTILE INDUSTRY Content WELCOME TO SERBIA 02 Real Knitting can only confirm its positive experience and suggest Serbia as country for long term investment due to the fact that Serbia is in a strategic

More information

Taxation of banking and finance in the BSEC countries

Taxation of banking and finance in the BSEC countries Taxation of banking and finance in the BSEC countries Anastasia Certan Head, Tax and Customs Policy and Legislation General Directorate 1 AGENDA CIT rates and exemptions WHT rates General and special deductions

More information

Biomass business development potential in Bosnia and Herzegovina

Biomass business development potential in Bosnia and Herzegovina Energy Biomass business development potential in Bosnia and Herzegovina mr. Sanjin Avdić, dipl.ing.mas., MBA Head of energy department www.german-renewable-energy.com Biomasse in Serbien und Bosnien-Herzegowina,

More information

Improving net external financing capacity of the Hungarian economy

Improving net external financing capacity of the Hungarian economy Improving net external financing capacity of the Hungarian economy Net external financing capacity of Hungary has steadily and significantly improved in the past couple of years. The same applies to the

More information

The education system and lifelong learning in Finland. October 2015 Petri Haltia

The education system and lifelong learning in Finland. October 2015 Petri Haltia The education system and lifelong learning in Finland October 2015 Petri Haltia FINLAND Population: year 2012: 5,421,827 density: 16/km 2 Area: total 338,424 km 2 water 10 % GDP (nominal) 2011 estimate:

More information

The Tax Burden of Typical Workers in the EU 28 2015

The Tax Burden of Typical Workers in the EU 28 2015 The Tax Burden of Typical Workers in the EU 28 2015 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite

More information

Vukovar- Srijem County

Vukovar- Srijem County INVESTMENTS IN CROATIA Vukovar- Srijem County Location of the Future for International Business and Investment www.vusz.hr 1 CROATIA Vukovar -Srijem county INVESTMENTS IN CROATIA Location of the Future

More information

Examples for financing of biogas projects in Italy

Examples for financing of biogas projects in Italy IEE Project BiogasIN Examples for financing of biogas projects in Italy D.3.2., WP3 - Henning Hahn, Dominik Rutz, Erik Ferber, Franz Kirchmayer - November 2010 Contents 1. Introduction... 3 2. Basics of

More information

S&T - Company Presentation. April 2015

S&T - Company Presentation. April 2015 S&T - Company Presentation April 2015 About S&T AG S&T engineers Appliances for vertical markets Appliances comprise of dedicated hardware + combined software solutions Vertical niche solutions for Automation

More information

Uganda Fiscal Guide 2012/13 kpmg.com

Uganda Fiscal Guide 2012/13 kpmg.com Tax Uganda Fiscal Guide 2012/13 kpmg.com Introduction: Uganda Fiscal Guide 2012/13 Income tax Basis of taxation Income tax is levied on both companies and individuals under the Income Tax Act, (Cap 340)

More information

ROAD TO NATO: SHARING INTEGRATION AND MEMBERSHIP EXPERIENCE ECONOMIC NATO

ROAD TO NATO: SHARING INTEGRATION AND MEMBERSHIP EXPERIENCE ECONOMIC NATO ROAD TO NATO: SHARING INTEGRATION AND MEMBERSHIP EXPERIENCE ECONOMIC NATO ROAD TO NATO: SHARING INTEGRATION AND MEMBERSHIP EXPERIENCE ECONOMIC NATO The NATO Week 2014, held in Tbilisi in the week of April

More information

EASTERN EUROPEAN INVESTOR TOUR

EASTERN EUROPEAN INVESTOR TOUR EASTERN EUROPEAN INVESTOR TOUR Brno, Czech Republic 21.03.2007 AGENDA 1. Czech Macroeconomic Figures 2. Škoda Auto - Basic Information 3. Škoda Auto - Results 2006 Czech Macroeconomic Figures CZECH REPUBLIC

More information

DOING BUSINESS IN SLOVENIA

DOING BUSINESS IN SLOVENIA DOING BUSINESS IN SLOVENIA CONTENTS 1 Introduction 3 2 Business environment 4 3 Foreign Investment 6 4 Setting up a Business 11 5 Labour 12 6 Taxation 13 7 Accounting & reporting 17 8 UHY Representation

More information

MALTA TRADING COMPANIES

MALTA TRADING COMPANIES MALTA TRADING COMPANIES Malta Trading Companies Maltese Registered Companies and Trading Operations in Malta Malta, an EU Member State since May 2004, has developed into a leading and reputable financial

More information

INVESTING IN TURKEY THE NEW INVESTMENT INCENTIVE SYSTEM

INVESTING IN TURKEY THE NEW INVESTMENT INCENTIVE SYSTEM INVESTING IN TURKEY THE NEW INVESTMENT INCENTIVE SYSTEM Warsaw, February 2013 New Program Policy Orientation The year 2023 would be the centenary of Turkish Republic s establishment. Therefore we set up

More information

The Company Tax System in Malta

The Company Tax System in Malta The Company Tax System in Malta Maltese companies are subject to tax at 35% Malta s tax system adopts a full imputation system Effective system for relief of double taxation Compliant with EU law Maltese

More information

News Flash. September, 2015. Tax guide for property investment in Hungary

News Flash. September, 2015. Tax guide for property investment in Hungary News Flash September, 2015 Tax guide for property investment in Hungary Tax guide for property investment in Hungary In our current newsletter we would like to inform you about the most important taxation

More information

Econ 102 Economic Growth Solutions. 2. Discuss how and why each of the following might affect US per capita GDP growth:

Econ 102 Economic Growth Solutions. 2. Discuss how and why each of the following might affect US per capita GDP growth: Econ 102 Economic Growth Solutions 2. Discuss how and why each of the following might affect US per capita GDP growth: a) An increase of foreign direct investment into the US from Europe is caused by a

More information

193/2014-15 December 2014. Hourly labour costs in the EU28 Member States, 2012 (in )

193/2014-15 December 2014. Hourly labour costs in the EU28 Member States, 2012 (in ) 193/2014-15 December 2014 Labour Cost Survey 2012 in the EU28 Labour costs highest in the financial and insurance sector Three times higher than in the accommodation and food sector In 2012, average hourly

More information

CHAPTER 10 FEE SCALES, SALARIES AND TAXATION

CHAPTER 10 FEE SCALES, SALARIES AND TAXATION The Civil Engineering Profession in Europe - 2004 CHAPTER 10 FEE SCALES, SALARIES AND TAXATION This chapter sets out the financial and economic environment in which the professional civil engineer operates.

More information

FISCAL ASPECTS REGARDING TRADING COMPANIES IN ROMANIA

FISCAL ASPECTS REGARDING TRADING COMPANIES IN ROMANIA FISCAL ASPECTS REGARDING TRADING COMPANIES IN ROMANIA Author: Dragomir & Asociatii Law Office Law Firm: Dragomir & Asociatii Law Office Published on: August 2011 Updated on: August 2011 1. Premises In

More information

Netherlands. Croatia. Malta. Slovenia. Greece. Czech Republic. Portugal. Compulsory. households actual. social contributions.

Netherlands. Croatia. Malta. Slovenia. Greece. Czech Republic. Portugal. Compulsory. households actual. social contributions. Structure and development of tax revenues Table EL.: Revenue (% of GDP) 2004 2005 2006 2007 2008 2009 200 20 202 203 I. Indirect taxes : : 2.3 2.7 2.7.8 2.6 3.5 3. 3.4 VAT : : 6.8 7. 7.0 6.3 7. 7.2 7.

More information

Tax Card 2013 With effect from 1 January 2013 Lithuania. KPMG Baltics, UAB

Tax Card 2013 With effect from 1 January 2013 Lithuania. KPMG Baltics, UAB Tax Card 2013 With effect from 1 January 2013 Lithuania KPMG Baltics, UAB CORPORATE INCOME TAX Taxable profit of Lithuanian and foreign corporate taxpayers is subject to a standard (flat) rate of 15%.

More information

Setting Up a Business In Serbia

Setting Up a Business In Serbia Setting Up a Business In Serbia AUDIT & CONSULTING INTERNATIONAL CENTER FOR FINANCIAL MARKET DEVELOPMENT SECURITIES BROKER-DEALER INTERCITY BROKER Why Serbia? 2 Table of Contents Introduction...1 Setting

More information

Renewable energy sources penetration in most of BSEC countries

Renewable energy sources penetration in most of BSEC countries Renewable energy sources penetration in most of BSEC countries Prof. Dimitrios MAVRAKIS Director Energy Policy and Development Centre (KEPA) National and Kapodistrian University of Athens Energy Policy

More information

What to Do with Taxes in Croatia? Tax Burden, Taxation of Income, Profit and Property

What to Do with Taxes in Croatia? Tax Burden, Taxation of Income, Profit and Property P. O. Box 3, Phone: (385 1) 4819 363; Fax: 4819 365; e-mail: office@ijf.hr; www.ijf.hr; ISSN 1333-4417 No. 32 September 7 Marina Kesner-Škreb What to Do with Taxes in Croatia? Tax Burden, Taxation of Income,

More information

2016 Tax Guideline for the Czech Republic. Legal forms of business Social security & Labor law aspects Overview of taxation system

2016 Tax Guideline for the Czech Republic. Legal forms of business Social security & Labor law aspects Overview of taxation system 2016 Tax Guideline for the Czech Republic Legal forms of business Social security & Labor law aspects Overview of taxation system General information about the Czech Republic Location: The Czech Republic

More information

Presentation of Mr. György Rétfalvi ITD Hungary

Presentation of Mr. György Rétfalvi ITD Hungary Presentation of Mr. György Rétfalvi ITD Hungary ICEG Conference, March, 2008 Foreign Direct Investments: Trends and Challenges Challenges in attracting foreign direct investments Global trends The global

More information

THE ORGANISATION AND FINANCING OF HEALTH CARE SYSTEM IN LATVIA

THE ORGANISATION AND FINANCING OF HEALTH CARE SYSTEM IN LATVIA THE ORGANISATION AND FINANCING OF HEALTH CARE SYSTEM IN LATVIA Eriks Mikitis Ministry of Health of the Republic of Latvia Department of Health Care Director General facts, financial resources Ministry

More information

EXCISE DUTY RATES FOR BEER IN EUROPE

EXCISE DUTY RATES FOR BEER IN EUROPE EXCISE DUTY RATES FOR BEER IN EUROPE Rates as at: 1 October 2012 The Brewers of Europe, 2012 Reproduction is authorised, provided the source is mentioned. While The Brewers of Europe endeavours to ensure

More information

Analysis of the electricity prices in the Slovak Republic and their impact on the individuals energy security

Analysis of the electricity prices in the Slovak Republic and their impact on the individuals energy security Analysis of the electricity prices in the Slovak Republic and their impact on the individuals energy security Abstract Martina Mokrišová Department of Finance and Accounting Faculty of Management University

More information

1. What changes are foreseen in the Law on income tax from 1.1.2016?

1. What changes are foreseen in the Law on income tax from 1.1.2016? This newsletter covers the following topics: 1. What changes are foreseen in the Law on income tax from 1.1.2016?... 1 2. Proposed changes to the Tax Code, with effect from 01.01.2016... 2 3. Proposed

More information

Investment incentives in Bulgaria

Investment incentives in Bulgaria Investment incentives in Bulgaria Types of incentives under the current Bulgarian legislation Tax incentives Incentives under the Investment Promotion Act (IPA) Employment incentives (training and job

More information

Lucyna Kornecki Embry Riddle Aeronautical University

Lucyna Kornecki Embry Riddle Aeronautical University FDI IN CENTRAL AND EASTERN EUROPE BUSINESS ENVIRONMENT AND CURRENT FDI TRENDS IN POLAND Lucyna Kornecki Embry Riddle Aeronautical University ABSTRACT The Central and Eastern European Countries (CEEC) acknowledge

More information

Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU

Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU 92/2015-27 May 2015 Energy prices in the EU Household electricity prices in the EU rose by 2.9% in 2014 Gas prices up by 2.0% in the EU In the European Union (EU), household electricity prices 1 rose by

More information

PLEASE INSERT CLASSIFICATION HERE BUDAPEST SUPPORT CENTER

PLEASE INSERT CLASSIFICATION HERE BUDAPEST SUPPORT CENTER BUDAPEST SUPPORT CENTER HUNGARY AND DSC CZ & HU Budapest Support Center March 2016 2 Hungary in a Nutshell Parliamentary representative democratic republic Population 9.9mil citizens Area: 93.000 sq km

More information

Definition of Public Interest Entities (PIEs) in Europe

Definition of Public Interest Entities (PIEs) in Europe Definition of Public Interest Entities (PIEs) in Europe FEE Survey October 2014 This document has been prepared by FEE to the best of its knowledge and ability to ensure that it is accurate and complete.

More information

Contribution of the banking sector to the economy and society of Serbia

Contribution of the banking sector to the economy and society of Serbia Contribution of the banking sector to the economy and society of Serbia Contribution of the banking sector to the economy and society of Serbia Study December 2013 Content Introduction and and methodological

More information

THE ISRAELI TAX SYSTEM. Iris Stark, CPA

THE ISRAELI TAX SYSTEM. Iris Stark, CPA THE ISRAELI TAX SYSTEM Iris Stark, CPA October 2012 THE ISRAELI TAX SYSTEM Taxation in Israel is based on an individual method. Accordingly, as of 2003, all Israeli residents are liable for payment of

More information

// BRIEF STATISTICS 2014

// BRIEF STATISTICS 2014 // BRIEF STATISTICS 2014 // TAXATION IN FINLAND Finland s taxation is subject to decisions by the Finnish Parliament, the European Union and the municipalities of Finland. It is governed by tax legislation,

More information

IAB Europe AdEx Benchmark 2014. Daniel Knapp, IHS Eleni Marouli, IHS

IAB Europe AdEx Benchmark 2014. Daniel Knapp, IHS Eleni Marouli, IHS IAB Europe AdEx Benchmark 2014 Daniel Knapp, IHS Eleni Marouli, IHS About the study A meta analysis of online ad spend in Europe GROSS NET RATECARD Revenue Billed Revenue Billed No Agency commissions Campaigns

More information

The Tax Burden of Typical Workers in the EU 28 2016

The Tax Burden of Typical Workers in the EU 28 2016 The Tax Burden of Typical Workers in the EU 28 2016 James Rogers Cécile Philippe Institut Économique Molinari, Paris Bruxelles TABLE OF CONTENTS Abstract 2 Background 2 Main Results 3 On average, a respite

More information

AUDIT & CONSULTING INTERNATIONAL CENTER FOR FINANCIAL MARKET DEVELOPMENT

AUDIT & CONSULTING INTERNATIONAL CENTER FOR FINANCIAL MARKET DEVELOPMENT AUDIT & CONSULTING SECURITIES BROKER-DEALER INTERCITY BROKER INTERNATIONAL CENTER FOR FINANCIAL MARKET DEVELOPMENT Why Serbia? Low Overhead Costs Competitive Tax Regime Customs Free Access to the 15% of

More information

- Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) -

- Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) - - Assessment of the application by Member States of European Union VAT provisions with particular relevance to the Mini One Stop Shop (MOSS) - BACKGROUND The information available on this website relates

More information

GUIDELINES ON FOREIGNERS PURCHASE AND OWNERSHIP OF REAL ESATE : MALAYSIA

GUIDELINES ON FOREIGNERS PURCHASE AND OWNERSHIP OF REAL ESATE : MALAYSIA GUIDELINES ON FOREIGNERS PURCHASE AND OWNERSHIP OF REAL ESATE : MALAYSIA (A) Snapshots of the Economy Per Capital Income : RM29,000 (US$9500). GDP Growth Rate : 5% (2011) Gross Dev. Savings @ % of GDV

More information

Prof. dr Branko Glavonjić. Wood energy market and subsidies for using woody biomass in production of electricity and heat in Serbia

Prof. dr Branko Glavonjić. Wood energy market and subsidies for using woody biomass in production of electricity and heat in Serbia Prof. dr Branko Glavonjić Wood energy market and subsidies for using woody biomass in production of electricity and heat in Serbia CONTENTS Overview of the wood energy market in Serbia: actual state Improving

More information

Rwanda Fiscal Guide 2014/15

Rwanda Fiscal Guide 2014/15 0 Rwanda Fiscal Guide 2014/2015 TAX Rwanda Fiscal Guide 2014/15 kpmg.com 1 Rwanda Fiscal Guide 2014/2015 INTRODUCTION Rwanda Fiscal Guide 2014/2015 2 Rwanda Fiscal Guide 2014/2015 Income tax Basis of taxation

More information

EUF STATISTICS. 31 December 2013

EUF STATISTICS. 31 December 2013 . ESTIMATES OF EU TURNOVER VOLUMES. Turnover volumes by product, allocation and notification (Estimates of EU s, Millions of ) Estimate of the EU % on Turnover Significance of the sample on total turnover

More information

DRAFT AMENDING BUDGET No 8 TO THE GENERAL BUDGET 2015 OWN RESOURCES EUROPEAN DATA PROTECTION SUPERVISOR

DRAFT AMENDING BUDGET No 8 TO THE GENERAL BUDGET 2015 OWN RESOURCES EUROPEAN DATA PROTECTION SUPERVISOR EUROPEAN COMMISSION Brussels, 19.10.2015 COM(2015) 545 final DRAFT AMENDING BUDGET No 8 TO THE GENERAL BUDGET 2015 OWN RESOURCES EUROPEAN DATA PROTECTION SUPERVISOR EN EN Having regard to: the Treaty on

More information

Cyprus Country Profile

Cyprus Country Profile Cyprus Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Cyprus EU Member State Yes Double Tax Treaties With: Armenia Austria Azerbaijan

More information

DEMOGRAPHICS AND MACROECONOMICS

DEMOGRAPHICS AND MACROECONOMICS 1 UNITED KINGDOM DEMOGRAPHICS AND MACROECONOMICS Data from 2008 or latest available year. 1. Ratio of over 65-year-olds the labour force. Source: OECD, various sources. COUNTRY PENSION DESIGN STRUCTURE

More information

FOREWORD. Namibia. Services provided by member firms include:

FOREWORD. Namibia. Services provided by member firms include: FOREWORD A country's tax regime is always a key factor for any business considering moving into new markets. What is the corporate tax rate? Are there any incentives for overseas businesses? Are there

More information

Ireland Country Profile

Ireland Country Profile Ireland Country Profile EU Tax Centre July 2015 Key tax factors for efficient cross-border business and investment involving Ireland EU Member State Yes Double Tax Treaties With: Albania Armenia Australia

More information

Setting up your Business in Bulgaria Issues to consider

Setting up your Business in Bulgaria Issues to consider Bulgaria is a parliamentary republic situated in the heart of the Balkan Peninsula at the south - east part of Europe. It is a member of NATO since 2004 and of the European Union since 2007. The territory

More information

Ministry of Finance and Economy of the Republic of Serbia. Free Zones Administration FREE ZONES OF SERBIA. The place for your investments

Ministry of Finance and Economy of the Republic of Serbia. Free Zones Administration FREE ZONES OF SERBIA. The place for your investments Ministry of Finance and Economy of the Republic of Serbia Free Zones Administration FREE ZONES OF SERBIA The place for your investments Favorable geographic position Serbia is situated in the Balkan peninsula

More information

COMMUNICATION FROM THE COMMISSION

COMMUNICATION FROM THE COMMISSION EUROPEAN COMMISSION Brussels, 17.9.2014 C(2014) 6767 final COMMUNICATION FROM THE COMMISSION Updating of data used to calculate lump sum and penalty payments to be proposed by the Commission to the Court

More information

Cyprus in International Tax Planning

Cyprus in International Tax Planning Seize the advantage of our expertise Technical Report This publication should be used as a source of general information only. It is not intended to give a definitive statement of the law. For the specific

More information

Malta Companies in International Tax Structuring February 2015

Malta Companies in International Tax Structuring February 2015 INFORMATION SHEET No. 126 Malta in International Tax Structuring February 2015 Introduction Malta is a reputable EU business and financial centre with an attractive tax regime and sound legislative framework.

More information

Monaco Corporate Taxation

Monaco Corporate Taxation Introduction Monaco is a sovereign principality. France is a guarantor of the sovereignty and territorial integrity of Monaco, while Monaco is to conform to French interests. Although the Prince is the

More information

YOUR TICKET TO SUCCESS SEIZE THE OPPORTUNITY OF AN IDEAL JOB IN AUSTRIA!

YOUR TICKET TO SUCCESS SEIZE THE OPPORTUNITY OF AN IDEAL JOB IN AUSTRIA! YOUR TICKET TO SUCCESS SEIZE THE OPPORTUNITY OF AN IDEAL JOB IN AUSTRIA! Everything you as a worker need to know about the Red-White-Red Card. advantageaustria.org/migration CONTENT 3 GOOD REASONS WHY

More information

INVESTING IN A TRANSITIONING SECTOR

INVESTING IN A TRANSITIONING SECTOR INVESTING IN A TRANSITIONING SECTOR Eurelectric conference Jon Moore, CEO NEW INVESTMENT IN CLEAN ENERGY 24-14 ($BN) 32% 17% $318bn -7% $294bn 16% -9% $31bn.5% $272bn $268bn 17% 46% 36% $175bn $25bn $26bn

More information

Bulletin of the Ministry of Finance of the Republic of Macedonia REPUBLIC OF MACEDONIA MINISTRY OF FINANCE. Bulletin. April 2016.

Bulletin of the Ministry of Finance of the Republic of Macedonia REPUBLIC OF MACEDONIA MINISTRY OF FINANCE. Bulletin. April 2016. Bulletin of the Ministry of Finance of the Republic of Macedonia REPUBLIC OF MACEDONIA MACEDONI A MINISTRY OF FINANCE Bulletin April 2016 Skopje, Skopje, 2016 201 6 Bulletin of the Ministry of Finance

More information

Bulgaria at a glance. Location and key data

Bulgaria at a glance. Location and key data Bulgaria at a glance Location and key data Area: 110,910 sq. km Number of inhabitants (2011): 7.4 mln Capital and largest City: Sofia Other cities: Plovdiv, Varna, Bourgas, Ruse, Stara Zagora, Pleven,

More information

Real GDP Growth (%) 3.5 (Central Bank, October, 2009, estimated) Core Inflation (excludes food prices) (%) 4.3 (Central Bank, June 2010)

Real GDP Growth (%) 3.5 (Central Bank, October, 2009, estimated) Core Inflation (excludes food prices) (%) 4.3 (Central Bank, June 2010) MINISTRY OF TOURISM INVESTMENT FACILITATION Getting Started To answer the first question the following points are salient: Trinidad and Tobago Economic Indicators GDP (USD Mn) 24, 000 (Budget Statement

More information

Potential tax consequences of a Brexit. June 2016

Potential tax consequences of a Brexit. June 2016 Potential tax consequences of a Brexit June 2016 Overview potential Brexit tax consequences Termination friendly EU Social Security directives => Cross-border employed employees may become subject to more

More information

The River Devoll Project

The River Devoll Project EVN Hydropower Development in Albania The River Devoll Project Dr. Michael Laengle, CFO Agenda > EVN Overview and strategy > Albania Electricity market in SEE > The River Devoll project 2 Company profile

More information

Insight Brief Reducing the Shadow Economy through Electronic Payments

Insight Brief Reducing the Shadow Economy through Electronic Payments Insight Brief Reducing the Shadow Economy through Electronic Payments An EY Study Commissioned by MasterCard 1 Each year, many countries lose a significant part of their tax revenues due to the existence

More information

GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES. Textbook, Chapter 26 [pg 317-328]

GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES. Textbook, Chapter 26 [pg 317-328] GOVERNMENT ECONOMIC OBJECTIVES AND POLICIES Textbook, Chapter 26 [pg 317-328] Name: Class: Learning outcomes: Identify government economic objectives. Explain the main stages of the business cycle. Explain

More information

Malta launches patents exemption

Malta launches patents exemption Malta launches patents exemption Background The Maltese government published regulations for the application of an exemption from corporate tax on royalties (and similar income) derived from qualifying

More information

Operational Companies VAT Indirect Taxes. Why Luxembourg: VAT advantages for commercial companies*

Operational Companies VAT Indirect Taxes. Why Luxembourg: VAT advantages for commercial companies* Operational Companies VAT Indirect Taxes Why : VAT advantages for commercial companies* Why : VAT advantages for commercial companies as an international decision-making, financing or distribution hub:

More information

Best Practice in Sustainable Finance: The Experience of Bank Austria Creditanstalt

Best Practice in Sustainable Finance: The Experience of Bank Austria Creditanstalt Best Practice in Sustainable Finance: The Experience of Bank Austria Creditanstalt Warsaw, March 16 th, 2005 BA-CA Corporate Finance & Public Sector Agenda Bank Austria Creditanstalt AG Sustainability

More information

Preliminary Financial Results 2014

Preliminary Financial Results 2014 Preliminary Financial Results 2014 Analyst Conference Call 5 March 2015 Agenda Introduction 2014 Key highlights 2014 Financial Results 2015 Outlook 2 Fortuna - Leading regulated CEE sports betting & lottery

More information

The Perks of Doing Business in Malta

The Perks of Doing Business in Malta The Perks of Doing Business in Malta Legal and Tax Opportunities Dr Charles Cassar CCLex.com Malta London 1 2012 2013 - CCLex.com Overview About the Firm Business Environment Legal basics Tax Considerations

More information

Strategic Initiatives Retail Banking

Strategic Initiatives Retail Banking Strategic Initiatives Retail Banking Branch Sales Force Effectiveness Fund Management Market Growth Funds A Global Comparison Assets Under Management In bn Regional/Country Growth Rates 2004 2005 +6% AUM

More information

CENTRAL EUROPEAN BULLETIN. Bisnode Bulletin February 2014. + A quick overview of the following markets:

CENTRAL EUROPEAN BULLETIN. Bisnode Bulletin February 2014. + A quick overview of the following markets: Bisnode Bulletin February 2014 CENTRAL EUROPEAN BULLETIN BUSINESS CARD OF THE NGARIAN ECONOMY IN 2012 + A quick overview of the following markets: Bosnia and Herzegovina, Czech Republic, Croatia, Hungary,

More information

DOING BUSINESS THROUGH MALTA - AN OVERVIEW

DOING BUSINESS THROUGH MALTA - AN OVERVIEW A. WHY MALTA 2 B. THE MALTESE COMPANY 2 C. MALTA TAX REFUNDS - LOWEST TAX IN THE EU 3 D. MALTESE TRADING STRUCTURE - 5% EFFECTIVE TAXATION Benefits and Uses of the Maltese Trading Company Basic Trading

More information

TAX CARD 2015 ROMANIA

TAX CARD 2015 ROMANIA ROMANIA TAX CARD TAX CARD 2015 ROMANIA Table of Contents 1. Individuals 1.1 Personal Income Tax 1.1.1 Tax Rates 1.1.2 Taxable Income 1.1.3 Exempt Income 1.1.4 Deductible Expenses/Allowances 1.2 Social

More information

CZECH ECONOMY CZECH ECONOMY. Ing. Jaroslav Vomastek Director of the Department of Economic Analysis

CZECH ECONOMY CZECH ECONOMY. Ing. Jaroslav Vomastek Director of the Department of Economic Analysis 1 Overview of the Czech Economy GDP Employment Balance of Payments FDIs Balance of Budget Industry Foreign Trade 2 Main Characteristics of the Czech Economy High economic growth until mid 2008 catching

More information

Corporate taxation and asset depreciation rules are described in the Fact Sheet on Corporate Tax and Depreciation.

Corporate taxation and asset depreciation rules are described in the Fact Sheet on Corporate Tax and Depreciation. 13. Taxation The system of taxation described below is derived from the Czech tax legislation and may be modified by a particular Double Taxation Treaty. The current tax system was introduced in January

More information

Market Overview Poland 2014

Market Overview Poland 2014 Shared Services Centres Business Process Outsourcing Introduction Page Personnel Shared Services Centres in Poland specializes in recruitment for the SSC/BPO area. As PageGroup, we deliver mass- or single-recruitment

More information

Bio-economy agriculture in the Republic of Moldova

Bio-economy agriculture in the Republic of Moldova Bio-economy agriculture in the Republic of Moldova Speaker: Mr. Sergiu Ceaus Organisation: Solidarity and Progress Foundation Event: DANUBE-INCO.NET EVENTS FOR THE DEVELOPMENT OF BIO-BASED ECONOMY IN THE

More information

PAYMENT CARD OPERATIONS OF BANKS IN THE REPUBLIC OF SERBIA

PAYMENT CARD OPERATIONS OF BANKS IN THE REPUBLIC OF SERBIA 10 INTERNATIONAL SCIENTIFIC CONFERENCE 19 20 November, GABROVO PAYMENT CARD OPERATIONS OF BANKS IN THE REPUBLIC OF SERBIA Slobodan Obradović VIPOS, Valjevo, Serbia Vesna Marković VIPOS, Valjevo, Serbia

More information

Privatization in Central and Eastern Europewe

Privatization in Central and Eastern Europewe Privatization in Central and Eastern Europewe ŁukaszZalicki, Partner at Ernst & Young Privatization - what s next Warsaw May 13th, 13 Central and Eastern European Countries - CEECs Czech Rep., Estonia,

More information

187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter

187/2014-5 December 2014. EU28, euro area and United States GDP growth rates % change over the previous quarter 187/2014-5 December 2014 This News Release has been revised following an error in the data for Gross Fixed Capital Formation. This affects both the growth of GFCF and its contribution to GDP growth. All

More information

FEDERATION EUROPEENNE DE LA MANUTENTION Product Group. industrial trucks. A brief guide for identification of noncompliant. - Exhaust Emission -

FEDERATION EUROPEENNE DE LA MANUTENTION Product Group. industrial trucks. A brief guide for identification of noncompliant. - Exhaust Emission - FEDERATION EUROPEENNE DE LA MANUTENTION Product Group Industrial Trucks FEM A brief guide for identification of noncompliant industrial trucks 11.2010 (E) - Exhaust Emission - I n d e x 1 Introduction...

More information

99/2015-9 June 2015. EU28, euro area and United States GDP growth rates % change over the previous quarter

99/2015-9 June 2015. EU28, euro area and United States GDP growth rates % change over the previous quarter 2005Q1 2005Q2 2005Q3 2005Q4 2006Q1 2006Q2 2006Q3 2006Q4 2007Q1 2007Q2 2007Q3 2007Q4 2008Q1 2008Q2 2008Q3 2008Q4 2009Q1 2009Q2 2009Q3 2009Q4 2010Q1 2010Q2 2010Q3 2010Q4 2011Q1 2011Q2 2011Q3 2011Q4 2012Q1

More information

The Czech Economy and Monetary Policy: Deflationary Risks and the Exchange Rate as a Monetary Policy Instrument Luboš Komárek

The Czech Economy and Monetary Policy: Deflationary Risks and the Exchange Rate as a Monetary Policy Instrument Luboš Komárek The Czech Economy and Monetary Policy: Deflationary Risks and the Exchange Rate as a Monetary Policy Instrument Luboš Komárek 75th East Jour Fixe - 1 Years of EU Enlargement Vienna, 25th April 214 I. Did

More information

The Tax Burden of Typical Workers in the EU 28 2014 Edition. James Rogers & Cécile Philippe May 2014. (Cover page) Data provided by

The Tax Burden of Typical Workers in the EU 28 2014 Edition. James Rogers & Cécile Philippe May 2014. (Cover page) Data provided by (Cover page) The Tax Burden of Typical Workers in the EU 28 2014 Edition NEW DIRECTION Page 1 of 17 James Rogers & Cécile Philippe May 2014 New Direction aims to help shift the EU onto a different course

More information