Insights

New tax rulebooks in Serbia - trend of increased taxation of foreign legal entities

The Ministry of Finance of the Republic of Serbia has adopted several pieces of secondary legislation upon recent amendments to the Law on Value Added Tax. The Ministry has also adopted the Rulebook on Interest Rates in Accordance With “Arm’s Length Principle” for 2017, which will apply as of 18 March 2017.

Upon recent amendments of the Law on Value Added Tax in Serbia (the “VAT Law”), the Ministry of Finance adopted several accompanying secondary pieces of legislation:Rulebook on Determining of Services Related to Real Estate for Purpose of Determining of Place of Supply of Services, in accordance ...
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Expedited Procedure Rules part of the new ICC Rules

On March 1, 2017, the amendments to the ICC Rules entered into force. Among different changes, maybe the most noticeable ones relate to the introduction of the Expedited Procedure Rules (hereinafter: the Rules), now contained in the new Article 30 of the ICC Rules and the new Appendix VI. The intention behind the enforcement of these Rules lies within the aim to expedite the proceedings where the amount in dispute does not exceed US$2 million, as well as to improve the efficiency of the ICC arbitral proceedings. At the same time, their overall cost should be lowered. Annually, approximately one third of all cases filled with the ICC Court of Arbitration (hereinafter: the Court) concern such “small“ claims.

The Rules automatically apply to arbitration agreements concluded after March 1, 2017. However, the Rules can also be applied to arbitration agreements concluded before this date if the parties choose to opt in.Alternatively, it is also possible to opt out of the new Rules, even if the dispute is ...
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