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Romania adopts the single European solution for coupling intraday markets together with Bulgaria, Croatia, the Czech Republic, Hungary, Poland and Slovenia
Romania has adopted the single European solution for coupling intraday markets, along with regional neighbors Bulgaria, Croatia, Slovenia, Hungary, Poland and the Czech Republic. Romania will launch the second wave of coupling of intraday electricity markets on 19 November 2019. To learn more, please open the attached file....
Poland: New rules aim to protect SMEs from late payments from larger companies
In the second part of our analysis on the new rules in Poland for payment terms in commercial transactions, we look at provisions set out to protect SMEs. Until recently in Poland, large companies often used their strong market position to shift the financial burden of debt onto SMEs by neglecting to make payments in […]...
Deadlines approaching under the new persons with disabilities act
The new Persons with Disabilities Act (PDA) aims to enhance conditions for social and labour integration of people with disabilities in Bulgaria and provides stricter obligations for employers compared to the formerly applicable framework. From April 2019, Rules for Implementation of the PDA were adopted to provide further guidance to employers on the new obligations. First deadline for employers under the new PDA and the Rules is 2 July 2019....
Poland: Missing a payment due date in commercial transactions will become more expensive
As of 1 January 2020, companies will face new regulations in Poland affecting payment terms in commercial transactions, particularly related to admissible time periods, interest rates for late payments, and compensation for debt recovery costs. Therefore, companies should review their contracts with counterparties and/or applicable general terms and conditions in order to comply with the […]...
EUR 660,000 fine in Poland for violation of personal data protection regulations
On 19 September 2019, the Polish Personal Data Protection Office (“UODO”) announced the imposition highest fine to date for violation of personal data protection regulations. In December 2018, Morele.net Sp. z o.o. (“Morele.net”), an online retailer, reported that it was the victim of a cybercrime in which its online customer database was breached. Data of […]...
Romania updates its construction laws to encourage real estate development and reduce administrative hurdles
Romania has drastically simplified its administrative rules regarding the construction of new buildings, including the issuance of permits. The changes are designed to reduce bureaucratic hurdles and encourage even more domestic construction. The changes have been welcomed by many to improve a relatively out-of-date framework. The amendments are likely to grease the wheels for further […]...
Service vs. employment: New distinguishing criteria under tax law amendments
As of 1 January 2020, the Republic of Croatia put in force amendments to the General Tax Act and Income Tax Act which introduce new specific criteria for distinguishing between the work of employees and service providers. Here we answer why this change was introduced and discuss if such new regulation will bring more clarity […]...
Bulgarian gas market – Gas release program
Following the amendments to the Bulgarian Energy Act aiming to ensure completion of the gas market liberalisation and enhance liquidity, on 15 October 2019 Bulgargaz submitted for approval to the Bulgarian energy regulatory body – EWRC, a draft Agreement for the implementation of a gas release program (GRP). The GRP imposes obligations on the Bulgarian […]...
European data protection day – Outlook for 2020
Today is European Data Protection Day, and businesses are facing more challenges than ever ensuring compliance with various standards. 2020 promises further exciting developments in terms of the new priorities of the European Data Protection Board, an upcoming decision from the European Court of Justice on standard contractual clauses, and the EU Commission’s forthcoming decision […]...
Amendments to the personal income tax law in Serbia impact independent “entrepreneurs”
Serbia has made some amendments to the law on Personal Income Tax (PIT), which introduced, among other things, new rules in connection with the taxation of independent entrepreneurs engaged in “employment-like” relationships. It is expected that the changes will impact the IT industry the most, along with others with a high number of independent entrepreneurs […]...
Companies In Slovakia must register their UBO to stay in line with legal changes
Companies operating in Slovakia must register their “Ultimate Beneficial Owner(s)” with the authorities. The deadline to register was 31 December 2019, but companies that have not yet registered must still comply with the legal requirements. The necessity to do so is the result of Slovak legislation meant to keep the country’s laws in line with […]...
New exit tax rules introduced in Bulgaria
Bulgaria has introduced changes to its corporate income tax rules that extend the scope of taxable cross-border intra-company transfers of assets and business activities. In line with the EU Anti-Tax Avoidance Directive, the new exit tax rules may impact all businesses operating across borders while maintaining a taxable presence in Bulgaria. To learn more, please […]...