The M&A market in 2020 has been significantly affected by the coronavirus pandemic. According to the latest quarterly M&A overview prepared by CzechInvest, the leading agency supporting business and investments in the Czech Republic, “in a very short period of time and on a large scale, many companies have had to close down or limit their operations, dismiss stuff members, and disrupt supply chains.” Although there has been some recovery since May, the situation remains unpredictable. The second and next presumed waves will likely bring even more uncertainty.
The Turkish Competition Authority (“Authority”) has recently published its Draft Communiqué on Commitments Offered During Preliminary Investigations and Investigations on Restrictive Agreements, Concerted Practices, Decisions and Abuse of Dominance (“Draft Communiqué”) which has introduced a new commitment mechanism to Turkish competition law enforcement. This mechanism makes it possible for the undertakings and trade associations to offer commitments during an ongoing preliminary investigation or a full-fledged investigation process, in order to eliminate potential competition concerns under Articles 4 and 6 of the Law No. 4054 on the Protection of Competition (“Law No. 4054”) that prohibit restrictive agreements and abuse of dominance.
According to the changes of the act of the local business tax adopted on 26 November 2020, taxpayers have to submit their tax return to the tax authority, which means that what was an option until the end of the 2020 year, has become an obligation. As of 1 January 2021, the tax authority supervises and verifies the tax returns and also indicates immediately the calculation errors to the taxpayers, which can be corrected by correction or self-audit.
During the course of last year and with the aim to mitigate the expected difficult economic situation in Serbia caused by COVID – 19 pandemic, the Government of the Republic of Serbia (the “Government”) issued two by-laws – Regulation on Fiscal Reliefs and Direct Payments to Commercial Subjects in Private Sector and Pecuniary Aid to the Citizens in order to Mitigate the Economic Consequences caused by COVID – 19 and accompanying Conclusion of the Government (jointly referred to as the “Relief Regulations”), providing economic aid to the private commercial sector in the form of fiscal reliefs and direct payments.
The dynamic and challenging 2020 somehow distracted the attention of the EU citizens and businesses to the fact that on 31 January last year the United Kingdom made its important step out of the European Union. The transitional period, that was agreed to cover the whole 2020, ensured no changes to the way the day-to-day business was done during the past year. That came to its end on 1 January 2021, when the UK effectively left the European Union and the free movement of workers between the EU member states and the United Kingdom was officially over.
In the last years, cybersecurity has become one of the European Commission’s critical priorities. Given that the landscape of threats has significantly expanded, it comes as no surprise that the Commission has proposed a revised version (the “Proposal”) of the Directive concerning measures for a high common level of security of network and information systems across the Union (“NIS Directive”).
On 1 January 2021, the new Act No. 254/2019 Sb., on Experts, Expert Offices and Expert Institutes (the Act on Experts), entered into force, replacing Act No. 36/1967 Sb., on Experts and Interpreters. This is undoubtedly the most significant change in this area in the last 30 years. Below is a selection of the most important changes:
It is quite rare for the Turkish courts specialized in matters of intellectual property rights (“IP Courts”) and the Turkish Patent and Trademark Office (“TPTO”) to acknowledge the concept of bad faith in trademark registrations. In this sense, the recent Target Ventures decision of the General Court of the European Union (“EGC”) regarding bad faith in trademark registration applications is worth discussing, as this crucial decision sheds light on how bad faith should be assessed and may, therefore, also constitute a basis for Turkish IP practice in the future.
A fundamental change brought about with effect from 1 January 2021 by a major amendment to the Commercial Corporations Act was the long-awaited new setting of the monistic system of the joint stock company’s internal structure. We bring you an overview of the most significant changes and practical complications that arise in current practice.
At one of the last sessions, the Serbian Parliament adopted amendments to the tax laws governing the taxation of companies and natural persons, as well as general tax procedures. The main driver for the reform was the introduction of the taxation regime for digital assets and open-end and alternative investment funds.