September 2023 – According to Article 5 of the Serbian Banking Act (Zakon o bankama), no person other than a bank licensed in Serbia may engage in the granting of loans unless authorised by law. One Serbian law that does allow foreign banks (i.e., banks not established and licensed in Serbia) to provide cross-border loans to Serbian entities is the Serbian Foreign Exchange Act (Zakon o deviznom poslovanju). In particular, Article 18(7) of the Foreign Exchange Act expressly allows Serbian entities to borrow cross-border from foreign banks, which are not required to obtain a banking licence in Serbia for this purpose.
Is There a Deadline for Asking the Judge to Reduce Penalties in Hungary?
Under Hungarian law the judge can reduce the amount of the contractual penalty if it is excessive. The penalty reduction shall be expressly requested by the defendant during the litigation. Can the defendant submit such request at any time during the litigation, or is there any deadline for that? In a recent decision, the Hungarian Supreme Court addressed this issue.
Novelties Pertaining to Excise Taxation
The Law on Amendments to the Law on Excise (“the Law”) was published in the Official Gazette of the Republic of Serbia no. 75/2023 of September 6, 2023, and it entered into force on the eighth day after its publishing, i.e., on September 14, 2023, while it shall be applied from October 1, 2023.
Amendment to the Labour Code finally approved with effect from 1 October 2023
As the amendment is effective as early as 1 October 2023, we provide below an overview of the main changes, indicating the necessary or recommended steps for employers to be taken:
Probate Proceedings With a Foreign Element in Serbia – Jurisdiction of the Serbian Courts
In the probate proceedings, the court determines who the heirs of the decedent are, which property makes up his estate, and which rights from the estate belong to heirs, legatees, and other persons.
On the Horizon: The First Data Submission of the EPR Regime - The Most Important Questions and Answers
As part of the implementation of the European Union's waste management directives, Hungary will also need to apply the rules of the ‘Extended Producer Responsibility’ (EPR) legislation as from 1 July 2023.
German Supply Chain Due Diligence Act: Implications for Serbian Companies and Supply Chain
The German Supply Chain Due Diligence Act is a major advancement in the supply chain network, improving international human rights and environmental standards across the board. It focuses on issues of child labour, health and safety standards, and the role of trade unions, and will have substantial effects on all relevant parties concerned due to its scope and importance. For instance, the Act bans all sorts of conduct from discrimination to forced labour. Serbia in particular will be considerably impacted, since Germany is the country's largest trade partner.
Mandatory Replacement Afforestation Instead of Forest Protection Contribution
Hungarian forest management regulations are among the strictest in Europe, however, there have always been investments and real estate developments that affected forest areas, the effect of which could so far be compensated by a fine in certain cases. As of 1 July 2023, the new provisions of the Forest Act brought pleasant changes, as even in the case of non-natural forests, the authority immediately obliges the developers affecting the forest area to reforest and not only to pay a forest protection contribution, if the size of the area reaches or exceeds one hectare.
No Land Tax Can Be Levied From September 1, 2023
The amendment to the Local Taxes Act, which entered into force on 1 January 2015, allowed local governments to levy a municipal tax on any taxable subject within their jurisdiction that is not prohibited by law and is not subject to a statutory public tax.
Grid Connection to the Public Network by Household Solar Power Systems Will Be Available Again Soon
The Hungarian renewable energy sector has recently undergone a huge development, mainly focusing on photovoltaic power plants. In Hungary, rooftop photovoltaic projects are mainly widespread among households and companies to cover their own electrical needs. These projects are so-called household power plants, which are basically micro power plants connected to the low-voltage system.
Albania Set to Revamp Gambling Regulations: Online Sports Betting and Strict Licensing on the Horizon
Albania is making significant changes to its gambling laws. The Albanian government has been actively revising its gambling regulations, with the latest amendments poised to usher in a new era for the industry. Recent developments and what they mean for the future of gambling in the country are explored below.
New Czech Preventive Restructuring Framework
With a delay of over a year, Czech Act no. 284/2023 on preventive restructuring implemented the EU Restructuring Directive 2019/1023 into Czech law with effect as of 23 September 2023. This publication explains some of the key choices made by the Czech Republic upon the Directive’s implementation.
The Legislation for the Extraction of Geothermal Energy May Change
The Hungarian Government plans to further develop the regulatory framework for geothermal energy, according to the REPowerEU chapter of Hungary’s Recovery and Resilience Plan.
Ukraine Has Taken an Important Step Toward Competition Law Reform
On 12 September 2023, the President of Ukraine signed Law No. 5431 "On Amendments to Certain Legislative Acts of Ukraine to Improve the Activities of the Antimonopoly Committee of Ukraine" ("Law"), which launches a reform of Ukrainian competition law. The Law will enter into force on 1 January 2024.
How Can Corporate Reputation be Protected?
Corporate reputation is an organisation's most valuable intangible resource and may be defined as the public perception of the company and how it operates. It has its monetary expression and influences financial and social capital as well as market share. It can be positive and negative. Reputation is an essential aspect of any business. In today's digital age, a company's reputation can be easily tarnished through websites, social media, online reviews and news articles.
Upcoming Changes to Legislation
The Work Program of the Government of Montenegro for 2023 envisages the preparation of a set of draft laws that are in final phase.
More and More Tax Audits – It's Wise to Stay Vigilant
Already last year, it was noticeable that after several years of decline, the Hungarian Tax Authority conducts more and more tax audits. In 2022, the number of tax audits increased by 6.2% compared to the previous year. Experience shows that this trend is expected to continue even more strongly this year. The most commonly audited tax category remains VAT.
Ukraine: Updated Procedure for Payment of Fees for Actions Related to the Protection of IP Rights
On 16 September 2023 the Resolution of the Cabinet of Ministers of Ukraine "On Amendments to the Procedure for Payment of Fees for Actions Related to the Protection of Intellectual Property Rights" ("Resolution") will enter into force. The Resolution introduces new fees, provides additional reductions and clarifies existing ones.