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From 2017, the Hungarian tax authority prepares the draft tax returns for the personal income tax based on the amendment of the act on the rules of taxation entered into force on 1 January 2017.

Although the economic crisis has significantly slowed down the financial sector’s M&A activity in Ukraine with nearly 90 (of the 180 existing before 2014) commercial banks becoming insolvent or being taken over by the state, several banking cross-border equity transactions closed in recent years are paving the way towards the market’s gradual recovery.

On January 27, 2017, Bill No. 683952-6 on Amendments to the Code of Administrative Offences of the Russian Federation1 was adopted in the third reading by the State Duma of the Russian Federation (“Bill”).

An amendment concerning offshore companies was adopted by the Hungarian Parliament at the end of 2016, introducing a new tax amnesty and modifying the regulations on foreign companies owned by Hungarian individuals.

On December 19, 2016, Resolution of the Cabinet of Ministers of Ukraine No. 921 "On Approval of the Procedure on Organization and Maintaining Military Records of Conscripts and Reservists", dated December 7, 2016, came into effect (the "Procedure").  

The Government of the Republic of Serbia adopted a new Regulation on the Terms and Conditions of Attracting Direct Investments, in place of the previous Regulation which was in force since March 2016. The new Regulation is expected to secure continuity of economic growth, to obtain new capacities and technology, and to induce job creation. Furthermore, it introduces stricter controls regarding fulfillment of contractual obligations, and especially promotes investments in “devastated areas”.

In accordance with the Central Credit Register Act (Official Gazette of the Republic of Slovenia, No. 77/16; "ZCKR"), the Bank of Slovenia established a centralised database of the indebtedness of private individuals and business entities (Central Credit Register; "CKR") in order to enable more efficient managing of credit risks and ensure more vigilant lending.

The Communiqué Regarding the Amendments to the Communiqué on Principles of Real Estate Investment Companies (“Communiqué”) has been published in the Official Gazette dated 17.01.2017 and numbered 29951 and entered into force at the date of its publication (“Amendment Communiqué”).

On 7 December 2016 the Slovak legislator adopted in a shortened legislative procedure the amendment to the Slovak E-Government Act (Zakon c. 305/2013 Z. z. o elektronickej podobe vykonu posobnosti organov verejnej mocia o zmene a doplneni niektorych zakonov v zneni neskorsich predpisov).

The most significant agreement prepared to create a uniform universal sales law is United Nations Convention on Contracts for the International Sale of Goods, also referred to as Vienna Convention (“CISG”), dated 11 April 1980. CISG has entered into force on 1 January 19881, has been accepted without any reservation and has become applicable in Turkey as of 1 August 20112. In brief, CISG comprises of provisions regarding the establishment, performance and expiration of agreements relating to the international sale of moveable goods.

A new Hungarian act on statistics repealing and replacing the former act on statistics entered into force on 1 January 2017. The adoption of the new act became necessary due to the modification of the relevant EU directives. 

The Turkish collateralization system was recently updated through the introduction of the Law No. 6750 on Movable Pledges (the “Movable Pledge Law”).

Storing and filing of emails often happens without much attention. While the employer does have a legitimate interest in information and control of the email traffic at the workplace, this can present a high degree of risk if employees are left alone with the responsibility of storing and filing emails correctly and appropriately.

An alternative dispute resolution method is expected to be introduced in Turkey shortly through the Draft Law on Labor Courts (“Draft Law”). The purpose of the Draft Law is to bring a functional and an effective judicial procedure for labor conflicts via mandatory mediation and to replace the current regulations. 

In late December 2016, the Government of Serbia passed the new Decree on Terms and Conditions for Attracting Direct Investments. The Decree supplements the Law on Investments (2015), regulating in finer detail criteria, conditions and means of attracting direct investments, in particular granting of State incentive funds for investment projects. 

“Amendment Regulation on the Application Regulation of Turkish Citizenship Law” (“Amendment Regulation”) was published in the Official Gazette dated 12.01.2017 and numbered 29946 and entered into force as of its publication date.

The rights and obligations of people who live in apartment buildings, maintenance of apartment buildings and relationships between the owners of apartments have never been regulated in Serbia comprehensively and in detail.

The latest amendments of the Law of Civil Procedure entered into force on 31 May, 2014. New efforts and the legislator's intent to make the civil procedure more cost-effective and more efficient can be seen from the initial provisions.

“Regulation Amending the Regulation on Shopping Malls” (“Amendment Regulation”) has been published in the Official Gazette dated 30.12.2016 and numbered 29934 and entered into force as of its publication date.

In recent years, President Obama has ordered significant changes to the longstanding U.S. sanctions on Cuba and Iran as well as imposed new sanctions on Russia. President-elect Trump has been generally critical of the Obama administration’s relaxation of U.S. sanctions on Cuba and Iran, and his views on Russia appear more favorable than those of the outgoing administration.

The “Law on Movable Pledge for Commercial Transactions” (“Law”) numbered 6750 was published in the Official Gazette dated 28 October 2016 and numbered 29871 and will be in effect as of 01 January 2017.

According to the Stabilization and Association Agreement between the EU and the Republic of Serbia1 (hereinafter:”SAA”), Serbia has an obligation to address the issue of the acquisition of the real estate property in Serbia by foreign citizens and to enable such practice by no later than the fourth quarter of 2017.

On January 11, 2017, the Central Bank of the Republic of Turkey (the “Central Bank“) has reduced banks’ foreign exchange liabilities related reserve requirements by 50 basis points to provide extra liquidity to the market. The changes take effect starting from December 30, 2016.

The Council of Ministers Decision on “Granting State Aid to Investments on Project Basis” (“Decision”) numbered 2016/9495 was published on 26 November 2016  and it is in effect since then.