Karanovic & Partners has announced that former Tokic Ivic Sverak Partners Iva Tokic Culjak and Ivana Sverak have joined Ilej & Partners in cooperation with Karanovic & Partners in Croatia.

Indirect Taxation Authority of Bosnia and Herzegovina (“ITA”) conducts, among other, the registration of the taxpayers for Value Added Tax (“VAT”) purposes in Bosnia and Herzegovina. Pursuant to the applicable Value Added Tax Act of Bosnia and Herzegovina, there are two types of registration: (i) obligatory – in case the turnover in previous year exceeds or is likely to exceed the amount of BAM 50,000 and (ii) voluntary.

Karanovic & Partners has advised Teva Pharmaceuticals on the sale of its Serbian factory, Zdravlje Leskovac, to Frontier Pharma and the Baystone Group. BDK Advokati and Go2Law advised the buyers on the deal.

White & Case and De Brauw Blackstone Westbroek have advised CTP B.V. on its initial public offering and listing of its shares on Euronext Amsterdam. Nestor Nestor Diculescu Kingston Petersen advised CTP on Romanian legal matters. Clifford Chance's London, Paris, and Amsterdam offices advised the underwriters on the deal. 

Karanovic & Partners has advised energy company Interenergo and investment firm Trigal on an investment of EUR 40 million for the construction of a 30 MW wind farm in Bogdanci, North Macedonia.

For our Checking In feature, we reach out to partners and heads of practice across CEE to learn how specific practice areas are faring in their jurisdictions. This time around we asked Tax experts: What are the most important changes to the Tax laws in your country since January 2020 and what has their impact been? 

On December 15, 2020 CEELM gathered legal experts from across the region for its annual Year-in-Review Round Table conversation. In a wide-ranging discussion, participants shared opinions and perspectives on their markets, on strong (and less-strong) practices across the region, and the effect of the COVID-19 crisis on both, as well as on how technology is changing the legal industry, and what the industry will look like in 2021.

Karanovic & Partners has advised MTU Aero Engines, a German aircraft engine manufacturer that develops, manufactures, and provides service support for military and civil aircraft engines, on the construction of a new maintenance-repair-and-overhaul-facility in Serbia.

Karanovic & Partners has advised Continental Teves, a German multinational tire manufacturer and supplier, on various state incentives and on the lease of land, lease agreements, construction contracts, and design and project management agreements.

Karanovic & Partners, working with Advokatfirmaet Selmer, has advised the Fortaco Group on its acquisition of marine industry supplier Rapp Zastava.

Ketler & Partners, member of Karanovic, has advised ARX Equity Partners on its acquisition of Instrumentation Technologies and Red Pitaya, a handheld electronics lab, from its founders. The sellers were advised by Acuity Advisors.

Back in September 2020, the Serbian Commission for Protection of Competition (the “Commission”), following an internal review of the market dynamics and dawn raids at key players, initiated a formal investigation against three major undertakings active in both wholesale and retail of consumer electronics – Roaming Electronics d.o.o., Tehnomanija d.o.o. and Comtrade Distribution d.o.o. The Commission had, per publicly available pricing information and upon review of comparative practice, cited concerns that the undertakings involved were acting in concert, as well by potentially enforcing a resale price maintenance policy.

COVID-19 has changed so many things in our lives. Nothing has remained untouched, from social relations to business. Naturally, it has also heavily affected M&A activity in Serbia, just as across the entire SEE region.

Karanovic & Partners has advised precious and base metals explorer Adriatic Metals on the acquisition of the remaining 90% of the shares in Ras Metals, which holds exploration licenses for former silver-zinc-lead mines Kizevak and Sastavci, from Bulgaria-based Cuprum LTD and an unidentified Serbian individual. NKO Partners advised the sellers on the deal.

Karanovic & Partners, working with lead counsel Clifford Chance, has advised Deutsche Private Equity on the local aspects of its acquisition of a majority stake in M-Sicherheitsbeteiligungen from Armira. CMS reportedly advised the seller.

The beginning of Q4 in Serbia is marked by the delayed formation of the new Government. Not much is expected to change in the political course as the ruling progressive party has strengthened its position and the Government will be led by the same Prime Minister. This means continuity and stability, although the new-old Government will not have an easy task, considering global developments with the pandemic.

Karanovic & Partners, working with global lead counsel K&L Gates, has advised analytics company SAS Institute Inc on the acquisition of the Boemska technology company.

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.