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From personal income tax to compulsory social insurance and punitive measures for tax return submission failures, there is a plethora of tax legislation updates that are critical to stay apprised of in Serbia. Tax novelties are, as usual, numerous and perhaps complex to comprehend for someone who is not well versed in tax issues. However, those devoted to running a successful business can greatly benefit by keeping track of tax updates.

It was another strong year for the leading law firms in Central and Eastern Europe, which, combined, worked on over a thousand deals and other client matters across the region reported on by CEE Legal Matters this year. According to the Activity Rankings function of the CEELMDirect website, Clifford Chance, which worked on an impressive 95 CEELM-reported CEE client matters in 2023, led the international firms in the region, with Schoenherr, which worked on 90, close behind. Dentons (82), CMS (71), Wolf Theiss (65), Cobalt (66), Kinstellar (50), White & Case (45), and Allen & Overy (42) took notable places on the leaderboard as well.

The sale of popular drinks containing taurine and caffeine, commonly referred to as "energy drinks", has been limited from 1 January 2024 in accordance with provisions introduced in the Act of 17 August 2023 amending the Public Health Act and certain other acts (Journal of Laws of 2023, item 1718).

Schoenherr and sole practitioner Mihaela Aliman have advised Renovatio on its two-pronged transaction with OMV Petrom concerning the sale of a 50% stake in 1-gigawatt renewable projects company Electrocentrale Borzesti and the sale of Renovatio Asset Management, operating more than 400 electric-vehicle charging points in Romania. Tuca Zbarcea & Asociatii advised OMV Petrom.

Schoenherr has advised Kommunalkredit Austria on a EUR 25 million loan to the INVL Renewable Energy Fund I to finance the construction of solar power plants with a total capacity of 51 megawatts in Romania. Glodeanu & Partners advised the INVL fund. Sorainen reportedly advised Kommunalkredit as well.

Schoenherr has advised the Montenegro Chamber of Commerce on its eKomora digitalization project, including the execution of the partnership agreement – following a successful public procurement tender – with a consortium comprising Axians Crna Gora, Crnogorski Telekom, Montex Elektronika, Cikom, and WinSoft.

Schoenherr, working with Walder Wyss and the Law Office of Loren Richards, has advised Raiffeisen Bank International on its EUR 31 million project financing to borrower Energy Financing Team SE Bileca to develop a 60-megawatt solar power plant in Republika Srpska, Bosnia and Herzegovina.

The UK has not been a member of the European Union and thus of the comprehensive European framework for cross-border civil litigation since 1 January 2021. Within the EU, the Brussels I Recast-Regulation (Regulation [EU] 1215/2012) not only provides a set of common rules on the jurisdiction of the courts but also ensures rapid and simple recognition and enforcement of judgments in civil and commercial matters issued in the Member States. Under the Brussels I Regulation, judgments are enforceable without any declaration of enforceability. A judgment rendered in France or Romania can be enforced in Austria without much trouble and vice versa.

In late November 2023, CEE Legal Matters reported that Schoenherr was expanding its Warsaw office with the addition of a team of 23 lawyers, including seven Partners, from SSW Pragmatic Solutions. Schoenherr's Managing Partner Alexander Popp and the firm's Poland Office Managing Partner Pawel Halwa walked us through the move, its rationale, and their next steps.

On 15 December 2023, Austria's National Council of the Parliament (lower house) adopted the Flexible Company Act (Flexible-Kapitalgesellschafts-Gesetz, FlexKapGG), which introduces a new company form, the "Flexible Company" (FlexCo) as of 1 January 2024.

Former SSW Pragmatic Solutions Partner Grzegorz Filipowicz has joined Schoenherr’s Warsaw Office and energy practice as a Local Partner in Poland. The move echoed – but remained separate from – the recent Schoenherr addition of 23 SSW lawyers (as reported by CEE Legal Matters on November 30, 2023).

Oppenheim has advised the China National Machinery Import & Export Corporation and China Power International Holding on the acquisition of a project company developing a photovoltaic project with an installed capacity of 53.9 megawatts in Tiszafured, Hungary. Schoenherr advised the ID Energy Group on the sale.

Schoenherr at a Glance

Schoenherr is a leading full-service law firm providing local and international companies stellar advice that is straight to the point. With 15 offices and 4 country desks Schoenherr has a firm footprint in Central and Eastern Europe. Our lawyers are recognised leaders in their specialised areas and have a track record of getting deals done with a can-do, solution-oriented approach. Quality, flexibility, innovation and practical problem-solving in complex commercial mandates are at the core of our philosophy.

Firm's website: www.schoenherr.eu