Latham & Watkins and Schoenherr have advised Telenor on its agreement to sell its assets in Central and Eastern Europe to the PPF Group for EUR 2.8 billion on an enterprise value basis. White and Case (as lead counsel) and Karanovic & Nikolic advised PPF Group on the deal. Allen & Overy, BDK Advokati, and Boyanov & Co. advised Societe Generale, as agent, and a syndicate of banks on a EUR 3.05 billion credit facility provided to PPF Group for the acquisition, which is expected to close in Q3 2018 and is subject to the relevant merger control and regulatory approvals.
In this era of digitalization, where legal frameworks around the world are rapidly changing to cope with revolutionary developments in the IT sector, the Serbian Government is following a similar path. Serbia is in the EU accession process and is thus obliged to harmonize its legislation with EU laws. One such law is EU Regulation No. 910/2014 on electronic identification and trust services for electronic transactions in the internal market (the “Relevant EU Regulation”).
The steady growth of the digital products market and an increasing demand for digital products required an adjustment to the Serbian VAT rules applicable to the supply of electronically supplied services (ESS), and that adjustment finally occurred in 2017. Combined with new rules on the VAT registrations of foreign suppliers, VAT obligations related to ESS became more straightforward.