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Serbia has been making great strides in expanding its use of renewable energy in recent years, focusing on reducing its dependence on non-renewable sources and ensuring sustainable growth for its energy sector. Although the country has a wealth of natural resources, by now, Serbia’s reached a renewable energy capacity of 3,490 megawatts, of which 2,342 megawatts are from hydropower plants and the rest are from other renewable resources. Serbia’s abundant wind and solar energy potential will enable substantial progress in transitioning to green energy in the years to come. The impact of renewables on the Serbian industry will be significant, leading to reduced energy costs for businesses and greater energy independence. The growth of the renewables sector will also create new employment opportunities, particularly in construction, maintenance, and engineering. The industry will become a significant catalyst for Serbia’s economic development.

Looking ahead to 2023, white-collar crime is likely to be a subject of close scrutiny by local and EU authorities across CEE. CMS CEE Partner Nedeljko Velisavljevic, from Serbia, and CMS Head of the Criminal Defense Practice in Romania Mihai Jiganie-Serban explore the current context, latest developments, and outlook of white-collar crime practices in CEE.

On 6 January 2023, the new Law on Capital Market started to apply in Serbia (except for certain provisions delayed further until the accession of Serbia to the EU). This law is adopted as a part of a comprehensive reform of the capital market legal framework in Serbia and introduces a completely new set of rules in line with the relevant EU regulations governing markets in financial instruments (MiFID I and MiFID II), prospectus, investor-compensation schemes, transparency, securities settlement, and market abuse.

The Ministry of Finance published, at the end of -March 2023, its eleventh Regulation on interest rates which are considered to be in line with the "arm’s length" principle. The Ministry of Finance, i.e. the Minister issues this Regulation every year and it pertains to the interest rates for that year.

Dogs are becoming an increasingly significant part of our lives. Regardless of the owner’s age – we can acknowledge that almost everybody enjoys their time patting a dog. Moreover, many people are addressing their dogs as babies, recognizing them as a part of the family.

The SOG Law Firm, working with DLA Piper’s office in France, has advised the Renault Group on the divestment program for its import and distribution subsidiaries in six jurisdictions. Wolf Theiss reportedly advised the Emil Frey Group on acquiring the operations. Sabev & Partners reportedly advised the Renault Group as well.

In The Debrief, our Practice Leaders across CEE share updates on recent and upcoming legislation, consider the impact of recent court decisions, showcase landmark projects, and stay up to date with the latest developments impacting their respective practice areas. 

The Future Is Here! And it is here to stay. What we could only imagine some years ago is now part of our reality, and AI has become an ever-present topic. AI is everywhere, from banking and healthcare to transportation and entertainment.

Schoenherr, working alongside Linklaters and Paul Weiss Rifkind Wharton & Garrison, has advised the Carrier Global Corporation on its acquisition of Viessmann Climate Solutions. Hengeler Mueller and, reportedly, Davis Polk & Wardwell advised Viessmann Climate Solutions.

Artificial intelligence (AI) is set to change how we perceive intellectual property.  With the recent surge of AI, people are discovering that AI can generate works of art.  This raises important questions, such as the attribution of authorship for these creations and the protection of intellectual property (IP) rights.

As mentioned in one of our previous articles (available here), the application of amendments to the Law on Personal Income Tax, which were published in the Official Gazette of RS no. 138/2022 of 12 December 2022 and which stipulate that the annual personal income tax shall be paid by self-taxation and not on the basis of the decision rendered by the competent tax authority, which was the case so far, commenced on 1 January 2023.

Serbia Knowledge Partner

Committed to redefining a law firm's role in an emerging regional market, Gecić Law is a full-service law firm that advises international and local clients from the public and private sectors in navigating the complex legal landscape of the region across multiple practice areas. Members of the Gecić Law team have graduated from leading universities in the US and Europe. They have extensive local and international experience, with a particular focus on EU regulatory frameworks and international trade and a proven track record in providing innovative and practical solutions in the most complex of matters.

Gecić Law is an exclusive member of two leading global alliances, TerraLex and TAGLaw, extending its international footprint. The firm and its lawyers have continuously been recognized in several practice areas by elite global directories, including The Legal 500, Chambers and Partners and Benchmark Litigation. Gecić Law was named Law Firm of the Year: South Eastern Europe 2021 and Law Firm of the Year: Eastern Europe and the Balkans 2020 at The Lawyer European Awards and was repeatedly nominated in other practice areas.

For more details, please visit geciclaw.com.


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