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.
During the course of last year and with the aim to mitigate the expected difficult economic situation in Serbia caused by COVID – 19 pandemic, the Government of the Republic of Serbia (the “Government”) issued two by-laws – Regulation on Fiscal Reliefs and Direct Payments to Commercial Subjects in Private Sector and Pecuniary Aid to the Citizens in order to Mitigate the Economic Consequences caused by COVID – 19 and accompanying Conclusion of the Government (jointly referred to as the “Relief Regulations”), providing economic aid to the private commercial sector in the form of fiscal reliefs and direct payments.
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.
When Google announced its $2.1 billion merger deal with the smartwatch and fitness-tracker company Fitbit last year (“Deal”), consumer advocacy and anti-trust regulators have expressed concerns over the proposed acquisition. As a consequence, in August last year the European Commission (“EC”) opened an in-depth investigation to assess whether the said merger is in line with the EU Merger Regulation.
BDK Advokati has advised Frontier Pharma and the Baystone investment group on the acquisition of Zdravlje Leskovac, a Serbian pharmaceutical company owned by Actavis, which is itself a subsidiary of Israel's Teva. Karanovic & Partners advised the sellers on the deal, which is expected to close in March of 2021.