Deadline for registration in the Central Registry

In view of the recently established Central Registry of Ultimate Beneficial Owners, authorized persons of existing registered entities are obliged to, no later than 31 January 2019, register the data regarding the ultimate beneficial owner in the Central Registry, using a qualified electronic signature. Attached herewith is a bilingual guide which describes in more detail the procedures of registration in the Central Registry.

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Law on Amendments and Supplements to the Company Law

On 1 October 2018, most provisions of the Law on the Amendments and Supplements to the Company Law come into force, while the provisions regulating the cross-border merger and absorption of companies, the European Society and European Economic Interest Grouping shall apply as of 1 January 2022. The main reason for adopting the Law is to harmonize the legal system of the Republic of Serbia with the acquis of the EU in the field of corporate law.

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Law on the Registration Procedure with the Cadaster of Real Estate and Utilities

the Law on the Registration Procedure with the Cadaster of Real Estate and Utilities entered into force on 8 June 2018, while the relevant bylaws for implementing the Law shall be rendered within 3 months. The Law aims to establish and maintain an accurate and wholesome record of real estate in order to ensure secure legal transactions, In accordance with this intention, a more simple procedure has been established, as well as short deadlines for state authorities.

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General Data Protection Regulation of the European Union

In April 2016, the European Parliament and the Council of the European Union adopted the Regulation on the protection of natural persons with regard to the processing of personal data and on the free movement of such data which shall apply starting from May 25th 2018. Although the Republic of Serbia is not a state member of the Union, the Regulation shall be applicable directly to certain business entities in the country.

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Law on Amendments and Supplements to the Law on Personal Income Tax

The Law on Amendments and Supplements to the Law on Personal Income Tax has become applicable as of January 1st 2018, unless otherwise indicated. The purpose of the novelties envisaged by the Amendments to the Law is to incite entrepreneurship, eliminate obstacles for initiating and conducting business through the establishment of tax exemption, and reduce the gray market.

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