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Petar Varbanov On July 8 2015, the Bulgarian Parliament ratified the convention for the avoidance of double taxation concluded with the Kingdom of Norway. The convention will apply to persons who are residents of one or both of the contracting states and to any substantially similar taxes that are imposed after the date of signature of the convention in addition to, or in place of, the existing taxes. The existing taxes to which the convention will apply are taxes on income, municipal tax on income, tax relating to submarine petroleum income, pipeline transport of petroleum, national tax on remuneration to non-resident artistes, corporate income tax and patent tax. Income derived by a resident of a contracting state from immovable property (including income from agriculture or forestry) situated in the other contracting state may be taxed in that other state. Also, business profits of an enterprise of a contracting state will be taxable only in that state unless the enterprise carries on business in the other contracting state through a permanent establishment (PE) situated therein. Profits of an enterprise of a contracting state from the operation of ships, aircraft, and railway or road transport vehicles in international transport shall be taxable only in that state.

Zoe Kokoni The Republic of Cyprus has once again kept its promise to international investors and introduced – on July 9 2015 – amendments to its tax legislation making the jurisdiction more attractive than ever before. The purpose of these amendments is to clearly establish Cyprus as the leading tax jurisdiction in the European Union, attract even further investment in Cyprus while at the same time harmonising its domestic laws with EU obligations. In a nutshell, the new tax legislation is as follows:

Mohamed Ezz 'Free zones' are one of the distinguished investment patterns where an investor can establish, set up and start his own project under the umbrella of this system. This system provides to the investor several benefits related to goods movement, either in or out, without dealing with different procedures in relation to customs, import, monetary system and other aspects of the procedures applied in similar transactions where the project is established under the aegis of the free zone system. In Egypt, the free zone system is regulated by Incentives and Securities of Investment Law No 8 of 1997, its executive regulation and modifications. This system is applied by the General Authority for Investment and Free Zones (GAFI). According to the regulations, while the free zone areas are located in Egypt, they are considered to be offshore areas.

Alexander Wenzel

Sermon on the right amount? John Oliver set up a tax deduction church

Bob van der Made Selected issues discussed:

Elena Kostovska On July 14 2015, the government of FYR Macedonia approved the double tax treaty (DTT) between FYR Macedonia and the Kingdom of Saudi Arabia signed on December 15 2014. Pending approval from the Saudi Arabian authorities, the treaty will be effective from the calendar year following the one during which such approval takes place.

Vetta Zournatzidi Greece's widely-reported VAT reform package has been officially voted by Parliament. The package seeks to boost VAT revenues through the amendment of VAT rates, the gradual abolishment of the favourable VAT rates for Greek islands and the adoption of measures to improve VAT collection. Greece has embarked on a reform of its VAT system to secure financial assistance from the European Stability Mechanism (ESM), since "streamlining of the VAT system and broadening of the tax base to increase revenue" were set by the Euro Summit as prerequisites for the conclusion of an agreement.

Mark Galea Salomone

Giuliano Foglia