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1. Employer obligations in Finland have changed
As of 1 April 2009, the amendments to the social security contribution system in Finland became effective. Introduction of such changes in the middle of the year is highly irregular and caused some confusion among the employers. Read more about the contributions in Finland.
2. New Estonian Employment Contracts Act (ECA) enters into force on 1 July 2009.
The new Employment Contracts Act will introduce some significant changes to the status of both employer and employee. The overall purpose of the new Act is to facilitate the labour market flexibility. Read more
3. Considerable changes in Latvian taxation
A number of significant changes in Latvian tax legislation entered into force on 1 January 2009, including a 3% increase in the VAT rate and 2% decrease in the personal income tax rate. Amendments were made to the Law on Company Income Tax as well with a purpose to promote the business environment in Latvia.
As of 1 July 2009, the withholding tax rates to interest payments and royalty payments to related parties, residents of EU and EEA, have been changed. Read more
4. Amendments to Lithuanian Company Law and Labour Code
From now on, all the board resolutions of the companies require the support of more than half of the members.
Proposals have been made to set forth more flexible provisions to govern the termination of an employment contract on the initiative of the employer and remove the provision prohibiting the termination of a fixed-term employment contract if the work is of a permanent nature. Read more
5. Bulgaria faces the recession
The quarterly data, which the Bulgarian statistics board published for the first time, showed that Bulgaria was in a recession, its gross domestic product decreased by 1.6 % in the fourth quarter of last year and 5 % in the first quarter of 2009.
Consumption, which has been the main driver of strong economic growth in recent years, posted a 6 % decrease compared to the same period of last year. Read more
6. Poland scores Q1 growth
Of all the EU countries, only Cyprus recorded a higher economic growth than Poland in Q1. However, experts warned against excessive optimism and fear that the situation will deteriorate soon. Read more
7. Bulgarian system of granting government help to foreign investors
In an attempt to stimulate Foreign Direct Investment in Bulgaria, the Parliament has adopted amendments to the system of granting government help to foreign investors.
Currently the state backs first-class (A) certificate holders, who develop projects worth at least 70 million leva and second-class (B) investment certificates to investors, who invest at least 40 million leva. On 18 May, the Parliament decided to lower these thresholds to 32 million leva for a first and 16 million leva for a second-class certificate. Read more
8. Amendments to Russian Federal Law on Limited Liability Companies (OOO-s)
On 30 December 2008, the Russian Legislation adopted several important amendments to the Federal Law "On Limited Liability Companies / OOO". The amendments will enter into force on 1 July 2009 and are applicable to all existing and newly incorporated Limited Liability Companies (OOO's). Additionally, the existing companies will have to update and re-register their information. Read more | | |
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