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The Wolf Theiss Guide to Kosovo: Corporate, Tax- & Other Regulations

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The Wolf Theiss Guide to Kosovo: Corporate, Tax- & Other Regulations The Wolf Theiss Guide to Kosovo: Kosovo: Theiss Guide to The Wolf Corporate, Tax- & other Regulations Tax- Corporate, THE Wolf Theiss is one of the largest and most respected law firms in Central, Eastern and Southeastern Europe (CEE/SEE). Since starting out in Vienna over WOLF THEISS 50 years ago, we have grown to a team of several hundred people, with offices throughout the region. During that time, we have worked on many cases GUIDE TO that have broken new ground. We concentrate our energies on a unique part of the KOSOVO: world: the complex, fast-moving markets of the CEE/ SEE regions. This is a fascinating area, influenced by Corporate, Tax- a variety of cultural, political and economic trends. We enjoy analysing and reflecting on those changes, & other Regulations drawing on our experiences working on a wide range of domestic and cross-border cases. www.wolftheiss.com 3rd EDITION Guide to: Kosovo Legal Notice and Information: Status of information: September 2012. Changes are reserved. Conception, design, and editing: WOLF THEISS Rechtsanwälte GmbH Schubertring 6 1010 Vienna Tel.: +43 1 515 10 Fax: +43 1 515 10-25 Contact: Christian Mikosch E-mail: [email protected] Thomas Kienbauer E-mail: [email protected] Disclaimer This brochure was correct at the time it went to press, i.e. September 2012; however, legislative changes and changes in interpretation by the authorities and courts can occur frequently in Kosovo. This brochure contains information that is summarised and, in part, simplified. It does not substitute for specific legal and tax advice. Despite attempting to exercise care in compiling this brochure, the authors cannot warrant the accuracy, completeness, or up-to-date character of its contents. Any liability on the part of Wolf Theiss is therefore excluded. This brochure is based on a standard doing business guide of the Austrian Chamber of Commerce written in German. It has been adapted and updated and provided to the Austrian Chamber of Commerce, Investment Promotion Agency of Kosovo (IPAK) and Economic Initiative of Kosovo (ECIKS), to be published by these institutions in their own name and on their own behalf. This brochure was translated into English and further amended and adapted by Wolf Theiss to be used and published in their own name and on their own behalf. The Austrian Chamber of Commerce, Investment Promotion Agency of Kosovo (IPAK) and Economic Initiative of Kosovo (ECIKS) have received the amendments and updates to the original brochure and may publicise and use this brochure in their own name and on their own behalf. We would like to thank Graham Burnett of the Tax Administration of Kosovo for his valuable input on Kosovo tax law, USAID, Dastid Pallaska of Pallaska & Associates, Lily Thurner, Julia Kollitsch and Agnieszka Zajac. 1 Guide to: Kosovo CONTENTS 1. General Overview ............................................................................ 5 1.1 History of the Legal System ............................................................. 6 1.2 Applicable Law ................................................................................ 7 1.2.1 General ........................................................................................... 7 1.2.2 Relevance of EU Laws in Kosovo ..................................................... 8 1.3 The Court System ........................................................................... 8 1.3.1 General ........................................................................................... 8 1.3.2 Current Status ................................................................................. 8 1.3.3 Court system pursuant to the new law on courts ............................. 10 1.4 The Concept of Social Ownership .................................................. 11 1.5 Publicly Owned Enterprises ........................................................... 12 2. Corporate Law............................................................................... 13 2.1 General ......................................................................................... 13 2.2 Establishment of Companies .......................................................... 13 2.2.1 Individual Business Enterprises and General Partnership ............... 13 2.2.2 Limited Partnership ....................................................................... 14 2.2.3 Corporations ................................................................................. 14 2.2.4 Duration and Costs of the Foundation ............................................ 15 2.2.5 The Business Registry ................................................................... 16 2.2.6 Foreign Business Organisation ...................................................... 16 2.2.7 Local Registration of Each Premises .............................................. 17 2.2.8 Comparison L.L.C – J.S.C ............................................................. 17 2.2.9 Management of a Corporation ........................................................ 17 2.2.10 Shareholders' Liabilities ................................................................. 18 2.2.11 Board of Directors ......................................................................... 18 2.2.12 Directors' Liability .......................................................................... 19 2.2.13 Officers ......................................................................................... 19 2.2.14 Transfer of Shares in a Limited Liability Corporation ....................... 19 2.3 Share certificates and share registers ............................................ 21 2.4 Annual general meetings and reports ............................................. 21 2.5 Transformation of Entity Type ........................................................ 21 2.6 Increase in Borrowing, Capital & Bonds .......................................... 21 3. Insolvency and restructuring .......................................................... 22 3.1 Bankruptcy Provisions ................................................................... 22 3.2 Types of Insolvency Proceedings Available .................................... 22 3.3 Conditions for the opening of insolvency proceedings ..................... 23 3.3.1 Debtor Capable of Insolvency ........................................................ 23 3.3.2 Entitled Partners ............................................................................ 23 3.3.3 Commencement and Handling of Insolvency Proceedings .............. 23 3.3.4 Filing of Claims ............................................................................. 24 3.3.5 Effects of Opening the Insolvency Proceedings .............................. 25 3.3.6 Avoidance of Transactions ............................................................. 25 3.3.7 Reorganisations ............................................................................ 25 3.3.8 Sale of the Debtor's Estate and Creditors' Satisfaction .................... 26 4. Investment Protection for Foreign Investors .................................... 27 5. Tax Law ........................................................................................ 28 5.1 General ......................................................................................... 28 5.1.1 Fiscal and VAT Number ................................................................. 28 5.1.2 Corporate Income Tax ................................................................... 29 2 Guide to: Kosovo 5.1.3 Deductible Items ........................................................................... 29 5.1.4 Losses Carried Forward................................................................. 30 5.1.5 Corporate Assessments and Payments .......................................... 30 5.1.6 Taxation of Permanent Establishments .......................................... 31 5.1.7 Withholding Tax ............................................................................ 31 5.1.8 Avoidance of Double Taxation ....................................................... 33 5.2 Personal Income Tax ..................................................................... 33 5.2.1 Taxable Persons ........................................................................... 33 5.2.2 Taxable Income ............................................................................. 33 5.2.3 Tax Rates ..................................................................................... 34 5.2.4 Taxation of Foreigners ................................................................... 34 5.3 Value Added Tax ........................................................................... 35 5.3.1 General ......................................................................................... 35 5.3.2 Basic VAT Rules ........................................................................... 35 5.3.3 "Persons" obligated to register ....................................................... 35 5.3.4 Deduction of Input Tax................................................................... 36 5.3.5 VAT Compliance ........................................................................... 36 5.4 Social security and Health Insurance Charges ................................ 36 5.5 Salary Taxes and Pension Charge Compliance .............................. 37 5.6 Customs Duties and Customs .......................................................
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