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Investment in Kosovo 2016 | 1 Investment in Kosovo 2016 | 1 Investment in Kosovo 2016 KPMG in Kosovo kpmg.com/al © 2016 KPMG Albania Shpk Kosovo Branch, a branch of KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 2 | Investment in Kosovo 2016 Investment in Kosovo Edition 2016 Investment in Kosovo 2016 | 3 Preface Investment in Kosovo is one of a series of booklets published by KPMG member firms to provide information to those considering investing or doing business internationally. Every care has been taken to ensure that the information presented in this publication is correct and reflects the situation as of May 2016 unless otherwise stated. Its purpose is to provide general guidelines on investment and business in Kosovo. As the economic situation in the country continues to undergo changes, further advice should be sought before making any specific decisions. For further information on matters discussed in this publication please contact Gilbert McCaul, Partner. KPMG Albania Shpk Kosovo Branch 6 Pashko Vasa Str. 10 000 Pristina Kosovo Tel: +381 38 246 771 Fax: +381 38 246 772 kpmg.com/al 4 | Investment in Kosovo 2016 Contents General Information ..........................................................................................................6 Geography and population ...................................................................................................6 Climate ...............................................................................................................................6 Official language ..................................................................................................................6 A brief history of Kosovo .....................................................................................................7 Currency ..............................................................................................................................7 Government and political system ........................................................................................7 Visa system for foreigners traveling to Kosovo ....................................................................8 Travel....................................................................................................................................8 Airport .................................................................................................................................9 Investment Environment ............................................................................................... 10 Economy ........................................................................................................................... 10 Labor market ..................................................................................................................... 11 Fiscal indicators ................................................................................................................ 11 Trade ................................................................................................................................. 12 Privatization and investment opportunities ....................................................................... 13 Agriculture and farming .................................................................................................... 13 Tourism .............................................................................................................................. 14 Energy .............................................................................................................................. 14 Mining ................................................................................................................................ 15 Telecommunications ......................................................................................................... 16 Foreign direct investments ............................................................................................... 16 Business Environment ................................................................................................... 18 Business entities .............................................................................................................. 18 © 2016 KPMG Albania Shpk Kosovo Branch, a branch of KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. Investment in Kosovo 2016 | 5 Business Registry ..............................................................................................................20 Financial sector .................................................................................................................20 Protection of intellectual property rights ..........................................................................23 Accounting and Auditing ...............................................................................................24 Accounting regulations and requirements .........................................................................24 Audit requirements ...........................................................................................................25 Taxation ...........................................................................................................................26 General .............................................................................................................................26 Corporate income tax ........................................................................................................26 Personal income tax ..........................................................................................................29 Value added tax .................................................................................................................30 Withholding tax .................................................................................................................31 Customs duties and customs code ...................................................................................31 Excise taxes .......................................................................................................................32 Local taxes .........................................................................................................................32 Double Tax Treaties ...........................................................................................................32 Employment Regulations ...............................................................................................33 Legislation ........................................................................................................................33 Employment contracts ......................................................................................................33 Termination of employment contracts ............................................................................33 Conditions of employment ...............................................................................................33 Holidays and absence from work ......................................................................................34 Government Control ........................................................................................................35 Public procurement ...........................................................................................................35 Competition law ................................................................................................................36 Environmental laws ...........................................................................................................36 Appendix A Important Links .............................................................................................37 © 2016 KPMG Albania Shpk Kosovo Branch, a branch of KPMG Albania Shpk, an Albanian limited liability company and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. All rights reserved. 6 | Investment in Kosovo 2016 General Information Geography and population Kosovo has an estimated population of Kosovo is located in Southeast Europe, on 1.8 million and its capital, Pristina, has a the Balkan Peninsula and encompasses population of some 210,000 inhabitants, 10,877 square kilometers. The country according to the latest statistics published is bordered by the Republic of Serbia in by the Kosovo Agency of Statistics in the north and east, the Former Yugoslav June 2015. Ethnic Albanians make up the Republic of Macedonia in the south, the majority of the population (92%) while the largest minority is represented by Republic of Albania in the southwest and Serbians. Other minority groups include Montenegro in the northwest. Bosnians, Turks, Roma, Gorans, Ashkali and The terrain is mostly mountainous Egyptians. Kosovo has one of the youngest and the highest peak is Gjeravica at populations in Europe with an estimated 2,656 meters (8,714ft) above sea level. The 40% of its citizens below the age of 20. Sharr Mountains are located in the south The main religions are Muslim, Serbian and southeast
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