According to the National Bank of Serbia (NBS), the country’s economy has achieved impressive results in 2024, becoming one of the most stable and fastest growing in Europe. The expected GDP growth is 3.8%, which is significantly higher than the European average. This was made possible by a prudent monetary policy, investment initiatives, and the successful recovery of key sectors of the economy after the global crises of recent years.
One of the most significant events of the year was the assignment of an investment credit rating to Serbia. This status strengthens the confidence of international investors in the country, opening access to more favorable financial conditions and attracting large investments. Experts emphasize that this step is an important incentive for further economic growth.
An important economic achievement was the successful reduction of inflation to the target range of 3% ± 1.5%, which was achieved in May 2024. Since then, the inflation rate has remained stable, which demonstrates the high efficiency of the measures taken by the National Bank.
Throughout the year , Serbia demonstrated the stability of the dinar against the euro. This not only strengthens the confidence of the population and business, but also attracts the attention of foreign companies that view Serbia as a reliable economic partner.
The Serbian government continues to actively support small and medium-sized businesses by introducing preferential lending terms and subsidy programs. In 2024, significant funds were also allocated for the development of infrastructure, agriculture, and the IT sector, which created new jobs and improved the business environment.
The economic achievements of 2024 have strengthened Serbia’s position as one of the leaders among Europe’s emerging economies. New challenges and goals lie ahead, including further reducing inflation, developing export potential, and improving the quality of life. The country’s leadership is confident that the increased pace of reforms will allow the country to maintain its positive momentum in the coming years.
These results are proof of the resilience of the Serbian economy and its ability to adapt to modern challenges, which strengthens the country’s position in the international arena.
Croatia has a multi-level taxation system that covers both legal entities and individual entrepreneurs (IEs). Let us consider the main taxes applicable to these categories of taxpayers.
Main taxes for legal entities in Croatia:
There are separate taxes for individual entrepreneurs.
Other taxes and fees
The Croatian tax system is characterized by progressive and diverse taxes, which requires careful planning and accounting when doing business.It is recommended to consult with professional tax advisors to ensure compliance with current legal requirements and optimize the tax burden.
Source: http://relocation.com.ua/osoblyvosti-systemy-opodatkuvannia-v-khorvatii/
Roshen Corporation has suspended production at the Bonbonetti confectionery factory in Budapest (Hungary), this is the second closed site of the company in this country, Forbes Ukraina reported.
“The factory has not been producing since April 2023,” explained Roshen executive director Alexander Golovashchuk.
According to his information, Roshen produced almost 10 times less in Hungary in 2023 than when it started operations. Bonbonetti’s revenue, according to the Hungarian directory Opten, amounted to EUR3.3-3.5 million. As a consequence, the Budapest factory was closed due to unprofitability of production. The capacity available at Bonbonetti did not allow to cover the costs.
The factory was founded in 1868 and last modernized in the 1930s. It was impossible to expand production at the site because the enterprise is located in a dense building, Golovashchuk explained.
He added that some of Bonbonetti’s equipment was moved to the Vinnytsia Confectionery Factory, and some was utilized.
Roshen Corporation, according to information on its website, ranks 27th among the largest confectionery producers in the world. It includes Kiev, Kremenchug, two Vinnitsa confectionery factories and Vinnitsa dairy plant, Biscuit complex in Borispol (Ukraine); Klaipeda confectionery factory (Lithuania) and Bonbonetti Choco factory (Hungary). The production activities of the Lipetsk factory (Russian Federation) have been halted since April 1, 2017.
The Corporation produces about 320 types of confectionery products. The total production volume is about 300 thousand tons of products per year.
The network of Roshen branded stores in Ukraine has about 70 stores in different regions of the country. The first one opened in 2009 in Kiev.
In 2022, PJSC “Kiev Confectionery Factory ‘Roshen’ received 984 thousand UAH of net loss compared to 25.779 million UAH of profit a year earlier, the company’s revenue decreased from 979.286 million UAH to 903.195 million UAH.
The ultimate beneficiary of the company is the son of former Ukrainian President Petro Poroshenko, Oleksiy.
On behalf of Foreign Minister Antonio Tajani, Italy has allocated EUR 13 million to the Energy Support Fund for Ukraine.
“At a time when attacks on Ukraine’s energy infrastructure are intensifying, this decision is an important step in efforts to restore energy systems damaged by the conflict. Italy’s contribution – one of the largest for a single country – will help stabilize the supply of electricity to millions of war-affected Ukrainians in this difficult time,” the Italian Foreign Ministry said on its website.
It is noted that with this contribution, Italy confirms its continued support for the resilience of Ukraine’s energy sector, in particular in connection with the conference on Ukraine’s recovery to be held in Rome next July.
The shareholder of OTP Bank Plc (Budapest) at a meeting on December 26, 2024 decided to merge OTP Factoring Ukraine LLC into OTP Bank, according to the issuer’s data in the information disclosure system of the National Securities and Stock Market Commission (NSSMC).
“To carry out the state registration of reorganization (termination) of OTP Factoring Ukraine LLC by its merger with OTP Bank JSC,” it says.
According to the National Bank of Ukraine (NBU), as of November 1, 2024, OTP Bank ranked 11th (UAH 78.4 billion) among 62 banks operating in the country in terms of total assets. The financial institution earned UAH 4.82 billion in net profit for 10 months of this year, compared to UAH 5.29 billion for the same period last year.
According to YouControl, OTP Factoring’s revenue in January-September this year amounted to UAH 0.12 million against UAH 0.86 million in the same period last year, but net profit increased to UAH 22.81 million from UAH 14.27 million due to other operating income of UAH 37.55 million.
The company’s capital amounted to UAH 703.86 million at the beginning of October.
Ukraine exports more than $400m worth of products to Lebanon, although the potential is $1bn, the supplies of cattle, meat and dairy products are promising, Minister of Agrarian Policy and Food Vitaliy Koval said after a visit to Lebanon and a meeting with businessmen.
The Ministry of Agrarian Policy and Food noted that Koval met with Lebanese businessmen – representatives of more than 12 companies involved in imports: flour millers, traders, entrepreneurs who buy food products, meat and cereals from Ukraine.
According to the Minister, Lebanese businessmen import tens of thousands of tons of cattle. They have recently started importing sheep to Lebanon. It is these areas of cattle breeding because of the shortage of meat can be promising for Ukrainian agrarians.
“Today we export more than $400 million worth of products to Lebanon, although the potential is $1 billion. That is why the task of the Ministry of Agrarian Policy is to increase imports of our products to Lebanon. I discussed with their businesses what should be done to increase trade turnover. Lebanese businessmen noted some bureaucratic moments and logistical problems. Now I clearly understand what needs to be simplified in procedures. Lebanon is an important trade partner for us, so we will work on developing our relations further,” Koval emphasized.
The Minister drew attention to the fact that the Ukrainian community is very active in Lebanon. During the meeting with its representatives, the Ukrainian delegation discussed the logistic communication with Ukraine and the increase of domestic products in Lebanese stores.
Koval urged the diaspora to be ambassadors of Ukraine: to popularize Ukrainian products and emphasize their quality.
