Wolf Theiss

Client Alerts

Newssquare Romanian Law Implementing The GDPR Has Been Submitted To The Senate

On March 14, 2018 the Romanian law for implementing measures on EU Regulation no. 2016/679 on the protection of individual rights with regard to the processing of personal data directive no. 95/46/GDPR was submitted to the Senate. This is the long awaited draft law regulating the GDPR requirements, especially the open clauses and the sanctions applicable to Romanian public institutions.

Newssquare Trading Bitcoins Subject To Taxation In Poland

On 6 March 2018, the Administrative Supreme Court (NSA) issued the first ruling concerning taxation of income made from trading bitcoins by individuals (case II FSK 488/16). According to this ruling, income made by individuals from trading bitcoins is subject to taxation in Poland as it involves trading property rights subject to the progressive tax rate. According to that ruling, bitcoins should not be considered as a means of payment under Polish law.

 

Even though the ruling refers to personal income tax, the approach of the NSA should be considered as precedent for Polish tax resident companies, as well.

Newssquare Bulgaria Joins The EU 'AMLD IV Implementation' Club

Yesterday, the Bulgarian Parliament adopted the Anti-Money Laundering Act (in Bulgarian: Закон за мерките срещу изпирането на пари). The Act transposes Directive (EU) 2015/848 on the prevention of the use of the financial system for the purposes of money laundering and terrorist financings (AMLD IV). The final text of the law is expected to be released next week. Currently only the Bill that was submitted for the second reading by Parliament on 7 March is publicly available.

Newssquare Bulgaria - Energy Regulator's Decision Adverse to Wind Res Producers Repealed by Court

On February 23 2018, the Administrative Court–City of Sofia ("ACCS") rendered a Judgment repealing two chapters of Decision P-1/31.07.2015 ("Decision SP-1") of the Bulgarian Energy and Water Regulatory ommission ("EWRC"), which had considerable adverse effects on producers of electricity from wind energy, commissioned before the

July 1 2011. This long waited positive development has the potential for a major positive impact on the wind RES business in Bulgaria and to a certain extent mitigates the series of adverse measures adopted by the State in the last 3 years.

 

The case, argued by the Wolf Theiss Sofia office on behalf of a leading wind GenCo, is expected to confirm the positive...

Newssquare New Draft Law For Teleworking Activities In Romania

Draft law regarding teleworking activities is currently in the process of being approved by the Romanian government.

The Draft Law has been submitted to the General Secretary of the Government in order for it to review the law's constitutionality.

According to this Draft Law, teleworking will allow employees to work voluntarily and on a regular basis as an approved alternative workplace besides the workplace organized by the employer, at least 1 (one) day per month by using information and communication technologies.

 

Newssquare Bulgarian Competition Protection Commission Launches A Sector Inquiry Into The Banking Sector

On 7 March 2018 the Bulgarian Competition Protection Commission ("CPC") announced a sector inquiry into the banking sector in Bulgaria covering the period from 2015 to end of 2017.

 

The sector inquiry will focus on the competitiveness and transparency in the banking sector and the conditions of banking services in Bulgaria. The CPC will review any existing barriers preventing customers to switch to another bank for provision of a specific service, the possible product tying (i.e. binding / bundled sales), and other practices potentially harmful to competition.

 

Newssquare Polish Employee Capital Plans

On February 8th, 2018, the Polish Ministry of Finance released the long-awaited first draft of the bill on employee capital plans (Ustawa o pracowniczych planach kapitałowych). It is one of the measures implementing the governmental Strategy for Responsible Development (also dubbed Morawiecki's plan after the current Polish prime minister) and aims to increase the financial security of Polish citizens facing a decreasing value of pensions in the existing pension scheme. Another goal is to support the development of the Polish capital market and growth of the Polish economy. Last but not least it will complement the existing pension scheme, the future of which is uncertain due to the low...

Newssquare Bulgaria – Amendments To The Energy Act In Relation To REMIT To Be Reviewed By The Competition Protection Commission

On 07 February 2018, the Bulgarian Competition Protection Commission ("CPC") initiated Competition Advocacy proceedings in relation to the recently proposed amendments to the Bulgarian Energy Act ("EA"), aiming to increase controlling and enforcement powers of the Bulgarian Energy and Water Regulatory Commission ("EWRC") in respect of possible energy market manipulations under REMIT (Regulation 1227/2011 on wholesale energy market integrity and transparency).

Find a Lawyer

Top