Offshore company

The Council of State, Greece's top administrative court, heard the tax dispute on Monday involving Theodoros Kasselakis, father of former SYRIZA-PS president Stefanos Kasselakis, over tax debts exceeding €11 million.

All opposition parties have expressed their frustration over the new amendment made by SYRIZA-ANEL government regarding the article 178 of the omnibus bill passed in Greek parliament a few days ago.

Financial prosecutors have started sending requests to judicial authorities in Panama, seeking the full details of Greek shareholders in or managers of offshore companies included in the Panama Papers, a leaked list of confidential documents compiled by Panamanian law firm Mossack Fonseca.

Greek banks and the state are in the process of creating a national register for offshore company owners, in compliance with a European Union directive to that effect.

Aleksandar Vucic said on Wednesday, commenting on the Panama Papers document leak, that Serbian tax authorities "will check everything."

Beta agency is reporting that on Tuesday, the Network for Investigating Crime and Corruption (KRIK) "disclosed the names of 18 persons from Serbia who founded offshore companies through the law firm Mossack Fonseca from Panama."

Only several names of Bulgarian entrepreneurs have surfaced out of the Panama Papers so far, three days after the affair emerged exposing global offshore dealings that involve politicians, celebrities and business people from around the world.

By Tasos Telloglou

Within the next couple of months Greece will need to incorporate the Foreign Account Tax Compliance Act (FATCA) in its legislation, according to which Greek banks must report to US tax authorities the account movements of US citizens in the local banking system.

Lawmakers adopted at first reading amendments to the law regulating the activity of offshore companies in Bulgaria.

Bulgaria's largest tobacco company, Bulgartabac Holding, has been sold again, reports Capital Daily. 

According to the publication, the Austrian commercial registry shows that on June 26, the majority share package is evenly split between two offshore companies. Livero Establishment transferred  half of BT Invest to Woodford Establishment.

The Reformist Block referred the government decision to give priority to construction of a resort in Karadere to the prosecution..

The coalition also demanded the resignation of Economy Minister Dragomir Stoinev. 

According to the coalition, the project was in violation of the Limiting of Offshore Companies Act, recently passed by Parliament.