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- BOSNIA AND HERZEGOVINA - CROATIA
- MACEDONIA - SERBIA
JUNE, 2010
CROATIA
Capital Zagreb
Population 4.5 million
Area 56,594 km²
GDP per capita (US$): (2008)
10,682
Double Tax Treaties: 48
BOSNIA AND HERZEGOVINA
Capital Sarajevo
Population 3.8 million
Area 51,129 km²
GDP per capita (US$): (2009 estimate)
4,235
Double Tax Treaties: 36
WTO
√ IMF
√ EBRD
Country Profile
√ CEFTA
NATO
EFTA
√ SAA
√
√
√
WTO
IMF
EBRD
√ CEFTA
√
NATO √
EFTA
√ SAA
√
√
√
WTO
IMF
EBRD
√ CEFTA
√
NATO
EFTA
√ SAA
SERBIA
Capital Belgrade
Population 7.3 million
Area 77,474 km²
GDP per capita (US$): (2009)
5,809
Double Tax Treaties: 42
MACEDONIA
Capital Skopje
Population 2.1 million
Area 25,713 km²
GDP per capita (US$): (2009 estimate)
4,495
Double Tax Treaties: 32
Country Profile
√
√
WTO
IMF
EBRD
√ CEFTA
√
NATO
EFTA
SAA
Access to Markets
FREE TRADE AGREEMENT WITH
EU (market size: 500m)
CEFTA COUNTRIES
(market size: 31m)
1. BOSNIA & HERZEGOVINA
2. ALBANIA
3. SERBIA
4. CROATIA
5. MACEDONIA
6. MOLDOVA
7. MONTENEGRO
8. KOSOVO
EU Countries
CEFTA Countries EFTA Countries
EFTA COUNTRIES (market size: 13m)
1. NORWAY
2. SWITZERLAND
3. ISLAND
4. LICHTENSTEIN
Distance to Markets
Distance by Road (Km)
SKOPJE Munich 1350
Prague 1300
Turin 1550
Istanbul 800
Thessaloniki 230
Distance by Road (Km)
BELGRADE Munich 950
Prague 900
Turin 1150
Istanbul 1200
Thessaloniki 630
Distance by Road (Km)
ZAGREB Munich 550
Prague 700
Turin 750
Istanbul 1600
Thessaloniki 1030
Distance by Road (Km)
SARAJEVO Munich 1000
Prague 1100
Turin 1230
Istanbul 1170
Thessaloniki 730
AUS
SER
BRD
SVK
CZE
ROM
POL
HUN
UKR
BGR
GRC
MDA
LTU
LVA
EST
BLR
SLO
BIH
MKD
ALB
HRV
Distance to Markets
GM, Gliwice
Fiat, Tychy
GM, Zeran (Warsaw)
VW, Poznan
Daewoo, Uzhgorod
Suzuki, Estergom
VW-Skoda, Bratislava
PSA, Trnava (2006)
HMC-Kia, Zilina (2006)
Toyota/PSA, Kolin
VW-Skoda, Mlada Boleslav
Renault-N, Novo Mesto
VW-Audi, Györ, (Engines)
Opel/GM
Ford,
LIAZ, Velki Krtis
HMC-Hyundai, Novosice (2008)
ZAZ, Zaporozhje
AutoVAZ, Kherson
Ford, Craiova
Renault-Nissan, Pitesti
Ford, Otosan, Gölcük
Fiat – Tofas, Bursa
Oyak-Renault , Beykoz
Toyota, Sakarya
CROATIA
REAL GDP GROWTH RATE (%) FDI BY YEAR (million US$)
Economic Indicators
3.8
6.3
3.9
6.1 6.2 5.7
2003 2004 2005 2006 2007 2008
654 1,097 925 1,091
3,150
1,356
2003 2004 2005 2006 2007 2008
BOSNIA AND HERZEGOVINA
REAL GDP GROWTH RATE (%) FDI BY YEAR (million US$)
5.0 4.2 4.2
4.7 5.5
2.4
2003 2004 2005 2006 2007 2008
3,755
5,007 4,034
2006 2007 2008
1,389 987 1,616
5,474
3,569 3,363
2003 2004 2005 2006 2007 2008
118
323
97
424
699 587
2003 2004 2005 2006 2007 2008
REAL GDP GROWTH RATE (%)
MACEDONIA
FDI BY YEAR (million US$)
SERBIA
REAL GDP GROWTH RATE (%) FDI BY YEAR (million US$)
Economic Indicators
2.5
8.4
6.2 5.7 7.5
5.4
2003 2004 2005 2006 2007 2008
2.8 4.1 4.1 4.0
5.9 5.0
2003 2004 2005 2006 2007 2008
8%
10%
12%
12%
BOSNIA*
MACEDONIA
SERBIA
CROATIA
* The minimum social security base is 35% of average monthly salary while the maximum contribution base is capped at five times average salary.
41.5%
37.2%
35.0%
27.0%
Bosnia and Herzegovina
Croatia
Serbia*
Macedonia
SOCIAL CONTRIBUTIONS - 2010
Corporate Income Tax Personal Income Tax General VAT Rates
20%
10%
10%
10%
CROATIA
MACEDONIA
SERBIA
BOSNIA
23%
18%
18%
17%
CROATIA
MACEDONIA
SERBIA
BOSNIA
SOCIAL SECURITY
EMPLOYER
SOCIAL SECURITY
EMPLOYEE
Macedonia - 27.0%
Serbia 17.9% 17.9%
Croatia 17.2% 20.0%
Bosnia and Her. 10.5% - 30.6% 31.0%
Taxes and Benefits
* 8% in the Republic of Srpska, 10% in the Federation
10%
25% 40%
Average Monthly Gross Salary
Source: The Vienna Institute for International Economic Studies (wiiw)
AVERAGE GROSS MONTHLY SALARIES IN € (2009)
AVERAGE GROSS MONTHLY SALARIES IN € (2009) – COMPARISON OF SEE COUNTRIES
445 469 488 594 615 643 653 713 717 745 781
893 1,051
1,439
468 488 615
1051
SERBIA MACEDONIA BOSNA I HERZEGOVINA
CROATIA
TOTAL
2008/2009 15,246
TOTAL
2007/2008 20,969
SERBIA
BOSNIA AND HERZEGOVINA
TOTAL
2008/2009 105,488
NUMBER OF GRADUATES
IN COLLEGES AND UNIVERSITIES
TOTAL
2008/2009 63,437
TOTAL
2008/2009 10,839
TOTAL
2007/2008 237,598
TOTAL
2007/2008 34,671
CROATIA
NUMBER OF ENROLLED STUDENTS
IN COLLEGES AND UNIVERSITIES
TOTAL
2007/2008 143,410
Education
MACEDONIA
BOSNIA AND HERZEGOVINA
UTILITY PRICES - INDUSTRY
Electricity: €3.60 - 13.20/100 kWh
Natural gas: €0.45 - 0.46/Sm3
Water: €1.53 – 1.66/m3
MACEDONIA
UTILITY PRICES - INDUSTRY
Electricity: €3.85/100 kWh
Natural gas: €0.45/Sm3
Water: €0.20 - 1.07/m3
SERBIA
CROATIA
UTILITY PRICES - INDUSTRY
Electricity: €4.76/100 kWh
Natural gas: €0.35 – 0.42/m3
Water: €0.20 – 0.75/m3
UTILITY PRICES - INDUSTRY
Electricity: €9.04/100 kWh
Natural gas: €0.21/m3
Water: €1.07/m3
Utility Prices
BOSNIA AND HERZEGOVINA
Fiscal/Non fiscal benefits
• Budget: €1m
• Non-refundable funds supporting foreign
investment projects
• Criteria for project evaluation:
• Number of employees
• Investment location
• Value of investment
• Export of products
• Environment protection
• Max amount of money that can be
approved per project is €150,000
Investment incentives in Bosnia and Herzegovina
• No import and custom duties on
imported equipment (except passenger
cars, slot and gambling machines).
• Tax exemptions:
• if 30% of total revenue is from
exports to be exempted from the
tax payment for that year.
• Investments > 20m KM are
exempted from corporate income
tax for five years beginning from
the first investment year in which
min. 4m KM must be invested.
FOREIGN INVESTORS SUPPORTS FUND
Fiscal/Non fiscal benefits
CROATIA
Investment incentives in Croatia
Tax
Incentives
Amount
invested (m €)
No. of people
employed
Investment
duration (years) Corporate tax
0.3 – 1.5 10 10 10%
1.5 - 4 30 10 7%
4 - 8 50 10 3%
> 8 75 10 0%
Employment
Incentives
County
unemploy-
ment rate
Investment
amount
subsidised
Increase for
technological
and innovation
centres
Increase for
Strategic
activities of
business
support
< 10% 10% (Up to
€1.500) +50% (€750) +25% (€375)
10 - 20% 15% (Up to
€2.000) +50% (€1.000) +25% (€500)
> 20% 20% (Up to
€3.000) +50% (€1.500) +25% (€750)
Education Incentives Expert education General education
Big companies Up to 35% Up to 60%
Small and medium
companies Up to 45% Up to 80%
• Establishment of Technological
and Innovation centres:
• 5% of the value (max.
€0.5m)
• Big investments ( > €15m and
100 employees)
• cash support of 5% of
investment (max. €1m) in
counties with
unemployment > 20%
MACEDONIA
Fiscal/Non fiscal benefits
Investment incentives in Macedonia
TAX TAX RATES
TIDZs Outside TIDZs
Corporate tax 0% - for the first 10 years 10%
Personal income tax 0% - for the first 10 years 10%
Value added tax 0% 18%
Property tax 0.1%- 0.2% 0.1%- 0.2%
Excise taxes 0% 5% - 62%
PRODUCT
CUSTOMS DUTY
TIDZs Outside TIDZs
Raw materials 0% Up to 15%
Equipment 0% 5% - 20%
• Free connection to utilities
• Subsidy of up to €500,000 towards
building costs
• Green Customs Channel available
at border for rapid export from
Zone to EU countries
• Land in a TIDZ in Macedonia is
available under long-term lease
for a period of up to 99 years
• Training Grants
• Fully harmonized with EU state
aid and competition rules
• Max. amount of aid capped at 50%
of initial investment
Fiscal/Non fiscal benefits
SERBIA
Tax Incentives
10-year Corporate Income Tax holiday for large investments
Corporate Income Tax credits up to 80% of the investment in fixed assets
5-year Corporate Income Tax holiday for concessions
Carrying forward of losses over a period up to 5 years
Avoiding double taxation
Salary Tax and social insurance charges exemptions
Annual Income Tax deductions up to 50% of the taxable income
Value Added Tax exemption in Free Zones
Other Incentives Customs-free import
Local incentives
FINANCIAL GRANTS
Eligible Projects
Large-Scale Projects Standard-Scale Projects
Manufacturing and Export-Related
Services Manufacturing
Export-Related
Services
Capital and
Labor-Intensive
Projects
Capital-Intensive
Projects
Projects in
Devastated Regions
and Regions of
Interest
Projects in
Automotive,
Electronics, IT
Industries in
Regions of Interest
Projects in Other
Regions
Projects in Any
Region
Grant Amount 25% of the total
investment
20% of the total
investment
€4,000 - 10,000 per
new job created
€5,000 - 10,000 per
new job created
€2,000 - 5,000 per
new job created
€2,000 - 10,000 per
new job created
Minimum
Investment Amount €200m €50m €0.5m €0.5m €1m €0.5m
Minimum Number of
New Jobs Created 1,000 300 50 50 50 10
Investment incentives in Serbia
Foreign Investors in the Region
Success Stories…
Success Story - Macedonia
Johnson Controls PROJECT SCOPE
• $40m automotive components plant
• 150 employees initially – increasing to 500
• First phase production – mainly integrated
circuits for German and French markets
CONSIDERED COUNTRIES
• Macedonia, Poland, Romania and Slovakia
WHY MACEDONIA
• The availability of skilled engineers;
• “The increase in costs over the next couple of
years will be significantly lower in Macedonia
than in other CEE countries.”
• Macedonia offers the company just-in-time
delivery and minimal freight costs
Success Story
Success Story – Serbia
Fiat Automobiles
• Joint Venture between Fiat Group Automobile and
the Republic of Serbia Government
• Total investment at around 700 million EUR
• Starting from 2011, FAS will set-up the production
of at least 200,000 units per year
• The new factory should export 1.5 billion
EUR/year of cars
• 2,400 jobs will be created by Fiat, while 10,000
more by suppliers and sub-suppliers
• We expect knowledge transfer to our workers
Thank You
Foreign Investment Promotion
Agency
e-mail: [email protected]
web: www.fipa.gov.ba
Invest Macedonia
e-mail: [email protected]
web: www.investinmacedonia.com
Croatia Trade and Investment
Promotion Agency
e-mail: [email protected]
web: www.apiu.hr
Serbia Investment and Export
Promotion Agency
e-mail: [email protected]
web: www.siepa.gov.rs