Category: Author’s post
Business support program of the EBRD and EU in Ukraine is increasing by €2B.
The aid for small and medium-sized enterprises (SMEs) in Ukraine from the European Bank for Reconstruction and Development, with funding from the European Union, is growing. It will allow them to secure €2B in new funding via EBRD partner banks. This additional EU assistance includes €200M in guarantees, €105M in grants, and €10M for technical support as part of the Ukraine Investment Framework.
At least 3,000 businesses will get loans from this new funding, which will help preserve 180,000 jobs. EU grants and other investment incentives will cover 10% to 30% of Ukrainian companies’ essential capital investments, mainly in energy-efficient and green technologies. Enterprises with assets that have been damaged or destroyed by the war or located in frontline zones will be the target of over half of these grants.
Also, the Revival of Ukrainian Small and Medium-sized Enterprises program is being launched by the EBRD and EU. They expect it to provide €135M in funding and advisory services for businesses and startups. €46M will come from EU support. At least 15 Ukrainian projects will get financing from this initiative.
Source https://nh-consulting-services.com/2026/06/12/ukraine-support/
Read moreGeorgia and Turkmenistan discuss on legal framework for business cooperation
According to the Turkmen MFA, Turkmenistan and Georgia discussed the legal framework for business and economic cooperation.
Turkmen Ambassador to Georgia Dovletmyrat Seyitmammedov and Georgian Deputy Minister of Economy and Sustainable Development Tamar Ioseliani negotiated during a meeting in Tbilisi. Also, Head of the Department of Trade Development and International Economic Relations at the Ministry of Economy and Sustainable Development, Givi Zedelashvili, and Director General of Georgian Railway, Lasha Abashidze attended the meeting.
According to the both sides, further improvement of the bilateral treaty and legal base are an important factor for the sustainable development of trade and economic ties. Also, it is important to create more favorable conditions for joint economic initiatives between Turkmenistan and Georgia.
A stable legal framework consisting of bilateral agreements and multilateral trade arrangements is the basis of trade and economic relations between Turkmenistan and Georgia. The two countries continue to apply the provisions of the 1994 CIS Free Trade Area Agreement in their bilateral trade, even though Georgia has withdrawn from the Commonwealth of Independent States (CIS) in 2009. This way, preferential tariff treatment and facilitating transit operations are ensured.
In general, the Intergovernmental Turkmen-Georgian Commission on Economic Cooperation coordinates bilateral economic cooperation. It serves as the principal mechanism for monitoring the implementation of existing agreements and identifying new areas of cooperation. Moreover, trade, transport, logistics, energy, investment, and other sectors of mutual interest are covered by the Commission’s agenda.
Source Link
Read moreSerbia’s entering the EU will entail a new model of taxation of citizens
A proposal for the Law on Personal Income Tax has been published by the Ministry of Finance. It will come into force from the date of Serbia’s accession to the European Union.
According to the law, all natural persons who generate income (wages, income from self-employment, copyrights, capital, real estate, capital gains) pay the tax. It regulates exclusively taxation income. Nevertheless, only its provisions can introduce tax reliefs and exemptions.
Also, Serbian residents pay tax on income earned in the country and abroad. Meanwhile, non-residents pay tax only on income earned in Serbia.
Officials of the institutions of the European Union, members of their families, as well as for diplomatic and consular personnel of Serbia fall under special rules.
Social benefits, child allowances, unemployment benefits, pensions, disability benefits, scholarships up to the prescribed amount, assistance due to natural disasters, subsidies and incentives in agriculture, volunteering fees, certain one-off benefits and other public interest benefits are exempted from taxation. Also, non-residents who stay in Serbia for up to 90 days do not need to pay taxes on certain incomes.
The income that residents of Serbia earn abroad and pay tax on it in another country can be included as a tax credit in Serbia. Nevertheless, the amount must not exceed the amount of tax they would pay on the same income according to domestic regulations.
However, they recognize expenses of 110.647 dinars per quarter for income from copyright and related rights. Meanwhile, 66.733 dinars are recognized for income based on the contracted remuneration for work. They apply standardized deductions if a person earns both types of income.
Also, the law defines various benefits that the employee receives from the employer, compensation for temporary and occasional jobs, personal earnings of the entrepreneur as wages. They also include in the earnings vouchers, goods, services, debt forgiveness, use of an official car for private purposes, an official apartment.
However, the monthly amount of 34.221 dinars for full-time employees is non-taxable. Also, newly settled taxpayers and highly qualified experts who come to work in Serbia can enjoy an income tax reduction by 70 percent for five years. This measure aims to attract professional staff and return people from abroad.
A flat tax rate of 10 percent is stipulated for wages.
Moreover, certain allowances for transportation costs, per diems for business trips in the country and abroad, accommodation and transportation costs on business trips, as well as on certain types of assistance to employees are exempted from taxation. Exemptions include solidarity aid due to illness, disability or the birth of a child, aid in the event of the death of a family member, New Year’s and Christmas gifts for employees’ children, jubilee awards, as well as funds intended for the treatment of an employee.
Special regulations concern the treatment of shares and shares that employees receive from the employer or a related person for at least two years. Benefits provided by the employer for the purpose of recreation and improving the health of employees also fall under tax exemption.
The law exempts some employees in diplomatic and consular missions, international organizations and institutions of the European Union, persons with disabilities employed in companies for their work training and employment from paying salary tax. Voluntary health insurance and voluntary pension funds do not pay taxes on income below 8.677 dinars per month.
Also, the law exempts newly founded innovative companies from paying taxes on the salaries of their founders during the first three years of operation, for salaries up to 150.000 dinars per month.
A special benefit is provided to people under 40 years of age. The base for calculating the annual tax is additionally reduced for them.
Source Link
Read moreGeorgia’s visa-free policy welcomes Chinese travelers as gives tourism hope
An immersive cultural showcase for those attending the opening gala took place on May 25th at W Shanghai. The reason is the coinciding of Georgian National Day, 26th May, with the opening of this year’s edition of ITB China.
The annual travel trade event which is now on its ninth edition made Georgia its official partner destination.
Traditional Georgian specialities and a selection of wines and spirits produced in the region were on the menu. Meanwhile, folk dances and the country’s famed polyphonic singing entertained the attendees.
As Messe Berlin (China) managing director David Axiotis said in February, Georgia has built a strong and growing presence in the Chinese market. Chinese travelers got interested in its cultural experiences, gastronomy and wine, and diverse natural landscapes. Combined with visa-free travel policy, these reasons made the popularity of this destination increase steadily. Georgia’s sustained commitment and long-term strategic planning for the Chinese market made the country ITB China’s Partner Destination for 2026. Nevertheless, the sides look forward to deepening understanding of Georgia among Chinese travel professionals and enabling meaningful, substantive cooperation.
Georgian deputy minister of economy and sustainable development Irakli Nadareishvili appreciated all working partners and guests who came to celebrate the spirit of global tourism and international cooperation.
As Nadareishvili declared, in 2023, Georgia had the great honour of serving as a host country of ITB Berlin. It was an important milestone in strengthening Georgia’s global tourism position. Today the country is proud of its success in the region of Shanghai as the official partner destination of ITB China in 2026.
According to the deputy minister, tourism stands among the most dynamic and rapidly growing sectors of the global economy in this day and age.
Undoubtedly, tourism drives economic growth, sustainable development and the formation of cooperation.
Also, tourism brings people, cultures, and nations closer together.
Nadareishvili also said that tourism fosters mutual understanding in China and encourages meaningful dialogue and lasting connections through shared experiences and cultural exchanges.
Along the history, Georgia’s geographic position at the crossroads between Asia and Europe has made it a meeting point and melting pot for cultures, traditions and traditions.
Meanwhile, a strong and distinctive national identity was shaped by this unique geographical and geopolitical position.
As Nadareishvili said, Georgia’s hospitality, a deeply rooted cultural value defined by respect, generosity and openness towards every guest are at the core of this identity. Georgia offers the global stage a rich and diverse gastronomy, and well-preserved living heritage, as well as the oldest winemaking traditions.
Source Link
Read moreMorocco is among 70 nations to fill Ukraine’s two-million worker gap
According to Minister of Social Policy Denis Ulyutin, Ukraine’s population dropped from estimated 22 to 25 million. This downfall has made the country look for potential labor recruitment. Morocco is one of among 70 countries for this aim.
As a result, the Ministry of Foreign Affairs and the Security Service of Ukraine received an order from the head of Ukraine’s Presidential Office, Kirill Budanov, to urgently review a list of 70 countries to ease restrictions and simplify the process of attracting foreign workers.
That list includes such countries as Morocco, Afghanistan, Egypt, Iraq, Pakistan, Tajikistan, Bangladesh, and dozens of other nations. There are already some workers from these countries in Ukraine, primarily in logistics and construction.
As Arsen Makarchuk, head of Ukraine’s State Statistics Service, estimates, the current labor deficit is approximately two million workers. The country’s employment market and social safety net undergo significant pressure due to this. According to Ulyutin, there are currently 13 million unique recipients of social payments and 10.2 million pensioners in Ukraine.
Before 2022, employers issued around 20,000 work permits for foreigners annually. Then, that number has shown a dramatic decrease. They issued only 4,720 permits in 2024. In 2025, the figure rose to 7,483 but remained less than half the pre-war level. As the agency stressed, priority in employment still belongs to Ukrainians.
According to Olga Dukhnich, head of the Demography and Migration division at the Frontier Institute, online fears about mass labor migration from Bangladesh are not real. As she explained, the Ukrainian market is not too appealing for Bangladeshi workers. The reason is the priority of seeking employment in the United Kingdom and Gulf states.
Also, Dukhnich acknowledged the lack of experience with large-scale foreign migration and outdated stereotypes of Ukraine’s employers. She is sure that migration from Bangladesh does not threaten Ukraine in the coming decade. Attracting labor migrants at all is a hard task for the country.
According to the estimation of Ulyutin, around two million people could return to Ukraine after the war ends or a sustained ceasefire takes hold. Nevertheless, the ratio of working citizens to dependents remains critical, even under an optimistic estimate of 29 million.
Moreover, the demographic trajectory will only worsen, as financial analyst Alexei Kushch warned. He compares Ukraine’s annual natural population loss to the disappearance of a major city. Other negative tendencies are shrinking life expectancy and the emigration of young men, whose families send them abroad to avoid future mobilization.
UN data from the fall of 2024 report that Ukraine’s population shrank by eight million since February 2022. According to Libanova, the country will never return to its Soviet-era level of approximately 52 million.
Source https://nh-consulting-services.com/2026/05/23/ukraines-two-million-worker-gap/
Read moreAs Geostat reports, unemployment rate in Georgia remains at 13.9% in 2025
According to Geostat’s report, Georgia’s unemployment rate remained unchanged in 2025 (13.9%) compared to the previous year.
As official statistics show, both employment and the labor force — people actively seeking work — declined last year.
A decrease of the labor force participation rate by 0.3 percentage points year-on-year to 54.5% was shown by Geostat data. Meanwhile the employment rate fell by 0.2 percentage points to 46.9%.
The regions of Racha-Lechkhumi and Kvemo Svaneti, Kvemo Kartli, and Guria showed the sharpest decline in unemployment (a downfall by 3.1, 2.9, and 2 percentage points respectively).
The highest unemployment rate in the country (17.5%) was in Tbilisi.
Also, the unemployment rate among men is higher than among women.
Among age groups, unemployment was highest among people aged 15-19 (39%), while the lowest rate was recorded among people aged 65 and older (3.5%). Geostat links this data to low economic activity in that age group.
Nearly 1.4 million people were employed in Georgia in 2025, including 961,000 hired employees and 426,000 self-employed individuals. Meanwhile, 224,000 people were unemployed.
The total labor force in Georgia counted approximately 1.6 million people last year.
Source Link
Read moreKazakhstan wants to attract highly skilled foreign workers
Kazakhstan is taking effort to increase the country’s openness to talent, investors, and entrepreneurs. For this, the country introduces new mechanisms to attract highly qualified foreign specialists.
For example, amendments to the country’s migration legislation The Ministry of Labor and Social Protection have been drafted, following a presidential decree aimed at modernizing migration policy and addressing labor shortages.
One of the measures is a targeted recruitment system for in-demand foreign specialists based on the current needs of the domestic labor market.
Also, the creation of a government-approved list of priority professions is a key element of the reform. It will include specialists in information technology, healthcare, education, the nuclear industry, energy, biotechnology, genomic medicine, water management, irrigation, and culture. It total, it will include in-demand professions from 51 to 174 specialisms.
They will also establish clearer and more transparent procedures for hiring foreign professionals at the request of employers.
Improvement of conditions for foreign specialists working and living in Kazakhstan is an important issue. Authorities are planning to expand the Altyn (Golden) Visa program.
The proposed changes will let foreign specialists apply for resident status after a specified period of employment in Kazakhstan. They will also get access to tax incentives, financial services, healthcare and education opportunities. New program gives foreign specialists the right to work outside the country’s foreign labor quota system.
According to the previous report of The Times of Central Asia, Kazakhstan had approved its 2026 quota for foreign labor at 0.25% of the country’s total workforce.
Permits for 726 senior executives and deputies, 3,402 heads of structural divisions, 5,893 specialists, and 3,131 skilled workers are included in it. Seasonal labor got additional 4,994 permits.
Source Link
Read moreSevere labor shortage affects Kazakhstan’s SMEs
A joint report by Mastercard and KPMG claims that small and medium-sized enterprises (SMEs) in Kazakhstan have become one of the country’s main sources of employment. Nevertheless, they are facing a severe labor shortage.
According to the report, workforce shortage is one of the most pressing challenges for SMEs. It means that nearly half of businesses report staffing deficits acute. Experts cite the limited supply of qualified specialists and their high cost among the main reasons of the problem.
As the report explains, SME executives complain about the difficulty of finding qualified employees, especially production managers. It often happens that interviewed candidates do not meet requirements. Another problem is that staff lack the motivation for development, even though salaries are high and working conditions are good. It needs an increased number of skilled employees to scale up the business. Meanwhile, limited financial resources and labor shortages constrain it.
Nevertheless, 90% of surveyed business leaders complain about high salary expectations from potential employees, which smaller firms struggle to meet. Also, nearly 70% of respondents consider SMEs as less prestigious places to work.
Concerning labor productivity, in micro and small businesses it remains more than twice as low as in medium and large enterprises. Data show that a worker generated an average of about $10,100 in a small business in 2025, compared with $34,300 in medium-sized firms. This year the gap continues to widen.
Generally, major constraints for SMEs are limited access to financing and the high cost of borrowing.
An unstable tax and regulatory environment, as well as broader macroeconomic volatility are additional factors hindering SME development.
Nevertheless, SMEs are a key source of employment in Kazakhstan, in spite of these challenges. As an example, employment in the sector has demonstrated a growth of the workforce from 40% to 50% over the past five years. At present, SMEs employ nearly 4.7 million people out of 9.3 million employed nationwide. That means that roughly one in two workers is employed in this segment.
As the report shows, an average annual rate of SME employment growth is 6%. Meanwhile, the decline of employment in other sectors is about 3% per year.
The report notes that the concentration of employment in SMEs makes the labor market vulnerable to tax and regulatory changes. Also, negative shocks in the sector could directly cause rising unemployment.
According to the data previously reported by The Times of Central Asia, about 40% of Kazakhstan’s GDP currently account for SMEs. This figure is still below benchmark countries such as Turkey (41%), the United States (44%), and Uzbekistan (52%).
Source Link
Read moreNew regulations establish fines of up to 100,000 dinars for traders’ violations
Amendments to the Law on Trade adopted by the National Assembly of Serbia will come into force on 1 May 2026.
Notably, purchasing points receive a separate regulatory framework and are defined as a specialized form of wholesale trade intended for the purchase of agricultural products and livestock directly from producers.
For that, they need an entity that the competent ministry maintains in a special register – a centralized electronic database through the “e-purchasing point” system. It will record all key data (the identity of the buyer, the type of goods and the purchasing period).
In difference from the past, traders at purchasing points now must publicly display in advance the purchasing conditions, including prices depending on quality, payment deadlines, methods of assessing goods, and procedures in case of disputes. They also must display the contact details of inspection services is mandatory.
Communication with consumers will also change. Firstly, the prior consent of the consumer is now necessary for traders to send offers. Secondly, only registered traders may sell goods in sales at events. Also, they reduce the deadline for certain applications from 60 to 30 days.
Amendments specify that farmers may sell exclusively their own produce to eliminate the possibility of resale under their name.
Also, the Government will transfer some of its competences to the line minister.
It will be mandatory to consolidate records when delivering goods from a retail outlet. Other new rules claim from the issuer of trust marks in e-commerce submission of detailed information to the ministry on the criteria and methods for awarding such marks.
The requirement to make all product information available to consumers prior to purchase, in a manner that is permanently visible and easily accessible, is one of the more significant aspects of the amendments related to product declaration and labelling. Simultaneously, they want to introduce a unified product coding system to standardize product labelling on the market.
According to the law, unit prices must be displayed where possible. Traders may sell products for the first time at lower prices, but for a maximum period of 60 days. The new rules introduce the concept of a “previous price”, or the lowest price at which they offered product during a specified period prior to the discount.
The law also tightens requirements for market and municipal inspectors. Now, they must now have higher education qualifications, pass professional exams, and meet additional criteria prescribed by law and internal regulations.
The new rules prescribe a uniform fine of 100,000 dinars for a wide range of offences that legal entities commit. Almost all key aspects of business operations (marking purchasing points and maintaining transaction records to transparency in pricing and product declarations) are in the list of offences.
A trader will also fall under fines if he fails to provide requested data to the competent authorities, does not display business hours or fails to comply with them, or sells goods without properly labelled information.
Concerning promotions and advertising, a trader will fall under the same financial penalty if he offers goods with special sales incentives contrary to the rules or advertises discounts in a manner not compliant with the law.
Nevertheless, the maximum fine is reduced in certain cases from the previous 500,000 to 150,000 dinars.
As for the amount of fines, a model appears that takes into account a range of factors (the severity and duration of the offence, benefit gained by the trader, efforts made to mitigate consequences for consumers). They also consider previous offences and penalties imposed in other countries in cases of cross-border operations.
Source Link
Read moreGeorgian small businesses will get expanded support
As Mayor Kakha Kaladze said during a municipal government meeting, Tbilisi City Hall is expanding its ‘Micro and Small Business Support’ initiative. This pilot project will become a full-fledged program with significantly increased financial backing for local entrepreneurs.
The increase in the maximum co-financing limit, which rises from 20,000 GEL to 50,000 GEL, will be the central change under the updated program. Notably, approximately 50 businesses received support to acquire equipment and grow their operations due to the expansion at the pilot phase.
A tiered co-financing model based on project size is introduced by the program. Projects under 5,000 GEL will get up to 90% funding. Projects between 5,000 and 20,000 GEL – 85%, projects between 20,000 and 30,000 GEL – 80%, and projects between 30,000 and 50,000 GEL – 70%.
City Hall officials will give priority to applicants with operational businesses and clearly defined development plans.
Source Link
Read more