IMF and World Bank Annual Meetings: Regional Economic Outlook – Europe
On 23 October 2024 the IMF launched the latest issue of the Regional Economic Outlook for Europe. Europe’s economic recovery is continuing after a strong response to the recent crises. However, the recovery is falling short of Europe’s full
See MoreEU: Proposed Directive on Global Minimum Tax
On 22 December 2021 the European Commission proposed a Directive to ensure that large multinational groups are subject to a global minimum effective tax rate. The proposal follows the terms of the international agreement on Pillar 2 of the OECD
See MoreEU: Tax Policy Plans for 2022
At a meeting of the EU Parliament’s FISC subcommittee on 30 November 2021, the EU Commissioner responsible for economic and tax issues outlined the European Commission’s tax plans for 2022 and was questioned on the plans by members of the
See MoreEU: Commission Letter Comments on Common Corporate Tax
On 3 August 2021 a letter addressed to the European Parliament on behalf of the European Commission confirmed that the single corporate tax system for the EU, to be known as Business in Europe: Framework for Income Taxation (BEFIT), would take into
See MoreLuxembourg issues Draft Law on the deduction of interest and royalties expenses
On 30 March 2020, the Luxembourg government has presented a Draft Law N°7547 to the Parliament introducing a non-deductibility of interest or royalties paid to associate enterprises established in countries that are “blacklisted” as being
See MoreECJ rules on freedom of establishment and use of tax losses
On 27 February 2020, the European Court of Justice (ECJ) issued a decision in the case of Aures Holdings a.s. In 2007 the place of effective management of Aures was the Netherlands, and it was therefore treated at that time as Dutch tax
See MoreItaly publishes Law 117 to implement EU Directives
On 4 October 2019, Italy has published Law No. 117 in the Official Gazette, approving the legislative decrees for the implementation of several EU Directives. The Directives will be consulted on by parliament but do not require further approval
See MoreRussia proposes Tax Policy for 2020 to 2022
On 30 September 2019, the Russian Government submitted the Draft Law to the State Duma. The draft law includes the following measures: The bill aims to change the approach to taxing companies in the digital sector. The draft law recommend that
See MoreBelgium approves draft law to transpose EU directive on cross-border arrangements
On 11 October 2019, the Belgian Council of Ministers approved a draft law to transpose EU Directive 2018-822 of 25 May 2018 on reportable cross-border tax planning arrangements. The Directive includes measures to require the reporting of
See MoreEcuador: NA Approves Mutual Assistance Agreement on Tax matters
On 7 August 2019, Ecuador's National Assembly approved the bill for the ratification of the OECD-Council of Europe Convention on Mutual Administrative Assistance in Tax Matters as amended by the 2010 protocol. Its objective is to facilitate
See MoreZambia publishes Budget for 2019
On 1 January 2019, The Zambian government published budget for 2019 to the National Assembly. Key modifications of tax rules are summarized as follows: Limit the deductibility of interest on debts owed by a taxpayer to 30 % of the
See MoreRussia: Parliament proposes to reduce the corporate property tax rate
On 6 March 2019, a draft bill was presented to the State Duma (Lower House of Parliament) proposing to lower the maximum amount of the property tax rate to be taxed at the cadastral value. According to the bill, the corporation tax rate for real
See MoreEU: Report by European Commission on investor residence schemes
On 23 January 2019 the European Commission issued a report on citizenship by investment and citizenship by residence schemes operated by a number of EU Member States. The report looks at current practices and identifies some of the risks from such
See MoreEuropean Commission opens in-depth investigation into Netherlands tax rulings
On 10 January 2019 the European Commission announced that it has opened an in-depth investigation into tax rulings granted by the Netherlands to companies in the Nike group. The rulings may have given the companies an unfair competitive advantage
See MoreGhana changes several Tax Acts
On 1 August 2018, The Parliament of Ghana published in the Official Gazette the Income Tax (Amendment) Act 2018, the National Health Insurance (Amendment) Act 2018, the Ghana Education Trust Fund (Amendment) Act 2018, the Value Added Tax (Amendment)
See MoreBelgium: Constitutional Court announces the fairness tax unconstitutional
On 1 March 2018, The Constitutional Court of Belgium announced the fairness tax unconstitutional, thus nullifying it (judgment n° 24/2018). According to the Court’s ruling, however, the fairness tax is maintained until financial year 2017 (tax
See MorePoland: MoF publishes a statement regarding exemption for dividends
The Polish Ministry of Finance (the MoF) released a statement that identified cases of abuse of tax exemption for dividends by making their payments using intermediaries on 3rd November 2017. As of 1 January 2016, the Polish dividend withholding tax
See MoreEU follows OECD with digital tax consultation
On 26 October 2017, the European Commission published a public consultation on digital taxation. This follows on from the Commission’s September Communication setting out its vision for the need to address digital taxation and some possible
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