EU issues new guidance on VAT for small businesses
European Commission, on 11 November 2024, released the Guide to the SME scheme and explanatory notes for the updated Small Enterprise Scheme (SME scheme), which will take effect on 1 January 2025. This guide aims to provide a better understanding
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Greece unveils tax reform plans for 2025Â
Greece's Ministry of National Economy and Finance has announced new legislation for tax reform measures for 2025 on 5 November 2024. The bill, entitled "Measures to enhance income, tax incentives for innovation and business transformations and
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Croatia rules formation of new company to retain of VAT exemption for small businesses exploitative
The Court of Justice of the European Union (CJEU) ruled in case C-171/23 (UP CAFFE) on 4 October 2024. As per the ruling, forming a new company to retain the VAT exemption for small enterprises after the previous company conducted the same
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Hungary to amend local and EU tax laws, achieve social and policy objectives
Hungary’s government concluded a public consultation on a draft bill proposing changes to various tax laws on 24 October 2024. The proposal seeks to amend tax laws in response to EU and Hungarian legislation changes, targeting global minimum tax,
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Portugal proposes several VAT measures in draft state budget law 2025Â
Portugal released the state budget law for 2025 (Law No. 26/XVI/1) on 10 October 2024, proposing various VAT measures. The draft Budget Law for 2025 proposes reduced corporate tax rates for companies and SMEs and revised personal income tax rates,
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Argentina dissolves tax authority, removes select VAT exemptions
Argentina’s government announced in a release on 21 October 2024 that the Federal Administration of Public Revenue (Administración Federal de Ingresos Públicos —AFIP) will be abolished, and the Tax Collection and Customs Control Agency
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Morocco: 2025 draft finance law introduces new tax rules for joint ventures and economic groups
Morocco’s Ministry of Finance released the draft Finance Law 2025 on 19 October 2024, proposing various measures for corporate income tax, focusing on taxing joint ventures and economic interest groups. Corporate tax rules change for joint
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Ecuador cuts VAT on electric generators
Ecuador has recently implemented a Value Added Tax (VAT) cut on electric generator imports and local sales as part of a comprehensive strategy addressing the national energy crisis resulting from extended periods of drought that have adversely
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Thailand extends VAT exemption for cryptocurrency, digital tokens
The government of Thailand exempted Value Added Tax (VAT) on cryptocurrency transfers and the use of digital tokens in Royal Decree No. 788, effective starting 25 September 2024. The latest decree entends this exemption and is applicable to
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Ethiopia introduces VAT exemptions on water, electricity, mass transport services for low-income groups
The Ethiopian Ministry of Finance published VAT Directive No. 1341/2024, outlining the application of VAT on water, electricity, and transport services on 29 August 2024. The South African government has updated the value-added tax (VAT) policy
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Poland: Lower House passes VAT exemption, optional cash method for small businesses
Poland’s lower house of the Parliament (Sejm) passed the first reading of a bill which allows small businesses with sales in the previous tax year not over EUR 100,000 to receive a value-added tax (VAT) exemption in other EU countries on 27
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Poland passes bill easing VAT rules for small businesses
Poland’s government passed a bill to streamline and simplify VAT obligations, particularly for small businesses in the European Union. Earlier, Poland’s Ministry of Finance approved a draft bill on 10 September 2024 to simplify and modify VAT
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Malta expands VAT exemption for healthcare
The government has released a legal notice 228 of 2024 designating services by dental technicians, psychotherapy and counselling professions as medical professions for VAT exemption purposes under the Value Added Tax Act (Amendment of Fifth
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Netherlands consults revised VAT bill for immovable property services
The Netherlands’ Ministry of Finance released an updated draft bill for public consultation, on 6 September 2024, regarding changes to the value-added tax (VAT) on services related to immovable property. This includes properties such as buildings
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Turkey clarifies amendments to VAT law, seeks public feedback
The Turkish government has released a draft Communiqué detailing the amendments to VAT under Law No. 7524.The draft Communiqué (Serial No: 52) outlines the procedures and principles for implementing amendments to the Value Added Tax Law No. 3065,
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Azerbaijan exempts VAT for import of certain fixed assets under leasing contracts
The Cabinet of Ministers of Azerbaijan approved Resolution No. 383, which exempts the import of certain fixed assets under leasing contracts from value-added tax (VAT) on 3 September 2024. The resolution provides a list of 136 categories of fixed
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Venezuela further extends VAT, customs duty exemption on imports of certain goods
Venezuela has extended its VAT and customs duty exemptions on certain imports through Decree No. 4.985, published in the Official Gazette on 30 August 2024. This latest decree continues the exemptions initially granted by Decree No. 4.907, which
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Costa Rica amends law to extend VAT relief, business closure rules
Costa Rica has published Law No. 10491 titled "Law to Facilitate the Regularisation of the Tax Condition in Support of Formality and the Reactivation of the Economy," in the official gazette on Monday, 19 August 2024. The Law went into force on the
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