Malta Issues guidelines on reduced VAT on pleasure boat hiring
On 31 January 2024, Malta’s Commissioner for Revenue issued Guidelines for the application of the 12% VAT rate on the hiring of pleasure boats. This follows after the recent amendments to the Value Added Tax Act, which extended the 12% VAT rate to
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Spain approves extension of windfall taxes on banks and reduced VAT rates
On 11 January 2024, the Spanish Government issued a press release announcing the approval of the Royal Decree-Law. The Royal Decree-Law was approved by the Spanish Council of Ministers on 27 December 2023. This Decree extends specific measures to
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Algeria publishes finance law for 2024 introducing new local solidarity tax
On 31 December 2023, Algeria's Ministry of Finance published the Finance Law for 2024 in the Official Gazette. The Finance Law for 2024 eliminates the 1.5% tax on professional activity (TAP) and introduces the new local solidarity tax
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Luxembourg ends temporary VAT rate reduction
On 27 December 2023, the Luxembourg Directorate of Registration, Domains, and VAT issued Circular No. 812-1 of 27 December 2023, which declared the end of the temporary reduction in VAT rates as mandated by the Law of 26 October 2022. As
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Costa Rica: Menstrual hygiene products eligible for 1% reduced VAT rate
On 29 November 2023, Costa Rica passed Law No. 10424 of 29 November 2023. This legislation introduces measures regarding menstrual hygiene products. It includes the amendment of the basic basket of goods eligible for a reduced VAT rate of 1%, which
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Ireland: Finance Minister presents 2024 Budget to the Parliament
On 10 October 2023, Mr. Michael McGrath, the Minister for Finance of Ireland presented the 2024 Budget to the Parliament. The main tax measures proposed in the 2024 Budget include: OECD Pillar Two The Minister announced that the upcoming
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Italy approves draft Budget for 2023
On 21 November 2022, Italian Council of Ministers approved the State Budget for 2023 along with the multi-year budget for 2023 to 2025. The budget increasing the tax credits for the purchase of natural gas and electricity through March 2023 and
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OECD: Latest Edition of Tax Policy Reforms
On 21 September 2022 the OECD published the latest edition of Tax Policy Reforms: OECD and Selected Partner Economies. This is an annual publication providing comparative information on tax reforms in a number of countries. The latest report looks
See MoreGreece: Finance Ministry highlights tax measures on 2022 Budget
On 17 December 2021, the Finance Ministry announced an overview of tax measures on the 2022 Budget. Some of the approved tax measures are given below: The corporate income tax rate is reduced from 24% to 22% for legal entities and legal entities
See MoreZambia proposes the Budget for 2022
On 29 October 2021, the Minister of Finance and National Planning, the Honorable Dr. Situmbeko Musokotwane, presented the Budget for 2022 to the National Assembly of Zambia. The budget includes the following changes: Proposed to reduce the
See MoreIreland: Government publishes Finance Bill 2021
On 24 June 2021, the Government released the Finance Bill for 2021, which includes new and extended measures to support businesses as declared on 1 June 2021 in the government’s Economic Recovery Plan. The main highlighting points of the Bill is
See MoreIreland: President signs the Finance Bill 2020 into Law
On 19 December 2020, the President signed the Finance Bill 2020 into Law, which underpins the Government’s support for the economy in the face of Covid-19 pandemic and the ongoing threat of a no-deal Brexit. The Finance Act 2020 provisions
See MoreIreland: Finance Minister publishes Finance Bill 2020
On 22 October 2020, the Finance Minister, Paschal Donohoe TD, published Finance Bill 2020 following Cabinet approval at the Government meeting. The Bill underpins the Government’s support for the economy in the face of Covid-19 pandemic and the
See MoreTurkey reduces VAT rate for certain services until 31 December 2020
On 31 July 2020, the Turkish Revenue Administration has published Presidential Decree No. 2812, through which the value added tax (VAT) rate is reduced for certain services applicable from 31 July 2020 due to COVID-19 pandemic. Temporarily
See MoreBulgaria: Government Officially publishes a Bill regarding reduced VAT rate
On 19 June 2020, Government Officially published a Bill regarding amending the reduced 9% VAT rates for certain goods and services as a temporary measure in response to the COVID-19 pandemic. This Bill was passed in the Parliament on 12 June 2020.
See MoreAustria: Government announces additional measures in response to COVID-19 outbreak
On 12 June 2020, the Government announced some additional measures in response to COVID-19 outbreak: VAT The Government is planning to finalize a reduced value-added tax (VAT) rate of 5% for the restaurant and culture sector due to the corona
See MoreCzech Republic: The Chamber of Deputies passes anti-crisis tax package for second time
On 16 June 2020, the Chamber of Deputies passed the anti-crisis tax package for the second time aimed at mitigating the adverse economic effects of the pandemic on entrepreneurs and companies. The package is set to be signed by the president and
See MoreCOVID-19: Norway announces new tax relief measures
On 28 March 2020, the Norwegian government has released new tax relief measures in response to coronavirus pandemic. Accordingly, the value-added tax (VAT) is further reduced from 8 per cent to 7 per cent from 1 April 2020 to 31 October 2020 for
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