Cyprus postpones VAT objection submissions via TFA portal
Cyprus tax department, in an announcement on 26 August 2024, informed that the submission of appeals for VAT issues via the Tax For All (TFA) Portal, which was scheduled for 3 September 2024, has been postponed. The tax authority said the
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Cyprus extends 2019 onwards withholding tax declarations deadline to 31 October 2024
In an announcement, the Cyprus tax authority declared that withholding tax and contribution declarations (TF 7) for the years 2019 and onward may be submitted without penalties until 31 October 2024. After this date, the penalties as per by law will
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Austria approves negotiation of income tax treaty with Libya
The Austrian Council of Ministers has approved the negotiation of an income tax treaty with Libya on 4 September 2024. A tax treaty is a bilateral agreement between two countries designed to address double taxation on both passive and active
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Angola, EU sustainable investment agreement takes effect
The EU-Angola Sustainable Investment Facilitation Agreement (SIFA) entered into force on 1 September 2024. On 18 November 2022, the EU and Angola concluded negotiations on the SIFA. The agreement was signed on 17 November 2023 in Luanda,
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Lithuania, Taiwan sign income tax treaty
On 3 September 2024, Lithuania's Ministry of Economy and Innovation announced the signing of an income tax treaty with Taiwan, which occurred in August. This treaty marks the first formal agreement of its kind between Lithuania and Taiwan, aimed at
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Denmark launches consultation on zero VAT rate for domestic air travel
The Danish government has commenced a consultation on a draft legislation that includes amendments to the VAT Act and other related changes. A key amendment is the introduction of VAT zero-rating for domestic air travel services in Denmark. The
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Sri Lanka to sign first income tax treaty with Austria
At a press briefing on Cabinet decisions from 2 September 2024, Sri Lanka's Cabinet announced its approval for signing an income tax treaty with Austria. According to the convention, Sri Lanka will be taxed at a rate not exceeding 10% of the
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Finland announces budget for FY 2025
The Finnish Government announced the 2025 Budget on 3 September 2024. This release outlines several tax policy decisions that align with the draft budget proposals introduced by the Ministry of Finance in August 2024. The government is moving
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New Zealand, Austria tax treaty protocol now in effect
The amending protocol to the 2006 income and capital tax treaty between Austria and New Zealand was enacted on 29 August 2024. Signed on 12 September 2023, this protocol represents the first amendment to the treaty. The main changes are as
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Poland: Finance ministry proposes VAT changes
The Polish Ministry of Finance has reportedly suggested several amendments to the VAT Act. The main proposed amendments are as follows: Apply a zero VAT rate to non-seagoing rescue vessels and lifeboats used at sea; Maintain 8% VAT for
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Belgium launches prepayment system for pillar two taxes
The Belgian tax authorities Federal Public Service (SPF) announced that the prepayment system for the Domestic Minimum Top-Up Tax (DMTT) and Income Inclusion Rule (IIR) top-up tax was activated on 2 September 2024. Taxpayers who prepay these
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Slovak Republic approves draft bill to revise motor vehicle taxes
The government of the Slovak Republic approved a draft bill amending the Law on Motor Vehicle Tax, which includes two important changes: Reduction of Annual Tax Rates: The bill proposes a reduction in the annual tax rates for vehicles weighing
See MoreSlovak Republic plans to extend excise duty exemption for small renewable energy producers
The Slovak Republic Parliament has agreed to consider a draft bill that amends the Law on Excise Duty on Electricity, on 22 August 2024, addressing the regulations concerning electricity generated from renewable sources by small energy
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Slovak Republic proposes new tax rules for bad debt deductions
The Slovak parliament approved a draft bill on 23 August 2024 for consideration that proposes amendments to the Income Tax Act. The amendments address the rules for tax-deductible provisions concerning bad debts. As per the proposed amendments,
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Ghana negotiates tax treaties with Hungary, Israel, UAE, Korea, Egypt
Ghana announced that it is negotiating to establish income tax treaties with Hungary, Israel, UAE, Korea, and Egypt. Daniel Nuer, Head of the Tax Policy Unit at Ghana's Ministry of Finance, revealed that the Ministry plans to implement
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Czech Republic: Finance Ministry proposes 9% deficit cut in 2025 budget
The Czech Republic’s Ministry of Finance has presented the government the draft 2025 budget that reduces the deficit by 9% on 1 September 2024. The proposal promises significant investments while reducing the fiscal gap to 2% of the gross
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Luxembourg details certificate requirements for investment tax credit
Luxembourg’s Minister of Finance has introduced a new decree specifying the data required on certificates for claiming the investment tax credit under Article 152bis of the Income Tax Act. The decree was published in Official Gazette No. A380
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Germany unveils Future Financing Act II to boost capital market
Germany's Ministry of Finance unveiled a second draft bill, the Zukunftsfinanzierungsgesetz II (Future Financing Act II), aimed at further enhancing the German capital market on 27 August 2024. Building on the previous Future Financing Act, this new
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