Italy passes legislative decree on VAT scheme for small businesses
Italy’s Council of Ministers has preliminarily approved a draft Legislative Decree for the implementation of the Amending Directive to the VAT Directive (2020/285) and the Amending Directive To The VAT Directive (2022/542). This decree
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Romania suspends tax treaty with Russia
Romania’s government passed a memorandum to suspend the 1993 income and capital tax treaty with Russia on 14 August, 2024. This decision follows after the Russian Ministry of Foreign Affairs, in a press release on 15 March 2023, declared to
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Poland approves cash basis law for small entrepreneurs
The Polish Council of Ministers approved a draft law allowing small-scale entrepreneurs to use cash-based settlement of revenues and costs on Tuesday, 13 August 2024. This option, referred to as “Cash PIT” will be available to independent
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Germany revises transfer pricing guidelines for intra-group financing
Germany’s Federal Ministry of Finance (BMF) has issued a draft version of the Administrative Principles for Transfer Pricing 2023 (VWG VP), on 14 August 2024. This revision incorporates the new regulations found in Section 1, Paragraphs 3d and 3e
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Malta releases VAT exemption guidelines for scheduled sea transport
Malta's Commissioner for Revenue has published Guidelines on the VAT exemption on other scheduled sea transport of passengers on 1 August 2024. The purpose of this document is for the Commissioner for Tax and Customs ('CfTC') to determine, in
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Finland consults Minimum Tax Act amendments
Finland's Ministry of Finance initiated a public consultation on proposed changes to the Minimum Tax Act on Monday, 12 August 2024. The Minimum Tax Act was passed at the end of 2023. It implements the Pillar Two global minimum tax in line with
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Italy issues decree for tax collection system reform
Italy’s government has enacted Legislative Decree No. 110 of 29 July, 2024 mandating a comprehensive reorganisation of the tax collection system under Law No. 111 of 9 August 2023. Earlier, the Legislative Decree No. 110 of 29 July, 2024 was
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Lithuania publishes VAT exemption guidelines for educational services
The Lithuanian tax authorities published a guidance on VAT exemptions applicable for educational and training services. This comprehensive document specifies the VAT exemption criteria for services provided by educational institutions, including
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France releases updated VAT representative appointment template
The French tax authorities have released a revised letter BOI-LETTRE-000082 template for appointing VAT representatives on 7 August, 2024. This letter is used for appointing a VAT representative in France. The document, which should be on
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Romania enforces ex officio changes to taxpayers’ register
Romania has published Order No. 3792/2024 in Official Gazette No. 774, on 7 August 2024,outlining the procedure for amending the Taxpayers' Register ex officio when taxpayers fail to fulfil their obligation to update their information. The tax
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Andorra, Latvia approve signing of tax treaty
The Executive Council of the Principality of Andorra has approved signing an income tax treaty with Latvia following the conclusion of negotiations in January 2024. The tax treaty, the first between the two nations, aims to establish a convention
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Austria generates additional EUR 185 million in tax income from AI
The Austrian Ministry of Finance has announced that the use of artificial intelligence has generated approximately EUR 185 million in tax revenue in 2023 from income tax, corporation tax, and value-added tax. The Predictive Analytics Competence
See MoreItaly enacts decree on tax credits for energy saving investments
Italy’s Ministry of Business and Made in Italy published the Decree of 24 July 2024 in the Official Gazette, on 6 August 2024, introducing a new tax credit aimed at promoting investments in innovative energy-saving technologies for qualifying
See MoreFinland releases 2025 draft budget proposal
Finland’s Ministry of Finance published its draft proposal for Budget 2025 on Friday, 9 August 2024. The draft budget totals EUR 88.1 billion and shows a deficit of EUR 12.2 billion. The deficit will decrease due to measures taken by the
See MoreFrance partially suspends tax treaty with Belarus
France issued a notice in the Official Gazette regarding the partial suspension of the 1985 tax treaty between France and the former Soviet Union, as it pertains to relations between Belarus and France on 8 August 2024. The Ministry of Taxes and
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Ireland updates guidance on Pillar Two global minimum tax
Irish Revenue has released eBrief No. 213/24, which provides new guidance on administering the Pillar Two global minimum tax, along with updated information on the implementation of the Pillar Two rules, on 8 August 2024. The Tax and Duty Manual
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Greece imposes special levy on gas-fuelled electricity producers for August
Greece has implemented a new law imposing a special levy on electricity producers that use natural gas as fuel for August 2024. This levy, set at EUR 10 per thermal megawatt-hour of the higher heating value of natural gas, is part of the
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Montenegro ratifies tax treaty with Luxembourg
Montenegro published the law ratifying its pending income tax treaty with Luxembourg in the Official Gazette on 5 August, 2024. Earlier, the Parliament of Montenegro announced the passage of the law to ratify the income and capital tax treaty
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