Italy issues decree on tax compliance, preventive composition procedure
Italy’s government has published Legislative Decree No. 10 of 5 August 2024 in the Official Gazette, which implements new measures aimed at enhancing the preventive composition procedure and simplifying tax compliance. The Legislative Decree
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Ireland updates guidance on exchange of information
Irish Revenue has released eBrief No. 210/24, on 6 August 2024, which provides updated guidance on information exchange. The Guide to Exchange of Information under Council Directive 2011/16/EU, Ireland’s Double Taxation Agreements and Tax
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Andorra ratifies income, capital tax treaty with Lithuania
Andorra has announced that it has ratified its income and capital tax treaty with Lithuania in its Official Gazette on 6 August, 2024. The treaty is set to take effect once the necessary ratification instruments are exchanged, with its provisions
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Finland revises guidance on avoiding double taxation for legal entities
Finland’s tax administration announced that it released an updated version of its guidance (Guidance number VH/3968/00.01.00/2024) aimed at eliminating international double taxation for legal entities on 1 August, 2024. The instructions apply
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France limits access to beneficial ownership register
The French government, in a release, on 29 July 2024, announced that it will restrict public access to the beneficial ownership register to only individuals with a legitimate interest. This change went into force on 31 July, 2024. This follows
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Italy dismisses speculations of imposing new taxes on bank profits
Giancarlo Giorgetti, Economy Minister, Italy, said that the government has no plans to introduce new additional taxes on profits on banks and other companies on Wednesday, 7 August, 2024. In August 2023, there was an unprecedented disposal of
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New Zealand ratifies pending tax treaty with Slovak Republic
New Zealand published the Double Tax Agreements (Slovak Republic) Order 2024 on 29 July, 2024. The order, which comes into force on 29 August 2024, gives effect to the agreement between New Zealand and the Slovak Republic for the elimination of
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Kenya to revise tax treaties with Zambia, Germany, Iran
Kenya’s government has shown interest in restarting negotiations to revise its 1968 tax treaty with Zambia, the 1977 tax treaty with Germany, and the 2012 tax treaty with Iran. This follows after the Kenyan government decided to align its tax
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US: IRS clarifies mutual agreement procedure relief requirements under tax treaty with Germany
The IRS Office of Chief Counsel (OCC) issued a letter on 11 April, 2024, addressing an inquiry regarding the 1989 US-Germany income tax treaty. The letter outlines the requirements for obtaining tax relief under Article 25 (Mutual Agreement
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Montenegro ratifies tax treaty with Luxembourg
The Parliament of Montenegro announced the passage of the law to ratify the income and capital tax treaty with Luxembourg on 31 July 2024. This treaty, signed on 29 January 2024, marks the first formal tax agreement between the two nations. This
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Estonia announces security tax, delays tax-free income increase
Estonia's new coalition government, formed by Prime Minister Kristen Michal, has published details of the Coalition Agreement 2024-2027, which was approved on 22 July 2024. One of the key tax measures proposed in the agreement is the introduction of
See MoreItaly clarifies tax rules on capital gains for non-resident entities
Italian tax authorities published Circular No. 17/E of 29 July 2024, clarifying the tax treatment of qualifying capital gains earned by non-resident entities. The Circular was released following the amendments introduced by the Budget Law for
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EU announces public consultation on CbC reporting templates, formats
The European Commission (EC) initiated a public consultation regarding a standardised template and electronic formats for public country-by-country (CbC) reports on 1 August, 2024. Under this initiative, large multinational corporations operating
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Greece: MoF proposes 3% tax discount for early lump-sum payments
The Greek Ministry of Finance (MoF) has proposed extending the 3% discount for lump-sum personal income tax (PIT) payments until 2 August 2024. Originally, the discount was only available for payments made by the initial filing deadline of 31
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Romania gazettes details of prefilled VAT returns
Romania’s government has issued Order no. 3775/2024, which approves the layout and content of the prefilled VAT return. The Order No. 3775/2024 was published in Official Gazette No. 726 on 24 July 2024. Earlier, the government published a
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Spain, Paraguay tax treaty enters into force
The Spain and Paraguay tax treaty will enter into force on 14 October 2024. Signed on 25 March 2023, the treaty will generally take effect on 14 October 2024 for other taxes and on 1 January 2025 for taxes assessed both on and off a fiscal year
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Netherlands waives e-commerce fines until January 2025
The Netherlands State Secretary for Finance, Eelco Heinen, in Decree No. 2024-16101 of 16 July 2024, announced that administrative fines for VAT e-commerce defaults will be waived until 1 January 2025. With the entry into force of the
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European Commission ends probe into Hungary advertisement tax
The European Commission announced in a report on 26 July 2024 that it closed its in-depth investigation, which opened in March 2015, into the Hungarian advertisement tax. In November 2016, the Commission found that the Hungarian advertisement
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