Ireland updates R&D tax credit guidance
The Irish Revenue issued eBrief No. 190/24, on 12 July 2024, announcing updates to Tax and Duty Manual Part 29-02-03 – Research and Development (R&D) Corporation Tax Credit to incorporate the amendments to the R&D credit introduced by
See MoreIMF: Bank profits and bank taxes in the EU
An IMF working paper published on 9 July 2024, written by Maneely Morgan and Lev Ratnovski, looks at the various new taxes on banks introduced by EU countries. The paper notes that since 2022 banks in the EU have been making high profits. These
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Switzerland, Hungary sign protocol to update double taxation agreement
Switzerland and Hungary signed a protocol of amendment to the agreement for the avoidance of double taxation with respect to taxes on income and capital (DTA) on 12 July 2024 at Budapest. It implements the minimum standards for double taxation
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Portugal to approve Pillar Two Directive transposition after public consultation
Portugal’s Minister of Finance Joaquim Miranda Sarmento, has announced the upcoming approval of the project bill for the transposition of the EU's Pillar Two Directive. This decision follows a public consultation period that began on Wednesday,
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Austria passes Tax Amendment Act 2024, introduces changes to VAT
Austria's Federal Council (Bundesrat) approved the Tax Amendment Act 2024 (AbgÄG 2024) on 11 July 2024, following its earlier approval by the National Council (lower house of parliament). The Act introduces several changes, particularly to Value
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Italy enacts law for tax credits for investments in simplified logistics zones
Italy published Law No. 95 of 4 July 2024 in the Official Gazette on 4 July 2024, converting the Decree-Law No. 60 of 7 May 2024 into law, which addresses urgent provisions for the European Union's cohesion policy. One key provision of this law
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Germany announces 2025 budget, economic growth initiative
The German government reached an agreement on the 2025 budget, a supplementary budget for 2024, and a growth initiative to support the economy on 5 July 2024. The initiative includes several tax measures. "With this budget, we are creating
See MorePortugal extends deadline for transfer pricing filing
The Portuguese Secretary of State for Tax Affairs has extended the deadline for filing the transfer pricing documentation from 15 July 2024 to 31 July 2024. The extension was granted by Order 43/2024-XXIV, issued on 27 June 2024. Transfer
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Hungary to end windfall taxes on telecom, pharma sectors
The Hungarian government has announced plans to eliminate windfall taxes on the telecommunications and pharmaceutical sectors by 2025, according to Economy Minister Marton Nagy. By phasing out these taxes on telecommunications and pharmaceutical
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Belgium publishes synthesised text of treaty with South Africa impacted by MLI
The Belgian Federal Public Service Finance published on 24 June, 2024, a synthesised text in English of the 1995 Double Taxation Agreement (DTA) between Belgium and South Africa, detailing the impact of the Multilateral agreement to Instrument Tax
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Finland initiates consultation on VAT rate hike proposal
Finland's Ministry of Finance has initiated a public consultation on a proposed draft bill which suggests increasing the VAT rate on certain commodities from 10% to 14%. The consultation is set to conclude on 19 August, 2024. The draft bill
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Spain announces 2023 VAT refund deadline
Companies in Spain can claim value-added tax (VAT) refunds paid in other EU countries during 2023 until 30 September, 2024. This process can be completed through the Spanish tax authority’s website. Similarly, EU companies not established
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Cyprus releases 2023-2024 reference rates for Montenegro and Cameroon notional interest deduction
The Cyprus Tax Department has published the 10-year government bond yield rate of Montenegro (in Euro) and Cameroon (in Euro) as of 31 December 2022 and 31 December 2023. These rates, when increased by 5%, are utilised as reference rates for
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Luxembourg introduces draft law to change VAT for small enterprises
The Luxembourg Chamber of Deputies is reviewing Bill 8406, proposing amendments to the law of 12 February 1979 on value added tax (VAT), aligning with Council Directive (EU) 2020/285 of 18 February 2020, Council Directive (EU) 2022/542, and the
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France publishes interest rate caps on shareholder loan deductions for FY ending June-September 2024
France, on 29 June 2024, has published in its Official Journal the second quarter 2024 interest rates for companies whose fiscal year (FY) ends between 30 June and 29 September, 2024. The interest rates are used to calculate the deductibility of
See MoreTax treaty between Luxembourg, Rwanda enters into force
The income and capital tax treaty between Luxembourg and Rwanda has entered into force starting 14 February 2024, it was published in Journal Officiel du Grand-Duché de Luxembourg (No. A277) on 4 July 2024. The agreement states that dividends,
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Malta, Romania sign amending protocol to tax treaty
Malta and Romania signed an amending protocol to the 1995 Malta-Romania Income Tax Treaty on 4 July, 2024, aiming to enhance the original tax treaty between the two countries on the avoidance of double taxation and the prevention of fiscal
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Estonia approves signing draft tax treaty with Botswana
Estonia’s government has approved signing an income tax treaty with Botswana on 4 July, 2024. The tax treaty seeks to eliminate double taxation, and prevent tax evasion. If an agreement is reached, it will be a first between the two
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