Cyprus, Vietnam to resume tax treaty talks
According to Vietnam’s government press release on 21 June 2024, Cyprus and Vietnam officials convened and expressed their interest in continuing negotiations for an income tax treaty. Both countries agree that avoiding double taxation will
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Spain amends capitalisation reserve
Spain’s government issued Royal Decree-Law 4/2024 on 26 June 2024, in which it introduced various corporate tax measures for tax periods starting on 1 January, 2024. The key corporate tax measure related to the regulations governing
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Belgium extends deadline for initial Pillar Two registration notification
Belgium's Federal Public Service (SPF) Finance, in a notice on 2 July 2024, announced the deadline extension for the initial submission of the registration notification for the Pillar Two global minimum tax. The deadline has been extended until
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Netherlands, Kyrgyzstan ratify pending tax treaty
Kyrgyzstan announced that it ratified the pending income tax treaty with the Netherlands on 28 June, 2024. The new tax treaty, which will be the first between the Netherlands and Kyrgyzstan, aims to eliminate double taxation on income and prevent
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Italy updates VAT penalties
Italy has published Legislative Decree no. 87/2024 in the Official Gazette on 28 June 2024, introducing major amendments related to Italy’s tax penalty system. The Decree went into force the day of its publication and will be applied to
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France approves pending tax treaty protocol with Switzerland
The French Council of Ministers approved the pending protocol with Switzerland, amending the 1966 income and capital tax treaty, on 26 June 2024. Previously, the Swiss Council of States (the upper house of parliament) announced that it ratified
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Lithuania approves termination of tax treaty with Russia
The Lithuanian government approved a resolution to terminate the 1999 tax treaty with Russia on 26 June 2024. A law for the termination must now be submitted for parliamentary approval. Earlier, the Lithuanian government made public plans to
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Germany: Federal cabinet approves annual tax Act 2024 with extensive tax law amendments
The Federal Cabinet approved the Annual Tax Act 2024 (JStG 2024) on 5 June 2024. Similar to the 17 May 2024 proposal, it includes numerous amendments across various tax laws. The draft will now go to the German Federal Council (Bundesrat) for
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Finland approves new tax treaty with France
Finland’s President Alexander Stubb ratified the new income tax treaty with France by signing it into law on 28 June, 2024. This treaty, which was signed on 4 April 2023, will replace the existing 1970 tax agreement between the two nations. The
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Switzerland ratifies tax treaty protocol with Slovenia
Switzerland has announced its decision to ratify the pending protocol to the 1996 income and capital tax treaty with Slovenia, published in the Official Gazette on 25 June, 2024. Signed on 30 May 2023, this protocol marks the second amendment to
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Estonia: Government announces tax hikes and economic reforms
Estonia’s newly established government has announced a comprehensive strategy to combat inflation, featuring a series of tax increases across multiple sectors. As part of this plan, value-added tax (VAT), income tax, and excise duties on alcohol,
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Botswana: BURS extends PAYE and OWHT return deadline
The Botswana Unified Revenue Service (BURS) has announced an extension for the filing of annual "pay as you earn" (PAYE) and "other withholding tax" (OWHT) returns. The new deadline is now set for 30 September 2024. This extension aims to provide
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Jersey, Portugal in talks for income tax treaty
During a States Assembly meeting on 25 June 2024, Ian Gorst, Jersey's Minister of External Relations, affirmed Jersey's intention to engage in discussions regarding an income tax treaty with Portugal. The objective of the treaty will be to help
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Lithuania implements notification rules for Pillar Two global minimum tax
Lithuania has published Order No. 2024-11391 on 21 June, 2024, in the Official Gazette, detailing procedures for submitting mandatory information notices concerning the implementation of the Pillar Two global minimum tax under Council Directive (EU)
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Finland issues guidance for increased VAT starting September 2024
Finland’s tax authority has released guidance clarifying the increase in the standard VAT rate from 24% to 25.5% on 17 July, 2024. The VAT hike has received parliamentary approval and is currently awaiting final confirmation. The revised rates
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Ireland, Jersey reveal amendments to tax treaty protocols
Ireland and Jersey amended their tax treaty agreement on 23 November, 2023. The details of the amendments have recently been revealed. The protocol updates the preamble to include not only the intention to eliminate double taxation but also to
See MorePortugal approves tax reform to boost capital market, affordable housing
Portugal's parliament has passed a tax reform package designed to invigorate the capital market and promote affordable housing. This legislation, approved on 14 June 2024, awaits presidential ratification and gazetting. The first major aspect
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Spain extends VAT cuts on essential food products
Spain’s Ministry of Finance announced in a release on Tuesday, 25 June 2024, that the Spanish Council of Ministers approved a Royal Decree-Law which extends the VAT rate reduction for basic food Items. The reduced rates were initially set to
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