Poland: New VAT amendments for small businesses
On 12 June 2024, the Council of Ministers introduced draft legislation amending the value-added tax (VAT) law for small enterprises. The key amendment proposed is that small enterprises based in another EU member state would be eligible for VAT
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Finland implements public CbC reporting directive
Finland approved legislation for the implementation of the EU Public Country-by-Country (CbC) Reporting Directive on 4 May, 2024. Finlandโs version of its public country-by-country reporting largely aligns with the EU Directive. However, it did
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Spain confirms end of tax treaty with Kyrgyzstan
Spainโs Council of Ministers, through a statement, convened and approved an agreement recognising Kyrgyzstan's notice of termination of the 1985 tax treaty between Spain and the former Soviet Union on 11 June, 2024. This agreement was signed in
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Luxembourg: Prime Minister Frieden proposes corporate tax cut
Luxembourg Prime Minister Luc Frieden unveiled his government's strategic fiscal roadmap in the annual State of the Nation Address on 11 June, 2024. Among the key proposals, he outlined a reduction in the corporate tax rate, slated to decrease from
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Germany reportedly considers EUR 11 billion supplementary budget for 2024
Germany's government is reportedly considering a supplementary budget for 2024, allowing for additional spending of up to EUR 11 billion while adhering to the country's debt brake. This plan will leverage the cyclical component of the debt brake,
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Austria updates list of jurisdictions under AEOI-CRS
Austria published a revised list of jurisdictions involved in, and subject to, the automatic exchange of financial account information under the Common Reporting Standard (CRS). The updated list replaces the one published in June, 2023, and comes
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Poland announces draft changes to real estate tax laws
On 11 June, 2024, Poland announced a draft legislation to amend the current real estate tax regime. The Ministry of Finance will develop the bill, and the Council of Ministers is expected to adopt it by Q3 2024. The key amendments include:
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Belgium publishes Pillar Two global minimum tax amendments
Belgium published amendments to the Pillar Two global minimum tax (GloBe) rules in the Official Gazette No. 2024004641, in Dutch and French, on 29 May, 2024. Earlier, the Belgian Chamber of Representatives, on 2 May, 2024, passed the law on
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EU: European Council issues update on UN framework convention on international tax cooperation
On 12 June 2024, the General Secretariat of the Council of the European Union, in a release, clarified the first session of the ad hoc committee to draft terms of reference for a United Nations Framework Convention on International Tax Cooperation.
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Slovenia proposes amendments to Income Tax Act
Slovenia's Ministry of Finance announced the Draft Bill on Amendments to the Income Tax Act on 6 June, 2024. The main measures of the bill include a special tax allowance which has been introduced for new resident workers, which offers a
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Slovenia proposes amendments to Corporate Income Tax Act
Slovenia's Ministry of Finance announced the Draft Bill on Amendments to the Corporate Income Tax Act on 6 June, 2024. The bill simplifies the interest deduction limitation rules by eliminating the existing thin capitalisation rule while
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Poland: President approves national e-invoicing postponement
Andrzej Duda, President of Poland, has signed the Act on Value Added Tax (VAT), which delays the mandatory implementation of the National e-Invoice System (KSeF) from 1 July, 2024, to 1 February, 2026. Earlier, Polandโs Parliament passed an
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Czech Republic amends Income Tax Act following new accounting law
In response to the new draft Accounting Act, the Czech Republic's Ministry of Finance has issued a draft amendment to the Income Tax Act, proposing significant changes set to take effect starting 1 January, 2025. The Key amendments include
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Luxembourg approves amendments to Pillar Two tax rules
On 5 June, 2024, the Luxembourg Government Council approved a draft law to amend the Law of 22 December 2023. It introduces the Pillar Two income inclusion rule (IIR) and the undertaxed payment/profit rule (UTPR) in alignment with the Council
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Latvia initiates consultation on draft law to ease administrative burdens for taxpayers, authorities
Latvia's Ministry of Finance initiated a public consultation regarding amendments to a draft law "On Taxes and Fees" on 5 June, 2024. The draft law can be viewed on the Draft Legal Acts (TAP) portal. This legislation provides for a number of
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Georgia grants tax exemption on asset transfers from foreign enterprises
On 4 June, 2024, the Georgian Revenue Service published Law No. 4197-XIVะผั-Xะผะฟ of 29 May 2024, which outlines changes to the Tax Code of Georgia related to tax exemptions for transferring assets to Georgia from foreign enterprises registered in
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Greece announces 2024 CbC report exchange partners
On 30 May 2024, the Greek Public Revenue Authority (AADE) has released Circular A.1083, dated 21 May 2024, outlining the jurisdictions that will exchange Country-by-Country (CbC) reports with Greece in 2024 for the 2022 fiscal year under the
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Lithuania: Government approves state defence fund and tax increases
The Lithuanian government has approved a resolution to establish the State Defense Fund, accompanied by several tax increases. The measures, set to take effect on 1 January 2025, include extending the temporary solidarity contribution on banks
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