Czech Republic, UAE ratifies income tax agreement
The Czech Ministry of Finance, recently ratified the tax treaty with the United Arab Emirates. Effective starting 29 May 2024, the agreement aims to prevent double taxation. By reducing tax uncertainty and promoting fair taxation, the treaty will
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Slovenia proposes amendments to VAT Act
Slovenia's Ministry of Finance announced the Draft Bill on Amendments to the Value Added Tax Act on 6 June, 2024. The main measures of the bill states that the VAT registration threshold will be increased from EUR 50,000 to EUR 60,000; The
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Serbia releases 2024 arm’s length interest rates rulebook
Serbia’s Ministry of Finance has issued the rulebook on arm’s length interest rates for 2024. It was published in the official gazette on 31 May, 2024, and will take effect on 8 June, 2024. The rulebook sets distinct interest rates for
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Cyprus: Withholding tax declarations due by July
In an announcement on 4 June 2024, the Cyprus tax authority declared that the withholding tax and contributions declaration (TF 7) can be submitted without an administrative fine until 31 July 2024. After this deadline, penalties as per the law
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Hungary reports on Belarus tax treaty suspension
The National Tax and Customs Administration of Hungary issued a release on 3 June, 2024, concerning the Republic of Belarus's decision to suspend certain provisions of the 2002 tax treaty between the two nations. The suspension went into effect
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Latvia: Parliament passes draft law to partially implement Pillar Two GloBE rules
Latvia’s parliament approved the Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups on 6 June, 2024. The law now awaits the president's approval and publication in the Official Gazette to take effect. Earlier Latvia had
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Spain, Paraguay ratifies pending tax treaty
Paraguay announced in the Official Gazette the ratification of its pending income tax treaty with Spain on 29 May, 2024. Signed on 25 March, 2023, this treaty – double taxation agreement (DTA) – is the first between the two countries. It
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Bulgaria greenlights tax treaty negotiations with Australia
The Council of Ministers in Bulgaria authorised negotiations with Australia regarding an income tax on 29 May, 2024. The government of Australia is entering into new tax treaty negotiations as part of its expansion of the tax treaty
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Denmark to implement green tax reforms
The Danish Ministry of Taxation has announced the approval of two legislative proposals, L 182 and L 183, on 4 June, 2024. These legislations centre around the implementation of the green tax reforms. These legislations will be gradually
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Switzerland parliament ratifies tax treaty protocol with France
The Swiss Council of States (the upper house of parliament) announced that it ratified the pending protocol to the 1966 income and capital tax treaty with France on 30 May, 2024. The Switzerland-France protocol was first signed on 27 June, 2023,
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EU Commission reviews anti-avoidance tax directive
The European Commission has announced an initiative to evaluate the Anti-Avoidance Tax Directive (ATAD), which will also include a public consultation. The ATAD lays down minimum standard rules to address the most common forms of aggressive tax
See MoreEU issues notices to member states for non-compliance with DAC7
The European Commission (EC) has decided to open an infringement procedure by sending a letter of formal notice to Germany , Hungary , Poland , and Romania for failing to exchange information on income generated by companies and individuals through
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Slovak Republic consults amending 2003 tax treaty protocol with Moldova
The Slovak Republic launched a public consultation on 30 May, 2024, regarding amending a protocol to the 2003 tax treaty with the Republic of Moldova. The protocol aims to align the treaty with BEPS and other OECD standards and prevent double
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Greece introduces new tax procedures with Law 5104/2024
The Greek government has enacted Law 5104/2024 which introduces new codes of tax procedures. The law is effective from 19 April, 2024, but some provisions will be enacted later in the year. The revisions include digital notifications for
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US, Bulgaria sign CbC exchange agreement
Bulgaria's Ministry of Finance signed a country-by-country (CbC) exchange agreement with the US on 30 May, 2024. The automatic exchange of CbC reports will enhance international tax transparency and aid tax administrations in targeting resources
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Spain completes BEPS MLI procedures for tax treaty with Armenia
Spain, in an updated OECD notification published on 31 May, 2024, announced that it confirmed completing procedures for the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) with
See MoreSpain approves draft bill for Pillar Two global minimum tax implementation
Spain's Council of Ministers, on 4 June, 2024, passed the draft bill for implementing the Pillar Two global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. The bill includes the introduction of the Pillar Two income
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Italy extends plastic and sugar tax suspension
Italy has enacted Law No. 67 of 23 May 2024, now published in the Official Gazette, which converts Decree-Law No. 39 of 29 March 2024 into law with specific amendments. The key measure in this legislation is the continued suspension of the
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