Luxembourg ratifies first income and capital tax treaty with Cape Verde
Luxembourg has announced the publication of the โLaw of 22 May 2024โ in the Official Gazette, ratifying the pending income and capital tax treaty with Cape Verde. Signed on 13 January, 2022, this treaty is the first between the two
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European Commission releases May 2024 infringements package
The European Commission unveiled its May 2024 infringements package on 23 May, 2024, detailing legal actions against several EU member states for non-compliance with EU law. The process begins with a "letter of formal notice", allowing two months
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Spain conducts second public consultation on global minimum tax implementation
Spainโs Ministry of Finance is conducting a second public consultation on the implementation of the Pillar 2 global minimum tax under Council Directive (EU) 2022/2523 of 14 December 2022. The consultation is set to conclude on 31 May,
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G7 finance ministers pledge for a fairer global tax system
The G7 Finance Ministers and central bank governors held a meeting from 23โ25 May, 2024, at Stresa, Italy, during which they issued a Communiquรฉ reaffirming their commitment to creating a more stable and equitable international tax system. The
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Croatia and Egypt tax treaty goes into effect
According to an update from Croatia's Ministry of Foreign and European Affairs, the income and capital tax treaty with Egypt came into force on 16 April, 2024, and will from 1 January, 2025. The treaty covers individual income tax, corporate
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Spain initiates consultation on draft bill on Pillar Two global minimum tax
The Spanish government released draft legislation to implement the OECDโs Pillar Two global minimum tax under the EU Minimum Tax Directive 2022/2523 on 19 December, 2023. The Directorate-General for Taxation is now inviting comments from taxpayers
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Treaty on global minimum tax on multinationals fails to conclude
Italy's Economy Minister Giancarlo Giorgetti announced today, May 24, 2024, that the agreement on a global minimum tax on multinationals will not be concluded by June, as initially anticipated. The agreement will not receive approval from all
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Italy introduces tax credit for recycled plastic purchases
Italy's Ministry of Environment and Energy Security published Decree of April 2, 2024 in the official gazette on 21 May, 2024, outlining the implementation of a 36% tax credit for expenses related to purchasing recycled plastic products and
See MoreEU seeks automatic exchange of financial account information agreement revisions
The Council of the European Union issued Council Decision (EU) 2024/1489 on Tuesday, 21 May, 2024, which authorised negotiations to amend agreements for the automatic exchange of financial account information. This initiative aims to enhance
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UK releases synthesized text of Liechtenstein tax treaty affected by BEPS MLI
The UK HMRC has released the synthesized text of the tax treaty with Liechtenstein, regarding changes from the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI). The Multilateral
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Belgium issues GloBE registration rules for large domestic groups, MNEs
The Belgian tax authorities have announced the global anti-base erosion (GloBE) registration requirements for multinational enterprises (MNEs) and large domestic groups. These entities must register with the Belgian Commercial Register within 30
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Cyprus announces submission of 2022 controlled transactions summary
The Cyprus Tax Department released an announcement regarding the submission of the summary information table (SIT) for controlled transactions for the 2022 tax year on Monday, 20 May, 2024. According to the announcement, the SIT must be submitted
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Italy adopts transitional safe harbours for Pillar Two global minimum taxย
On Monday, 20 May, 2024, Italyโs Ministry of Economy and Finance announced the โDecree of 20 May 2024โ which states the simplified transitional regimes (safe harbours) for multinational and national groups subject to the Pillar Two global
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Germany: Bundestag approves legislation to prevent BEPS
The German Bundestag approved an act concerning the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) on 16 May, 2024, in order to facilitate Germany's compliance with the MLI by
See MoreEU Council approves levy on frozen Russian assets to fund Ukraine’s military
The Council of the EU approved a measure that effectively imposes a levy on the proceeds from frozen Russian assets on 21 May, 2024. The generated funds will largely be used to support Ukraine's military efforts in its conflict with Russia. The
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Poland extends public consultation deadline for Pillar Two global minimum tax rules
Polandโs Minister of Finance Andrzej Domaลski announced on 16 May, 2024, the extension of the public consultation regarding the draft bill for the implementation of the EU Minimum Tax Directive under Council Directive (EU) 2022/2523 of 14
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National Bank of Ukraine lowers key policy rate, late payment penalty interest
The National Bank of Ukraine (NBU) has declared a change in its key policy rate. Effective from 26 April, 2024; the rate now stands at 13.5% per annum; down from the previous 14.5%. Additionally, the late payment penalty interest, linked to the
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Malta publishes summary of new income tax legislation for 2024
Malta's Commissioner for Revenue has released a note providing a summary of subsidiary legislation (legal notices) enacted under the Income Tax Acts from January to April, 2024. Overview of newly published legal notices Deduction (Income
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