Cyprus issues public consultation on draft legislation implementing GloBe rules
On 10 October 2023, the Ministry of Finance introduced a harmonizing bill entitled "Ensuring a Global Minimum Level of Taxation of Multinational Enterprise Groups and Large-Scale Domestic Groups in the Union Act of 2023" and invited stakeholders for
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Greece issues a draft bill on CbC reporting requirements for public consultation
On 19 October 2023, the Greek Ministry of Development issued a draft bill for consultation that provides for the introduction of public Country-by-Country (CbC) reporting in compliance with Directive (EU) 2021/2101. The bill conforms to the
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Finland proposes minimum tax law in parliament
On 19 October 2023, the Government of Finland formally introduced domestic legislation in parliament for implementing the European Union’s (EU) Minimum Tax Directive-Pillar 2. According to this directive, large multinational (MNE) groups must pay
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Hungary: MoF initiates public consultation regarding a draft bill on pillar two
On 17 October 2023, Hungary’s Ministry of Finance initiated a public consultation process regarding a draft law for implementing the corporate minimum tax under Pillar 2 as per the Council Directive (EU) 2022/2523 of 14 December 2022. The
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Poland introduces new electronic templates to report transfer pricing
On 17 October 2023, the Polish Ministry of Finance released new electronic templates for transfer pricing reporting on its website. These templates include: Personal Income Tax Transfer Pricing Report - TPR-P(5) Corporate Income Tax
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Belgium releases FAQ on DAC7 obligations of digital platform operators
The Ministry of Finance in Belgium has recently released a Frequently Asked Questions (FAQ) addressing the obligations of digital platform operators imposed by DAC7 (Council Directive (EU) 2021/514). Under DAC7 rule, the digital platform
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Italy: Council of Ministers passes draft Budget for FY 2024-2026
On 16 October 2023, Italy's Ministry of the Economy and Finance declared the Council of Ministers' approval of the 2024-2026 draft budget bill. The key proposals include: The plastic and sugar tax will remain suspended until 1 July 2024;
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Belgium approves draft law on public CbC reporting
On 13 October 2023, the Belgian Council of Ministers passed the preliminary draft law for transposing the EU public country-by-country (CbC) reporting directive (2021/2101). According to the new public (CbC) rules, groups with consolidated
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Belgium: Federal Government agrees on budget measures for FY 2024
On 9 October 2023, the Belgian government agreed on Budget measures for the fiscal year 2024. Here is a broad summary of the key tax measures in the budget agreement, as announced by the finance minister. The proposed key measures are
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Portugal: Government presents 2024 draft budget bill to the Parliament
On 10 October 2023, the government of Portugal presented the draft Budget Bill for 2024 to the parliament. The budget includes changes in corporate income tax, personal income tax, and indirect taxation. The key tax measures of the budget are as
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Czech Republic: Chamber of Deputies passes tax reform bill
On 13 October 2023, the Czech Chamber of Deputies approved a tax reform bill that would consolidate the two reduced rates of value-added tax (VAT) and increase the corporate tax rate. The draft law on the consolidation of public budgets includes
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Poland lowers late payment interest rates
On 4 October 2023, the Monetary Policy Council of the National Bank of Poland decided to lower interest rates, effective 5 October 2023. This decision will lead to a reduction in the interest rates applicable to tax arrears and late payments, as
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Slovenia: Tax agency declares CbC reporting deadline
On 10 October 2023, the Slovenian Tax Agency (Financial Administration) declared that country-by-country (CbC) reports for the fiscal year ending on 31 December 2022 , submission is a mandatory requirement by 31 December 2023. Taxpayers must submit
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Ireland: Finance Minister presents 2024 Budget to the Parliament
On 10 October 2023, Mr. Michael McGrath, the Minister for Finance of Ireland presented the 2024 Budget to the Parliament. The main tax measures proposed in the 2024 Budget include: OECD Pillar Two The Minister announced that the upcoming
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Greece publishes draft Budget for 2024
On 2 October 2023, Greece submitted the 2024 draft budget to the parliament, which encompasses the following proposed modifications: The draft budget proposes raising the tax credit by EUR 1,000 for individuals who have one or more dependent
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Cyprus announces expected effective date of CbC exchange agreement with the US
On 5 October 2023, the Cyprus Tax Department issued a notice regarding the anticipated implementation date of the agreement for the exchange of Country-by-Country (CbC) reports with the United States alongside the local filing obligations. The
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Italy amends windfall tax law for banks
On 5 October 2023, the Italian Parliament passed the amended Law No. 136, which converts into law Decree-Law No. 104 of 10 August 2023 to introduce Windfall tax for Italian banks and Italian branches of foreign banks. The amendments include
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Denmark: MoF issues draft bill to implement Pillar 2 global minimum tax
On 4 October 2023, the Danish Ministry of Finance (MoF) issued a draft bill for the implementation of the Pillar 2 global minimum tax rule in accordance with EU Council Directive 2022/2523 of 14 December 2022. The proposal seeks to establish a
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