Cyprus revises thresholds for transfer pricing documentation
On 1 February 2024, the Cyprus Tax Department released updated thresholds regarding the requirement for taxpayers to prepare a Cyprus Local File for intercompany transactions covered by Section 33 of the Income Tax Law (ITL). These revised
See More
Malta Issues guidelines on reduced VAT on pleasure boat hiring
On 31 January 2024, Malta’s Commissioner for Revenue issued Guidelines for the application of the 12% VAT rate on the hiring of pleasure boats. This follows after the recent amendments to the Value Added Tax Act, which extended the 12% VAT rate to
See More
Latvia approves draft law to partially enact pillar 2 global minimum tax
On 30 January 2024, the Latvian Cabinet of Ministers passed a draft legislation, Law on Ensuring a Global Minimum Tax Level for Large Enterprise Groups, for the partial implementation of the Pillar 2 global minimum tax (GloBE) rules in accordance
See More
Italy: Deadline for initial DAC7 reporting extendedÂ
On 30 January 2024, Italy’s Revenue Agency released the Provision (Measure) of 30 January 2024. This legislation is related to the implementation of new regulations regarding the exchange of income information from sellers on digital platforms
See More
Germany: Tax authority extends time limit for DAC7 reporting
On 5 January 2024, the German Federal Tax Office declared temporary regulations regarding the reporting requirements outlined in DAC7 for the 2023 reporting cycle, extending the initial deadline until 31 March 2024. DAC7 is designed to tackle
See More
Slovenia implements temporary tax increases, new measures for financial recovery
As previously reported, Slovenia introduced a new Act on reconstruction, development, and provision of financial resources (referred to as " Act on the Reconstruction, Development and Provision of Financial Resources"). The Act implements a
See More
Belgium implements public country-by-country reporting (CbCR)Â
On 26 January 2024, Belgium announced the introduction of public country-by-country reporting (CbCR) in the Official Gazette. The new law aligns with the EU Directive 2021/2101 or the EU Public CbCR Directive. On 1 December 2021, the European
See More
Romania announces tax amendments for 2024Â
Romania has implemented various tax amendments for 2024 that include new turnover taxes, VAT rate changes, and mandatory electronic invoicing. These tax changes are: A new regulation that imposes a 1% minimum turnover tax on companies with
See More
Poland announces guide on filing transfer pricing reporting forms
On 23 January 2024, Poland’s Ministry of Finance released a notice outlining the process for submitting transfer pricing reporting (TPR) forms for acquired entities. This requirement applies to tax years commencing after 31 December 2021. The
See More
Malta issues news guidelines on tax incentives for investment services and insurance expats
On 22 January 2024, Malta’s Commissioner for Revenue released the updated guideline regarding the tax benefits available to investment services and insurance expatriates under Article 6 of the Income Tax Act. The objective of the tax benefits of
See More
Poland releases 2024 thresholds for corporate tax rate and simplified flat-rate tax
Poland has released the thresholds for reduced corporate tax rates, simplified flat-rate tax, and investment incentive deductions for 2024. These thresholds apply to specific schemes and are aimed to benefit small taxpayers. The main details
See MoreItaly enforces pillar two global minimum taxÂ
On 28 December 2023, Italy published the Legislative Decree n. 209 dated 27 December 2023 in the Official Journal. The Decree announces the implementation of the EU Minimum Tax Directive (Council Directive (EU) 2022/2523 of 14 December 2022) in
See More
Malta issues guidelines for transfer pricing rules
On 19 January 2024, Malta's Commissioner for Revenue published Guidelines in relation to the Transfer Pricing Rules. These guidelines are issued in terms of Article 96(2) of the Income Tax Act (Chapter 123 of the Laws of Malta) and are to be read in
See More
Poland postpones compulsory e-invoicing requirements
On 19 January 2024, the Ministry of Finance in Poland announced a delay in the mandatory implementation of the National e-Invoicing System (Krajowy System e-Faktur - KSeF) due to technical issues. The National e-Invoice System (KSeF), which was
See More
Luxembourg: Deadline extended for DAC7Â declarations
On 19 January 2024, the Luxembourg Administration of Direct Tax (Administration des Contributions Directes - ACD) in a newsletter declared the launch of the pre-validation environment and the submission procedure for DAC7 declarations via MyGuichet.
See More
Slovakia parliament passes law to implement pillar two global minimum tax
On 8 December 2023, the Slovak Parliament approved legislation to enforce a top-up tax to ensure minimum taxation for large local entities and multinational groups. The legislation aligns with the OECD Pillar Two and the EU global minimum tax
See More
Greece reveals draft law on Pillar 2 global minimum tax for multinationals
On 9 January 2024, Greece's Ministry of Economy and Finance declared the presentation of a draft law to the cabinet for integrating the Pillar 2 global minimum tax according to Council Directive (EU) 2022/2523 of 14 December 2022. The draft law
See More
Ireland: Irish revenue publishes guidance on VAT return of trading details
On 16 January 2024, the Irish Revenue published eBrief No. 024/24 concerning a new Tax and Duty Manual that offers guidance about the annual VAT Return of Trading Details. This guide will provide assistance to filers submitting the annual VAT Return
See More