Belgium enacts amended interest deduction limitation rule
On 27 December 2019, a royal decree of 20 December 2019 published in Belgian official journal introduces several changes to the interest deduction limitation rule in the Income Tax Code, often referred to as the 30% earnings before interest, tax,
See MoreFrance: Government officially publishes Finance Act 2020
On 29 December 2019, Government published 2020 Finance Bill in the Official Gazette after the Court’s approval. Corporate income tax The Finance Act reduces the corporate tax rate for all companies, including those with a turnover of €
See MoreUK publishes regulations for implementation of DAC6
On 13 January 2020, the final International Tax Enforcement (Disclosable Arrangement) Regulations 2020 that implement the EU mandatory disclosure rules (EU DAC 6 directive) into the United Kingdom (UK) law were published. In addition to
See MoreAustria: Government publishes Program for 2020-2024 regarding tax measures
The Government released its Program for 2020-2024 regarding several tax reform measures. Corporate tax The Program proposed to increase the threshold of corporate income tax from EUR 30,000 to EUR 100,000 and reduce the corporate income tax
See MoreIreland: Revenue updates MAP guidance for BEPS MLI
The Revenue has recently released eBrief No. 223/19 entitled Tax and Duty Manual Part 35-02-08 on amended MAP guidelines to implement for the ratification of the multilateral convention to implement tax treaty related measures to prevent BEPS
See MoreItaly enacts Budget for 2020
On 30 December 2019, Italy published Law No. 160 of 27 December 2019 in the Official Gazette which includes the budget measures for 2020. VAT rate The reduced VAT rate will be maintained at 10% for 2020 and will increase to 12% in
See MoreGreece: Government publishes Law 4646/2019 in the Government Gazette
On 12 December 2019, the President announced that Law 4646/2019 was published in Government Gazette. Corporate tax According to Law, as from 1 January 2020, corporate tax rate will be reduced from 28% to 24% for all legal entities for the
See MoreLuxembourg transposes EU Directive on Dispute Resolution
On 23 December 2019, Luxembourg publishes Law of 20 December 2019 transposing EU Tax Dispute Resolution Directive (2017/1852) into domestic law. The directive includes measures to ensure effective resolution of disputes concerning the
See MoreBulgaria: Government publishes Law for introducing mandatory disclosure rules
On 31 December 2019, Bulgaria published Law on Amendment and Supplementation of the Tax and Social Insurance Procedure Code in the Official Gazette. This Law includes measures to transpose an EU directive on the mandatory automatic exchange of
See MoreNetherlands enacts EU mandatory disclosure regime (DAC6)
On 18 December 2019, the Dutch Senate approved the draft legislation implementing the European Union (EU) Directive on the mandatory disclosure and exchange of cross-border tax arrangements (DAC6). The legislation entered into force on 1 January
See MoreBelgium enacts EU mandatory disclosure regime (DAC6)
On 12 December 2019, the Belgian Parliament adopted legislation implementing the EU Directive on the mandatory disclosure and exchange of cross-border tax arrangements (DAC6) and it was published in the Official Gazette on 30 December 2019. Under
See MoreGermany publishes draft bill to implements ATAD hybrid mismatch rules
On 10 December 2019, the German Ministry of Finance issued a draft bill to implement the anti-tax avoidance directive (ATAD) including Hybrid mismatch rules. The hybrid mismatch rules will apply from 1 January 2020 to address double deduction
See MoreBulgaria: Parliament accepts tax loss carry forward for CFC
The Parliament recently approved tax loss carry forward rules for controlled foreign companies (CFC). It was stated that the losses may be carried forward for up to five years and should be applied to tax losses incurred after December 31,
See MoreGermany gazettes a law implementing EU directive on cross-border tax planning arrangements
On 30 December 2019, the German Official Gazette published a law implementing EU directive on reporting requirements for cross-border tax planning arrangements. The directive commonly referred to as DAC 6 which require the taxpayers and
See MoreFinland: President sign the law to implement the EU directive on hybrid mismatch rules
On 30 December 2019, the President of Finland signed the Law 1567/2019 that provides for the implementation of the hybrid mismatch rules of the Anti-Tax Avoidance Directive, as amended by Council Directive (EU) 2017/952 (ATAD2). The hybrid
See MoreMalta publishes Regulation to implement DAC6 reporting requirements
On 17 December 2019, Malta published Cooperation with Other Jurisdictions on Tax Matters (Amendment) Regulations 2019 through Legal Notice 342 of 2019. The Amendments transpose the provisions of Council Directive 2018/822 of 25 May 2018 amending
See MoreDenmark: MLI enters into force
On 1 January 2020, the Multilateral Convention to Implement Tax Treaty Related Measures to Prevent Base Erosion and Profit Shifting (MLI) entered into force for Denmark. On 30 September 2019, Denmark deposited its instrument of ratification for the
See MoreFinland adopts EU directive on cross-border tax planning arrangements
On 30 December 2019, Finnish President approved the Law 1559/2019 for the implementation of Council Directive (EU) 2018/822 of 25 May 2018 (DAC6) on reporting requirements for cross-border tax planning arrangements. Under DAC6, taxpayers
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