EU, Switzerland to amend agreement on automatic financial information exchange
The agreement enables automatic financial account information exchange between EU Member States and Switzerland under the OECD's Common Reporting Standard (CRS). The European Commission has proposed a Council Decision on 10 July 2025 to amend the
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Hungary updates tax rates on retail, financial entities, and insurance sectors
Act LIV of 2025 introduces updated tax rates, increased VAT thresholds, and new regulations across retail, financial, insurance, and energy sectors, along with enhanced R&D deductions. Hungary has published Act LIV of 2025 in the Official
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Romania gazettes form for top-up tax declaration, payment
This order was published in the Official Gazette No. 646 on 9 July 2025. Romania’s tax authority has issued Order No. 1729/2025, which establishes the notification form for declaring and paying the top-up tax. This order was published in the
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Netherlands ratifies tax treaty between Curacao, San Marino
The tax treaty aims to prevent double taxation and curb tax evasion in cross-border transactions between Curacao and San Marino. The Netherlands has published the Law of 2 July 2025 in its Official Gazette on 10 July 2025, ratifying the first
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Romania 2025–28 tax reforms include increased VAT, dividend tax
The proposed draft bill aims to simplify VAT rates from three (19%, 9%, and 5%) to two, starting 1 August 2025. Romania’s government submitted an amended draft bill to parliament on 4 July 2025, proposing changes to the VAT provisions of the
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US: Trump to impose higher tariffs on major trading partners including Canada, EU, Mexico starting August ’25
Trump announced 35% tariffs on Canadian imports, 30% on imports from Mexico and the EU, and 20% to 50% tariffs on 23 other trading partners, including Japan and Brazil. US President Donald Trump announced a 35% tariff on Canadian imports and
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Liechtenstein, Estonia sign income tax treaty
Liechtenstein and Estonia signed their first income tax treaty on 10 July 2025, exempting withholding tax on dividends, interest, and royalties. Liechtenstein and Estonia signed an income tax treaty on 10 July 2025. The agreement seeks to
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Denmark, Faroe Islands sign agreement for automatic exchange of tax information
The Danish Tax Agency announced on 8 July 2025 that it signed an agreement with the Faroe Islands to automatically exchange country-by-country tax reports. The Danish Tax Agency announced on 8 July 2025, it had signed a Competent Authority
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Italy clarifies VAT split-payment exemption effective date for listed companies
Italy has abolished the VAT split-payment system for FTSE MIB-listed companies, effective 1 July 2025. Italy has abolished the VAT split-payment system requirement for companies listed on the FTSE MIB index, as per Decree-Law No. 84 of 17 June
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Belgium: Government submits tax reform proposals to parliament, includes investment gains tax, participation exemption
Key proposals include a 5% capital gains tax, a participation exemption for group contributions, revised deductions, and revised statute of limitations rules. Belgium’s Chamber of Deputies is reviewing a draft law submitted on 3 July 2025 to
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Spain announces 2024 VAT refund deadline
Spanish and EU businesses have until 30 September 2025 to claim VAT and IGIC refunds for 2024, subject to applicable procedures and reciprocity conditions. Spanish companies and foreign businesses have until 30 September 2025 to claim refunds for
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Luxembourg ratifies tax treaty protocol with Argentina
Luxembourg ratifies 2024 protocol amending 2019 tax treaty with Argentina through Law of 4 July 2025, published on 9 July 2025. Luxembourg published the Law of 4 July 2025 in the Official Gazette on 9 July 2025, approving the ratification of the
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Belgium revises CRS list, adds Armenia and Uganda
The updated CRS exchange list for 2024 now includes Armenia and Uganda. Belgium’s government has published the Royal Decree of 2 July 2025 in Official Gazette No. 2025004947 of 8 July 2025. The Royal Decree updates the list of jurisdictions
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Nigeria, Netherlands to amend income tax treaty
Both countries have agreed to either negotiate a new treaty or amend the existing treaty. Officials from Nigeria and the Netherlands met on 7 July 2025 to discuss revising the 1991 income and capital tax treaty between the two nations,
See MoreNetherlands submits draft bill for DAC8 implementation to parliament
The initial reporting of information is required by 31 January 2027, concerning the year 2026. The Netherlands Ministry of Finance notified the House of Representatives on 7 July 2025, regarding the submission of a draft bill to implement Council
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Poland gazettes Act increasing VAT exemption threshold
The Act increases the VAT exemption threshold from PLN 200,000 to PLN 240,000 from 2026. Poland published the Act of 24 June 2025 in the Official Gazette on 7 July 2025, raising the VAT exemption threshold from PLN 200,000 to PLN 240,000,
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Bulgaria to adopt the euro from 2026
Bulgaria will adopt the euro starting 1 January 2026, replacing the lev at a fixed rate after meeting EU criteria. Bulgaria will officially adopt the euro as its currency on 1 January 2026, becoming the 21st member of the eurozone. The decision
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Luxembourg ratifies tax treaty with Oman
Luxembourg has ratified its income and capital tax treaty with Oman, following parliamentary approval and publication in the Official Gazette. Luxembourg published the Law of 4 July 2025 in the Official Gazette on 7 July 2025, formally ratifying
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