Spain: Council of Minister approves draft law transposing EU directive on mínimum taxation
The Council of Ministers has approved, on 19 December 2023 in the first round, the Draft Law that allows the full transposition of the European Directive relating to the guarantee of a global minimum level of taxation of 15% for groups of
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Netherlands publishes DAC7 FAQs
On January 1, 2024, the Netherlands’ tax authorities released a series of frequently asked questions (FAQs) to clarify the Netherlands’ reporting obligations and procedures under DAC7. The FAQs provide details regarding specific key terms,
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Poland publishes guidance on transfer pricing, base interest rates, and margin rates
On 29 December 2023, Poland’s Ministry of Finance released the guide on submitting transfer pricing information, which includes: Detailed FAQs related to the obligation to submit transfer pricing information; entity identification
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Netherlands releases pillar 2 global minimum tax guide
On 31 December 2023, the Dutch Tax Administration released the guide on the Minimum Tax Act 2024. The Minimum Tax Act 2024, which entered into force on 31 December 2023, facilitates the implementation of the global minimum tax under Pillar 2 under
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Belgium: Parliament to introduce mandatory electronic invoicing
On 28 December 2023, the Belgian parliament deliberated a draft law for amending the Value Added Tax Law to introduce mandatory electronic invoicing. The parliament proposed that the mandatory electronic invoicing requirements would be enacted from
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Lithuania updates its blacklist in various tax aspects
On 30 November 2023, Lithuania issued an order revising its list of selected territories (blacklist), incorporating Russia as a new addition. The blacklist plays a crucial role in various tax aspects, including Lithuania's CFC rules. List of
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Italy: 2024 budget law includes new tax credit and exemption for capital gains
On 30 December 2023, Italy issued Law No. 213 of 30 December 2023 concerning the State Budget for 2024 and the multi-year budget for 2024-2026. Some key tax measures include: Personal income tax brackets have been reduced from 4 to 3 by
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Finland passes pillar 2 global minimum tax
On 28 December 2023, Finland's Ministry of Finance declared that it passed the bill HE 77/2023 vp. This bill enacts the implementation of the Pillar 2 global minimum tax by Council Directive (EU) 2022/2523 of 14 December 2022. On 19 October 2023,
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Ireland issues guidance on new reporting obligations
On December 2023, the Irish Revenue released eBrief No. 273/23—a new tax and duty manual entitled Reporting Requirement for Payment Service Providers on Cross-Border Payments - EU Central Electronic System of Payment Information (CESOP). This
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Germany gazettes law applying Pillar 2 global minimum tax rules
On 27 December 2023, the German Official Gazette released a law enacting EU Council Directive 2022/2523, which aims to establish a global minimum level of taxation for multinational enterprise (MNE) groups and large domestic groups within the
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Malta grants full deduction for IP expenditure from 2024
On 28 December 2023, Malta's Commissioner for Revenue declared that starting in 2024, taxpayers can fully deduct any expenditure of a capital nature related to intellectual property or intellectual property rights. The Commissioner for Tax and
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US announces termination date of tax treaty with Hungary
On 29 December 2023, the U.S. IRS declared in the ‘Announcement 2024-05’ the effective date of the termination of the 1979 tax treaty with Hungary. The Government of the United States provided a diplomatic notification, dated 8 July 2022, to
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Netherlands updates low-tax and non-cooperative jurisdictions list for 2024
On 29 December 2023, the Dutch State Secretary of Finance published an end-of-year regulation in the Official Gazette. The regulation has been updated to revise the lists of low-tax and non-cooperative jurisdictions for tax purposes. Effective
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Spain to stop VAT fraud with payment service providers reporting obligations
On 27 December 2023, Spain published the Royal Decree 1171/2023 of 27 December 2023 in the Official Gazette. The Royal Decree proposes to implement new reporting obligations for payment service providers starting 1 January 2024 in accordance with
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Luxembourg ends temporary VAT rate reduction
On 27 December 2023, the Luxembourg Directorate of Registration, Domains, and VAT issued Circular No. 812-1 of 27 December 2023, which declared the end of the temporary reduction in VAT rates as mandated by the Law of 26 October 2022. As
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Luxembourg: Government approves bill on investment tax credit
On 19 December 2023, the Luxembourg Chamber of Deputies adopted Bill 8276 on the modernization of the investment tax credit. The investment tax credit bill will be effective from 2024. The bill includes several amendments to the investment tax
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Luxembourg implements pillar two global minimum tax
On 20 December 2023, the Luxembourg Parliament approved Law No 8292 of 22 December 2023 on pillar two global minimum tax. The bill aims to incorporate the OECD Pillar Two global minimum tax rules in line with EU Council Directive 2022/2523 of 14
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Ireland publishes new guidance on requesting TP documentation
On 18 December 2023, the Irish Revenue issued eBrief No. 261/23 providing a new Tax and Duty Manual Part 35a-01-05 - Requests for Transfer Pricing (TP) Documentation. This Tax and Duty Manual documents the operational policy of the Transfer
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