France to facilitate extensive adoption of electronic invoicing
The French government has announced plans to facilitate the extensive adoption of electronic invoicing on 15 October 2024. The initiative is expected to improve payment timelines and streamline invoicing processes while simplifying interactions with
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European Commission imposes final anti-dumping duty on Chinese aluminium radiators
The European Commission released the Commission Implementing Regulation 2024/2661 in the Official Journal of the European Union (OJEU) on 15 October 2024, which enforces a definitive anti-dumping duty on aluminium radiator imports from China. The
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Italy: 2025 budget draft expands DST for all providers, introduces solidarity contribution for banks and insurance companies
Italy’s 2025 budget draft will be introducing several tax measures to reduce the tax burden for employees and pensioners. The Council of Ministers approved the draft Budget Law for 2025 during its meeting on Tuesday, 15 October 2024. These
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Lithuania proposes draft law to eliminate double taxation on Taiwan related income
Lithuania's Ministry of Finance has announced a draft law on the Elimination of Double Taxation and the Prevention of Tax Evasion and Avoidance, which proposes to include in the Lithuanian legal system the solutions for the avoidance of double
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Poland to introduce cash grants amid potential impact of Pillar Two on investment zone incentives
Poland's Ministry of Development and Technology (MRiT) announced plans to reform the country's incentives system by introducing cash grants linked to investment profitability. The cash grant incentive regime aims to maintain Poland's
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Slovak Republic presents draft bill to amend Pillar Two rules
The Slovak Republic’s government presented a draft bill to the Parliament, on 11 September 2024, to amend the Pillar Two global minimum tax rules enacted on 8 December 2023. The proposed amendments cover financial accounting standards for
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Lithuania proposes stricter penalties for failing to submit tax information
The Lithuanian Ministry of Finance has published a draft law on 9 October 2024, amendments to the Code of Administrative Offences, aimed at imposing administrative penalties for failure to submit required information. These changes are designed to
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Greece introduces new VAT code to enhance clarity
The government has implemented VAT Code A 162/2024, published in the Official Gazette on 11 October 2024, to ensure clarity and uniformity in provisions without introducing any significant changes. This comprehensive update simplifies VAT
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Portugal proposed reduced corporate tax rates in draft 2025 budget law
Portugal’s Finance Minister submitted the draft Budget Law for 2025 (Draft Law No. 26/XVI/1) to parliament on 10 October 2024, proposing reduced corporate tax rates for companies and SMEs and revised personal income tax rates and other tax
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Latvia approves 2025 Budget draft law: Increase of EUR 583.2 billion projected revenue
Latvia’s Cabinet of Ministers approved the draft law on the 2025 State Budget and the budgetary framework for 2025, 2026 and 2027 with various tax amendments on 15 October 2024. The consolidated national budget revenue for 2025 is planned at
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Lithuania approves income, capital tax treaty with Andorra
The Lithuanian government has approved the income and capital tax treaty with Andorra on 11 September 2024.This agreement aims to eliminate double taxation on income and capital, fostering closer cooperation between the tax administrations of both
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Switzerland lowers interest rates for federal taxes
The Swiss Federal Finance Department (DFF) has announced a reduction in the interest rates for late, refunded, Advance Tax Payments, effective from 2025. Starting 1 January 2025, the tax arrears, refunds, and conditional payment obligations will
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Paraguay, Spain income tax treaty enters into force
The income tax treaty between Paraguay and Spain took effect on 14 October 2024. This agreement aims to enhance economic relations, encourage investments, and enhance bilateral cooperation in tax matters between the two countries. It seeks to
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Romania approves protocol to tax treaty with Malta
Romania’s government approved the amending protocol to the 1995 income tax treaty with Malta on 9 October 2024. Earlier, the two nations signed an amendment protocol to the original income tax treaty on 4 July 42024. The protocol aligns the
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Ireland publishes Finance Bill 2024: Implements taxation changes announced on Budget Day
Ireland's Minister for Finance, Jack Chambers TD, has published the Finance Bill 2024 and Explanatory Memorandum following the Government's approval earlier in the week. The Bill enacts key measures from Budget 2025, alongside a series of
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France sets new interest rates for shareholder interest deductibility
France has published interest rates for entities whose financial year (FY) ended between 30 September and 30 December 2024, which are used to determine the deductibility of interest payments to shareholders. The applicable rates from 30 September
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Poland approves cash accounting scheme for eligible entrepreneurs
Poland’s parliament approved a new "Cash PIT" regime aimed at individual entrepreneurs who operate their businesses independently and whose revenue did not surpass the PLN 1 million (EUR 250,000) threshold in the previous tax year. The scheme
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Cyprus revises transfer pricing FAQs
The Cyprus Tax Department announced that it updated its Frequently Asked Questions (FAQs) (English version) on transfer pricing on 24 September 2024. New questions are added from 25 through 43. The main question is 25, which highlights that
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