Germany: Federal Council approves revised Bill for tax law advancements, income tax adjustments
The German Federal Council (Bundesrat) approved the updated version of the bill aimed at further developing tax law and adjusting the income tax brackets on 20 December 2024. It will enter into force after publication in the Official Gazette. The
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Ireland: Revenue issues guidance on new VAT scheme for SMEs
Irish Revenue issued eBrief No. 315/24 on 13 December 2024 which outlines the European Union (EU) Value Added Tax (VAT) scheme for small and medium-sized enterprises (SMEs) effective from 1 January 2025. Currently, Member States can set their
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Italy issues decree on Pillar Two rules, deferred tax attributes on transition
Italy’s Ministry of Economy and Finance has published the Ministerial Decree of 20 December 2024 in the Official Gazette No. 304 of 30 December 2024. The Decree outlines additional implementation rules for the top-up tax introduced under
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Lithuania gazettes 2025-27 budget, increases tax-exempt income threshold
Lithuania has published its budget plan for the three-year period from 2025 to 2027 in the official gazette on 19 December 2024. Key changes include an increase in the tax-exempt income threshold for 2025. Even though the budget for the next
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Luxembourg enacts VAT scheme for small businesses
Luxembourg has enacted a law implementing a VAT scheme for small businesses. VAT obligation exemption threshold has been increased to EUR 50,000 starting 1 January 2025, with a 10% tolerance, allowing businesses to benefit from the scheme up to EUR
See MoreLuxembourg enacts bill amending global minimum taxation law
Luxembourg has enacted the bill amending the law that implements the Minimum Taxation Directive (2022/2523) on 23 December 2024, known as the Minimum Taxation Law of 22 December 2023 (MTL), incorporating guidance and clarifications from the OECD’s
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Luxembourg enacts Budget Law 2025, introduces changes to CO2 tax credits
Luxembourg has enacted the Budget Law for 2025, which includes modifications to the CO2 tax credits, VAT, and introduction of initiatives to revitalise the housing market; published in Official Gazette No. A 558 of 23 December 2024. The law will
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Greece updates classification criteria for business size categories
The Greek Official Gazette published Law No. 5164 on 24 December 2024, which transposes key EU directives related to sustainability and business size, while also revising tax incentives for specific investments. The law implements EU Directive
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Malta gazettes VAT (Amendment) Act 2024, introduces EU Small Business Scheme for Cross-Border Supplies
Malta published the Value Added Tax (Amendment) Act 2024 in the Official Gazette, on 17 December 2024, introducing the EU small business scheme for cross-border supplies, aligning with Council Directive (EU) 2020/285 of 18 February 2020. The Act
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Poland updates Corporate Income Tax Haven List
The Polish Official Gazette published Regulation No. 1928 on 24 December 2024, updating the list of tax havens for corporate income tax. The regulation enters into force 1 January 2025 The provisions apply to transfer pricing documentation
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Croatia: Parliament approves amendments to VAT Act, establishes EU small business scheme for cross-border supplies
The Croatian parliament has approved the Bill on Amendments to the Value Added Tax Act on 13 December 2024, raising the VAT registration threshold from EUR 40,000 to EUR 60,000, surpassing the initially suggested EUR 50,000. In light of this new
See MoreLuxembourg: Chamber of Deputies approve amendments to Pillar Two law
Luxembourg's Chamber of Deputies has passed Bill No. 8396 amending the Law of 22 December 2023, (Global Minimum Taxation Law, commonly referred to as the Pillar Two law) on 20 December 2024. Earlier, the Luxembourg government published a revised
See MoreLuxembourg enacts law reducing CIT rate
Luxembourg has enacted the bill on the Corporate Income Tax (CIT) rate reduction on 20 December 2024. The law was published in Official Gazette No. A 589 on 24 December 2024. Earlier, the Parliament passed legislation that introduced
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Sweden gazettes law amending Pillar Two global minimum tax
The Swedish Official Gazette published Law No. SFS 2024:1248 on 11 December 2024, amending the Additional Tax Act to implement the Pillar Two global minimum tax into domestic law. The new regulations are set to come into force on 1 January
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Spain gazettes law implementing Pillar Two global minimum tax
Spain has published Law No. 7/2024, on 20 December 2024, in the Official Gazette establishing the implementation of the Pillar Two global minimum tax in line with Council Directive (EU) 2022/2523 of 14 December 2022. Earlier, Spain’s Council of
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Finland publishes overview of changes to taxation in 2025
The Finnish tax authority has published an overview of the changes to taxation in 2025, which includes amendments introduced for the upcoming tax year. Earlier, Finland’s Parliament has approved the 2025 budget on 20 December
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Belgium publishes guidance on new CFC rules
Belgium’s tax authorities have issued two circular letters - Circular 2024/C/82 and Circular 2024/C/83 - on 13 December 2024 - providing clarity on specific aspects of the controlled foreign company (CFC) rules introduced in 2023. The amended
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Hong Kong, Croatia tax treaty enters into force
The income tax agreement between Hong Kong and Croatia entered into force on 20 December 2024. Hong Kong and Croatia signed an income and capital tax agreement on 24 January 2024, seeking to eliminate double taxation on income and capital while
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