Bulgaria, Malta sign new tax treaty
Bulgarian Deputy Prime Minister and Minister of Finance, Lyudmila Petkova, signed an agreement in Brussels with Malta to avoid double taxation between the two countries on 10 December 2024. The Agreement was signed on the Maltese side by Clyde
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Bulgaria: Ministry of Finance releases draft state budget bill for 2025
The Bulgarian Ministry of Finance released a draft bill for the 2025 state budget on 9 December 2024 which includes several key proposals affecting tax policies, resource extraction, and VAT registration. One of the primary provisions in the bill
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Brazil, Slovak Republic sign amending protocol to tax treaty
Representatives from Brazil and the Slovak Republic signed a protocol amending their 1986 income tax treaty on 10 December 2024. The treaty aims to avoid double taxation and prevent fiscal evasion over taxes and income between the two
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EU: European Court of Auditors issue report on ATAD, DAC6, TDRD
The European Court of Auditors released a report, “Combating Harmful Tax Regimes and Corporate Tax Avoidance” on 28 November 2024. The report evaluates the effectiveness of measures and strategies implemented by the European Commission (EC)
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Cyprus: House of Representatives approve Pillar Two global minimum tax rules
The Cyprus House of Representatives reportedly approved the Law on a Global Minimum Level of Taxation for Multinational Enterprise Groups and Large-Scale Domestic Groups on 12 December 2024. This legislation implements Council Directive (EU)
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Italy announces penalty relief rules for hybrid mismatch rules
Italy's Ministry of Economy and Finance has published the Decree of 6 December 2024 outlining the penalty reliefs rules for violations of Italy's hybrid mismatch rules. The Decree’s penalty relief rules are taken from Legislative Decree No. 209
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France enacts Special Budget Bill for 2025
France has approved a special budget bill on 11 December 2024, allowing the State to collect taxes and borrow funds necessary for financing essential public expenditure until the 2025 Finance and Social Security Finance Laws are implemented. This
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Ireland: Revenue issues eBrief on VAT updates in Finance Act 2024
The Irish Revenue has released eBrief No. 297/24 on 4 November 2024 regarding the VAT Notes for Guidance under the Finance Act 2024. Interpretation (Part 3) This section defines the Principal Act as the Value-Added Tax Consolidation Act
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Ireland: revenue issues vat updates on share transactions, trading platforms, and stock exchange fees
The Irish Revenue issued two updates, eBrief No. 298/24 and eBrief No. 299/24 on 5 December 2024, aimed at enhancing understanding of VAT regulations for financial activities, including share transactions, trading platforms, and stock exchange
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Romania clarifies public CbCR reporting rules
Romania’s Ministry of Finance, in a release, outlined the preliminary format for public Country-by-Country (CbC) reporting. This follows after Romania has introduced public country-by-country (CbC) reporting requirements through Order no. 2.048
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Ireland: Revenue updates guidance on pre-letting expense deduction for vacant residential properties
The Irish Revenue Commissioners issued Revenue eBrief No. 300/24 on 5 December 2024, providing updated guidance on deducting pre-letting expenses for vacant residential premises. This update reflects changes to Section 97A of the Taxes Consolidation
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Greece enacts 2025 tax reform measures
Greece has published Law No. 5162 in the Official Gazette on 5 December 2024 enacting 2025 tax reform measures. The legislation eliminates the business (trade) tax for all individuals and extends the suspension of capital gains tax on the
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Cyprus, Oman signs income tax treaty
Oman’s government has announced on 8 December 2024 that it signed an income tax treaty with Cyprus. The agreement was signed on behalf of the Government of Oman by Nasser Khamis Al Jashmi, Chairman of the Tax Authority, while it was signed on
See MoreEU approves e-tax certificate for VAT exemptions
The Council of the EU has announced that a political agreement has been reached regarding a new directive paving the way for the introduction of an electronic tax certificate for VAT exemptions on 10 December 2024. "As part of the EU's efforts to
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Netherlands: Tax treaties with Moldova, Kyrgyzstan, and Andorra enter into force
The amended protocol to the 2000 Netherlands-Moldova Income and Capital Tax Treaty, signed on 4 September 2023, will officially enter into force on 31 December 2024. This is the first amendment to the tax treaty and its provisions will take effect
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Spain consults draft global minimum tax bill
Spain's General Directorate of Taxes has launched a public consultation on draft regulations designed to implement a complementary tax ensuring a global minimum tax for multinational enterprises (MNEs) and large domestic groups on 3 December
See MoreEU adopts new withholding tax rules (FASTER)
The Council of the EU has announced on 10 December 2024 that it adopted the FASTER Directive for establishing safer and faster procedures to obtain double taxation relief that will encourage cross-border investment and help fight tax fraud. The
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Germany releases revised draft on Pillar Two global minimum tax amendments
Germany’s Ministry of Finance has released a second discussion draft on 6 December 2024 for a proposed amendment to the Minimum Tax Act. This draft aims to implement Council Directive (EU) 2022/2523, which establishes a global minimum tax
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