EU proposes permanent digital trade certificates with Turkey
The European Union (EU) proposed a new measure to solidify the use of electronic A.TR movement certificates in its customs partnership with Turkey on 29 November 2024. Originally introduced during the COVID-19 pandemic as a temporary solution to
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Ireland: Revenue revises guidance on Interest Limitation Rule
Irish Revenue has published eBrief No. 292/24 updated guidance on the Interest Limitation Rule on 29 November 2024. This includes revisions to sections 8 and 9 of the guidance, reflecting changes introduced by the Finance Act 2024. In sections 8
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Bulgaria: National Assembly reviews VAT Act amendments to align with EU small business scheme
Bulgaria's National Assembly is reviewing a draft bill, presented on 2 December 2024, to amend the Value Added Tax (VAT) Act to implement the EU small business scheme for cross-border supplies. The draft bill is under parliamentary review and
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Argentina, Slovenia consider signing income tax treaty
In a LinkedIn post, Slovenia’s Minister of Finance, Klemen Boštjančič, stated that officials from Argentina and Slovenia convened recently to negotiate an income and capital tax treaty between the two countries. Double tax treaties (DTTs)
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Portugal approves Budget Bill 2025
Portugal’s parliament has approved the Budget Bill 2025 on 29 November 2024. The President will promulgate the 2025 Budget Bill, after which the corresponding law will be officially published. Earlier, Portugal’s Finance Minister submitted
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European Commission issues final rules for CbC reporting directive
The European Commission has published the final version of the Commission Implementing Regulation (EU) 2024/2952 of 29 November 2024 in the Official Journal of the EU on 2 December 2024. This document establishes a common template and electronic
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Belgium, Liechtenstein conclude tax treaty negotiations
Belgium and Liechtenstein officials have concluded negotiations for a possible income and capital tax treaty on 27 November 2024. If a treaty results from the negotiations, it will be the first between the two countries. Any resulting
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Australia: Treasury consults tax treaty with Portugal
Australia’s Department of the Treasury, in a release, announced a public consultation regarding the draft legislation introducing a tax treaty with Portugal on 3 December 2024. The proposed legislation aims to eliminate double taxation and
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Poland extends reduced VAT on agricultural production
Poland’s Ministry of Finance released a draft regulation proposing a three-month extension of the reduced 8% value-added tax (VAT) rate on specific goods used in agricultural production. This extension covers agents improving soil properties,
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Italy gazettes decree on VAT scheme for small businesses
Italy’s government has gazetted the Legislative decree No. 180/2024 in the Official Journal No. 281, on 30 November 2024, which implements the provisions of the Amending Directive to the VAT Directive (2020/285) and the Amending Directive to the
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San Marino: Parliament approves tax treaty with Lithuania
San Marino's parliament ratified the income and capital tax treaty with Lithuania on 25 November 2024. Earlier, Officials from Lithuania and San Marino had finalised an income tax treaty on 17 May, 2024. This agreement, a first between the two
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Hungary scraps several windfall taxes on profits, adjusts and extends others
Hungary issued the Government Decree 356/2024 in the Official Gazette on 21 November 2024, amending Government Decree 197/2022 on temporary windfall taxes on additional profits. The Decree also scraps some windfall taxes while modifies and extends
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Slovenia gazettes amendments to Corporate Income Tax Law
Slovenia published amendments to the Corporate Income Tax Act (ZDDPO-2U) in the Official Gazette on 26 November 2024. The changes, applicable to tax periods starting 1 January 2025, introduce new rules for corporate taxation. Tax loss
See MoreIreland clarifies interest deductions for connected party loans
Irish Revenue has published a new Tax and Duty Manual – Part 36-00-19 Interest on loans to defray money applied for certain purposes 27 November 2024, providing guidance on section 840A TCA 1997. Section 840A is an anti-avoidance provision
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Romania extends tax amnesty deadline for unpaid taxes
Romania has published Emergency Ordinance No. 132 of 21 November 2024 in the Official Gazette, which includes an extension of the payment deadline for the tax amnesty introduced in September 2024, among other provisions. As previously reported,
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OECD: Czech Republic, Hungary, Germany sign agreement to share digital platform income information
The Organisation for Economic Co-operation and Development (OECD) has announced that the Czech Republic, Germany, and Hungary have signed the Multilateral Competent Authority Agreement on the Automatic Exchange of Information on Income Earned
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Moldova: Parliament approves tax treaty protocol with Slovak Republic
Moldova’s parliament has passed a draft law for ratification of the amending protocol to the 2003 income and capital tax treaty with Moldova on 28 November 2024. The tax treaty between the Slovak Republic and Moldova shall prevent double
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Cyprus confirms CbC exchange effective date with US, filing obligations
The Cyprus Tax Department has issued a notice on 19 November 2024, outlining the anticipated effective date for the agreement on exchanging Country-by-Country (CbC) reports with the US as well as related local filing requirements. The Cyprus Tax
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