Luxembourg: Chamber of Deputies approve income and capital tax treaty with Montenegro
Luxembourg's Chamber of Deputies approved the draft law to ratify the income and capital tax treaty with Montenegro on 21 November 2024. Earlier, Luxembourg’s Council of State approved the draft law for the ratification of the income and
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Slovak Republic consults DAC8 implementation bill
The Slovak Republic’s Ministry of Finance has launched a public consultation on the draft bill No. LP/2024/645 on 25 November 2024. This proposed amendment to the Act on the Automatic Exchange of Information on Financial Accounts for Tax
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European Commission clarifies VAT rules for small business scheme
The European Commission has released its Explanatory Notes detailing the upcoming changes to the EU VAT system concerning the special scheme for small enterprises. These changes stem from amendments made by the Amending Directive to the VAT
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Austria, China amending protocol to tax treaty enters into force
The amendment to the 1991 tax treaty between Austria and China came into force on 19 November 2024. The protocol, signed on 14 September 2023, introduces several updates to modernise the agreement and align it with global tax standards. The
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IMF urges Malta to align fiscal and tax policies with EU’s global minimum tax directive
The International Monetary Fund (IMF) has called on the Maltese government to develop a clear plan aligned with the European Union's Pillar Two Global Minimum Tax Directive, providing taxpayers with certainty and guidance. According to the
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Bosnia and Herzegovina updates transfer pricing rules
The Ministry of Finance of the Federation of Bosnia and Herzegovina (FBiH) has announced amendments to the Transfer Pricing Rulebook regarding Master File and Country-by-Country (CbC) reporting requirements. These changes were published in the
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Denmark consults draft bill for crypto-asset reporting
The Danish Ministry of Taxation has opened a public consultation on a draft bill to implement Council Directive (EU) 2023/2226 (DAC8) and the Crypto-Asset Reporting Framework (CARF). The consultation is set to conclude on 13 December 2024. The
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Poland announces 2025 investment incentives, thresholds for reduced corporate tax and VAT
Poland has announced new thresholds for various tax regimes for small taxpayers in 2025. These include a reduced corporate tax rate, an investment incentive deduction, a simplified VAT regime, and a flat-rate tax. The new thresholds for reduced
See MoreEuropean Commission applauds Greece’s pledge to align tonnage tax with state aid rules
The European Commission in a release on 25 November 2024 announced that the acceptance by Greece of the appropriate measures proposed by the Commission to bring the existing Greek tonnage tax scheme and related measures in line with State aid
See MoreLuxembourg: Chamber of Deputies approves income and capital tax treaty with Albania
Luxembourg's Chamber of Deputies has given its approval for the ratification of the income and capital tax treaty with Albania on 21 November 2024. Earlier, Luxembourg’s Council of State approved a draft law to ratify the income and capital tax
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Lithuania ratifies tax treaty with Andorra
Lithuania published Law No. XIV-3099 of 11 May 2023 in the Official Gazette on 20 November 2024 which pertains to the ratification of the income and capital tax treaty with Andorra. Earlier, Lithuania’s parliament (Seimas) approved the
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Spain: Parliament extends windfall tax on banks, reintroduces loss restrictions
The Spanish lower house of parliament (Congress of Deputies) approved a new fiscal package that includes a three-year extension of the windfall tax on banks on 21 November 2024. The tax, previously set at a flat rate of 4.8%, will now follow a
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Ireland gazettes Finance Act 2024
Ireland has published the Finance Act 2024 (Act No. 43 of 2024) in the Official Gazette. This legislation was enacted on 12 November 2024 and includes provisions introduced in the Budget 2025 along with various administrative and technical
See MoreLiechtenstein seeks to establish income tax treaty with Slovak Republic
The Liechtenstein government has announced, on 20 November 2024, that officials from Liechtenstein and Slovak Republic convened to discuss economic relations, which included Liechtenstein's interest in establishing an income tax
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EU gazettes VAT agreement amendments with Norway
The EU has published the Council Decision (EU) 2024/2888 of 5 November 2024 in the Official Journal of the European Union on 19 November 2024, ratifying the agreement modifying the existing arrangement with Norway for administrative cooperation in
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Germany approves Annual Tax Act 2024, introduces VAT amendments for small enterprises
Germany’s Federal Council (Bundesrat), or the upper house of parliament, has approved the Annual Tax Act 2024 on 22 November 2024. This Act includes various tax amendments, particularly VAT exemptions thresholds for small businesses among
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Kyrgyzstan approves protocol to amend 2005 tax treaty with Germany
The Cabinet of Ministers of Kyrgyzstan has granted the Minister of Economy and Commerce the authority to sign a protocol amending the 2005 income and capital tax treaty with Germany on 13 November 2024. A tax treaty is a bilateral agreement
See MoreSpain: Lower house of parliament passes global minimum tax bill
The Spanish lower house of parliament (Congress of Deputies) passed the draft bill on 21 November 2024, for implementing the Pillar 2 global minimum tax in line with Council Directive (EU) 2022/2523 of 14 December 2022. The bill now awaits
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