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
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EU 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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Spain introduces new VAT regime for groups of companies
Spain's tax authorities have introduced a new special VAT regime for groups of companies (REGE), effective from 2025. Companies must use form 039 to notify their election to apply or waive the REGE for VAT purposes, the advanced REGE arrangement,
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Cyprus announces provisional submission calculation, second provisional tax payment deadline
Cyprus tax authority has reminded taxpayers the deadline for submitting a revised provisional tax calculation (if applicable) and making the second provisional tax payment for the 2024 tax year is 31 December 2024. Taxpayers whose taxable income
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Denmark: Bookkeeping Act effective from January 2025
The Danish Business Authority is notifying companies about new digital bookkeeping rules effective 1 January 2025, as per the Danish Bookkeeping Act. These rules mandate that companies use a digital bookkeeping system capable of receiving and
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Bulgaria: Ministry of Finance announces 2025 State Budget draft
Bulgaria's Ministry of Finance has issued an announcement on the draft law for the 2025 State Budget on 4 December 2024, which will be submitted to the National Assembly. "An analysis of revenues and expenditures for the next calendar year
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Slovak Republic: Parliament approves financial transaction tax amendment
The Slovak Republic Parliament has passed an amendment to the Financial Transactions Tax Act, which will take effect on 1 January 2025. The amendment introduces key changes to tax regulations, including clarifying and expanding exemptions,
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Germany: Annual Tax Act 2024 enters into force
Germany’s Annual Tax Act 2024 (Jahressteuergesetz 2024) entered into force on 6 December 2024 following its publication in the Official Gazette (BGBl. I 387/2024) on 5 December 2024. This Act introduces several tax amendments, including revised
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New Zealand, Slovenia sign income tax treaty
New Zealand and Slovenia have signed an income tax treaty on 3 December 2024. A tax treaty is a bilateral agreement between two countries designed to address issues related to the double taxation of both passive and active income of their
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Austria updates CFC rules to prevent double taxation under Pillar Two
Austria's parliament has amended its CFC rules to avoid double taxation issues under the Pillar Two global minimum tax framework. Amendments to Section 10a of the Austrian Corporate Income Tax Act have been approved and now require Qualified
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Hungary publishes updated GloBE data sheet
Hungary’s Tax and Customs Agency has released the updated version of the GloBE data sheet on 5 December 2024. The data sheet features technical enhancements and detailed field definitions to simplify XML completion and includes a User
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