Author: Europe News Desk

In a move that could reshape municipal fiscal dynamics across Croatia, the government’s updated Local Tax Law, implemented on January 1, 2025, has prompted a nationwide reassessment of property tax rates. Municipalities had until February 28 to adopt local ordinances aligning with the new framework. The results are now in, and they signal both continuity and change in how Croatian citizens and holiday homeowners will be taxed. Of the country’s 556 municipalities and cities, 215 increased their property tax rates, 284 maintained the previous levels, and 57 opted to reduce them. The new regime replaces or supplements the tax on…

Austrian authorities have dismantled an illegal international online lottery network that promised luxury prizes, Lex watches, and high-end vehicles such as Audis and BMWs. The joint operation by the Vienna State Criminal Police Office and the Financial Police of the Federal Office for Anti-Fraud culminated in a coordinated raid, resulting in seizures and impending criminal and immigration penalties for the perpetrators. Sophisticated Fraud, Social Media Distribution The scheme had been operating across Europe for several months. Thousands of lottery tickets were sold online, primarily via Facebook, luring participants with promises of extravagant prizes. According to investigators, buyers either transferred funds…

The UK government recorded higher-than-expected borrowing in April, prompting renewed warnings from economists that Chancellor Rachel Reeves may be forced to raise taxes in her upcoming autumn statement. Public sector net borrowing rose to £20.2bn last month, according to figures released on Thursday by the Office for National Statistics. That figure is £1bn higher than in April 2024, and the fourth-highest April borrowing since monthly records began in 1993. The data signals a challenging start to the fiscal year for Reeves, whose fiscal strategy is anchored by two key rules: ensuring day-to-day spending is met through tax revenues rather than…

Athens, May 19, 2025, The international rating agency Fitch has upgraded Greece’s economic outlook from stable to positive, signaling growing confidence in the country’s sustained recovery and fiscal discipline. The move reflects a series of upward revisions by global credit agencies recognizing Greece’s notable progress over recent years. Fitch’s latest report highlights that Greece’s structural reforms, enhanced fiscal control, improved tax collection, and efforts to combat tax evasion have fundamentally transformed the country’s economic profile. According to Fitch, Greece exceeded expectations in 2024, posting a general government surplus of 1.3% and a primary surplus of 4.8%, outperforming prior estimates. The…

Denmark’s Ministry of Finance has released preliminary figures ahead of the full May 2025 Economic Outlook, projecting the state’s gross financing needs for 2025 to reach DKK 113 billion. The early release, aimed at preserving market stability, includes sensitive indicators expected to influence financial market behavior. These figures provide an early look into Denmark’s fiscal strategy for the upcoming year. The gross financing requirement includes: The financing needs will be met through a mix of government borrowing and potential withdrawals from the central government’s account with Danmarks National Bank. This data is part of a broader debt management strategy emphasizing…

North Macedonia’s Finance Minister Gordana Dimitrieska-Kochoska has reaffirmed the government’s commitment to fiscal consolidation, citing significant progress in public debt reduction and budget deficit control. In a televised interview on the current affairs program 360 Degrees, the Minister emphasized that the fiscal consolidation strategy remains a top priority and will not deviate from the outlined Fiscal Strategy. According to Dimitrieska-Kochoska, the country has reached the peak of public debt levels and is now on a definitive trajectory toward reduction. “In Q1 2025, public debt is at its lowest point in the past five years. For the first time since 2018,…

In a landmark recalibration of the UK’s international tax framework, the government has dismantled its long-standing remittance basis system, replacing it with a new Foreign Income and Gains (FIG) Regime from 6 April 2025. The Temporary Repatriation Facility (TRF), a transitional measure offering discounted tax treatment on overseas funds remitted to the UK, accompanies this reform. The overhaul, while technical in appearance, is underpinned by more profound structural shifts in the UK’s fiscal posture amid intensifying global scrutiny of preferential tax regimes for high-net-worth individuals. A Quiet Burial for the Remittance Basis For decades, the remittance basis allowed particular UK…

E-Commerce Just Got a New Tax Playbook, But Is It Enough? The European Union is about to rewrite the rulebook on VAT reporting for imported e-commerce goods. The reform, expected to be approved by finance ministers shortly, removes the €150 threshold for using the Import One-Stop Shop (IOSS) and makes the system more accessible to online sellers. The goal? Make VAT compliance less painful and plug the billion-euro leak caused by low-value, cross-border goods flowing through the cracks of the EU’s customs regime. But the devil, as always, is in the design. The proposal has softened since the European Commission’s…

AI Isn’t the Future of Tax It’s Already Collecting €650 million. That’s the amount Malta clawed back in 2024 through its AI-driven tax enforcement engine, a staggering figure for a country of just over half a million people. While headlines tout AI as the next frontier in tax administration, Malta’s achievement proves the future has already arrived. This isn’t just about digital upgrades or taxpayer convenience. It’s a paradigm shift in how governments enforce compliance, close VAT gaps, and preempt fraud. Malta made the cost of inaction very real if you’re a CFO, regulator, or policymaker still on the fence…

Suppose you act on behalf of a client dealing with HM Revenue and Customs (HMRC). Whether as an accountant, tax adviser, or payroll professional, formal authorization is essential. This authorization enables HMRC to legally engage with you on the client’s behalf for tax matters, ensuring data security and compliance with UK tax legislation. Overview of HMRC Agent Authorisation Agent authorization allows professionals to access clients’ tax records, file returns, and communicate with HMRC. Authorization can be granted via HMRC’s Online Services or by submitting specific paper forms. The appropriate route depends on the services involved and the preferences or circumstances…