Author: Europe News Desk

North Macedonia’s Ministry of Finance has announced a significant decrease in the country’s public debt at the end of Q1 2025, dropping to 57.7% of GDP. This marks a reduction of 4.7 percentage points compared to the end of 2024, amounting to €36 million less in absolute terms. Finance Minister Gordana Dimitrieska-Kocoska described the data as “a direct confirmation” of the government’s ongoing fiscal consolidation efforts. “From 62.4% at the end of 2024, public debt has decreased to 57.7%, a result of targeted policies, reduced unproductive expenditures, and efforts to stimulate economic activity,” she said. The minister reaffirmed the government’s…

Russia’s Deadline Isn’t Just Bureaucratic It’s a Bellwether What looks like a routine filing deadline is anything but. By June 2, 2025, Russian financial market organizations (ОФРs) must electronically submit detailed reports to the Federal Tax Service (FNS) under the OECD’s Common Reporting Standard (CRS). On the surface, this may seem like a minor date shift (because May 31 falls on a Saturday). But beneath that technicality lies a broader signal: Russia is cementing its role as an active participant in global tax transparency, even amid increasing geopolitical isolation. And this reporting isn’t optional. It’s a critical compliance checkpoint for…

It isn’t the interest rate or maturity profile that will make HMRC reach for the scalpel. It’s your intentions. That’s the true power of the UK’s “unallowable purpose” rule governing loan relationships. In an age where intercompany loans run like veins through global group structures, the UK has quietly installed a potent filter: purpose over form. If even a whiff of tax avoidance is found behind a loan, interest deductions might vanish into the ether. This Isn’t Just a Rule. It’s a Philosophy. The anti-avoidance framework enshrined in CTA09/S441-442 doesn’t simply test whether a transaction was allowed on paper. It…

As the United Kingdom dismantles its century-old non-domiciled (non-dom) tax regime, global high-net-worth individuals (HNWIs) are discreetly but decisively toward more favorable jurisdictions. Once viewed as fiscally hostile to wealth, Italy has emerged as an unlikely haven thanks to its flat tax regime, which was introduced in 2017. What began as a niche offering under Article 24-bis of the Italian Income Tax Code has become a serious contender in the battle for global tax residency. The End of the Non-Dom Era Effective April 6, 2025, new UK tax legislation marks the end of the long-standing non-dom regime. This framework allowed…

As Lithuania continues to attract international employers and skilled professionals, understanding its tax and social insurance obligations is crucial for smooth business operations and compliance. Employer Contributions Lithuanian employers must make multiple payroll-related contributions to social insurance, which supports employee benefits like pensions, health coverage, unemployment, and maternity leave. The rates are as follows: Employers must also contribute: Employee Contributions Employees in Lithuania contribute 19.5% of their gross income to social security. This includes: An additional up to 3% is required for second-pillar pension funds, with optional participation and government co-financing. Income Tax Structure Lithuania employs a progressive income tax…

Estonia is recognized for having one of the most transparent and entrepreneur-friendly tax systems in the world. Its unique approach such as taxing corporate profits only when distributed sets it apart in the global tax landscape. Whether you are an individual taxpayer, a foreign investor, or a business owner, understanding the framework of Estonia’s tax system is essential in 2025. Structure of the Estonian Tax System Estonia’s tax system is divided into two categories: Key State Taxes in Estonia 1. Income Tax 2. Social Tax 3. Value Added Tax (VAT) 4. Land Tax 5. Heavy Goods Vehicle Tax 6. Excise…

In a recent bilateral meeting, Russia’s Federal Tax Service (FNS) shared its expertise with a delegation from the Committee of State Revenues under the Ministry of Finance of the Republic of Kazakhstan. The session focused on regulatory practices and tax administration for cryptocurrency mining and electronic commerce. Regulating Crypto Mining Through Registration Svetlana Bondarchuk, Deputy Head of the FNS, presented Russia’s 2025 advancements in formalizing the crypto-mining sector. She highlighted the successful launch of two key registries: These tools are designed to bring greater transparency and regulatory compliance to the industry. According to the new rules, Russian legal entities and…

In the aftermath of Finland’s 2024 VAT hike, small businesses are sounding the alarm. The general VAT rate was raised to 25.5%, placing Finland among the highest in the EU. Yet the consequences are becoming too clear: a sharp spike in bankruptcies, soaring tax debt, and a widening VAT gap. A Tax Policy Too Far? VAT is a consumption tax meant to be neutral. But in practice, its burden is regressive, especially for small service firms operating on thin margins. The Finnish Tax Administration filed 611 bankruptcy applications in Q1 2025, a staggering 57% increase from last year. That figure…

Launched in April 2024, Bundesschatz has rapidly become a go-to product for Austrian retail investors. Aimed at providing a safe, low-cost way to invest in the state’s finances, Bundesschatz stands as a modern alternative to traditional savings accounts or fixed-term deposits (Festgeld). With an accessible entry point (starting at just €100), a straightforward online platform, and options for digital and analog account management, Bundesschatz meets the demands of modern investors seeking both security and simplicity. In its first year, Bundesschatz attracted more than 110,000 accounts, reaching a total invested volume of €4 billion. The product’s appeal is clear: competitive, government-backed…

In the first quarter of 2025, North Macedonia’s public debt decreased to 57.7% of GDP, down from 62.4% at the end of 2024, marking a 4.7 percentage point reduction. This decline reflects the government’s commitment to fiscal consolidation, reduction of unproductive spending, and efforts to boost economic activity. Finance Minister Gordana Dimitrieska-Kochoska emphasized that achieving a budget deficit below 3% and maintaining public debt under 60% of GDP are attainable goals, requiring dedication across all levels of government. She highlighted the importance of strategic investments to foster long-term economic growth, which in turn would contribute to further debt reduction. The…