Author: Europe News Desk

Even though Malta is not classified as a tax haven, it remains a top destination for individuals and businesses looking for tax-friendly environments and investment opportunities. Here are several reasons why Malta continues to attract high-net-worth individuals, entrepreneurs, and international businesses: Malta’s Appeal for International Entrepreneurs and Digital Nomads Malta is increasingly becoming a popular destination for digital nomads and international entrepreneurs. The country’s warm climate, beautiful landscapes, and high standard of living make it an appealing place to set up residency. Moreover, Malta’s taxation system allows for significant savings, especially for entrepreneurs who can benefit from Malta’s tax incentives…

SARAJEVO – Bosnia and Herzegovina’s indirect tax revenue for the first quarter of 2025 has surged to 2.75 billion KM, marking a 4.6% increase compared to the same period last year. The growth reflects a solid economic recovery, with March 2025 collections alone hitting 950 million KM, an 8.8% rise from March 2024. The tax administration also processed VAT refunds for taxpayers entitled to them, amounting to 540 million KM in the first three months of the year. The net revenue, which was distributed to various state bodies, entities, and the Brčko District, totaled 2.21 billion KM, a 4.9% increase…

LONDON – The UK has formalised its implementation of the OECD/G20 Pillar 2 rules with new regulations listing which jurisdictions and taxes qualify under its Multinational and Domestic Top-up Tax framework. These rules form the backbone of the UK’s adoption of the Global Anti-Base Erosion (GloBE) regime. This legislative instrument, published by HMRC in April 2025, sets out three key elements central to the operation of the UK’s Pillar 2 GloBE regime: These lists are critical for multinational groups and tax professionals assessing compliance and determining top-up tax obligations under the UK’s GloBE rules. 1️⃣ Understanding the UK’s Pillar 2…

THE HAGUE – Starting 17 May 2025, Dutch Customs will begin automated checks on ozone-depleting substances (OAS) declarations through the CERTEX system. The move aims to strengthen enforcement of EU environmental regulations on imports and exports involving these substances. CERTEX, a digital interface connecting customs systems with non-customs data sources, will verify whether businesses possess valid licenses under the European ODS (Ozone-Depleting Substances) Licensing System. The checks will initially apply to both import and export declarations. This initiative is being implemented in collaboration with the Human Environment and Transport Inspectorate (ILT). 1️⃣ What Is CERTEX and Why Does It Matter?…

LONDON – In a major policy shift, HMRC has revised its stance on contributions made to Employee Ownership Trusts (EOTs), reclassifying certain payments as taxable distributions—but simultaneously introducing targeted relief for trustees, effective 30 October 2024. Previously, HMRC had accepted that contributions made by companies to EOT trustees—used to fund the acquisition of company shares—were not distributions under section 1000 of the Corporation Tax Act 2010. However, following a policy reassessment, HMRC now considers these payments to be distributions “in respect of shares,” with implications for income tax liability. To cushion the impact of this revised position, a new statutory…

VIENNA – The newly released 2024 Product Piracy Report reveals a significant increase in counterfeiting activity in Austria. Customs authorities uncovered 6,327 product piracy cases last year and initiated 9,974 legal proceedings. The total value of seized counterfeit goods (based on their original retail value) exceeded €38 million—the second-highest figure ever recorded. Counterfeits Now Affect Nearly Every Product Category While counterfeit items used to focus mainly on clothing, shoes, and handbags, the range has expanded dramatically. Today’s seizures include medications, auto parts, consumer electronics, jewelry, household goods, and even detergents. State Secretary Barbara Eibinger-Miedl warned: “Protecting intellectual property is a…

ATHENS – Greece’s out-of-court debt settlement program has reached a milestone, with total restructured debts hitting €10.9 billion by March 2025—more than double last year’s figure. According to the Ministry of National Economy and Finance, over €3.4 billion in debts have been written off under the scheme, offering a lifeline to thousands of households and businesses. Debt Settlement Surge in March The volume of successful settlements through the Out-of-Court Debt Resolution Mechanism jumped 35.7% year-on-year in March 2025. A total of 1,475 settlements were completed, restructuring €454 million in debt, up from €355 million across 1,087 cases in March 2024.…

OSLO – Norwegian taxpayers who believe they are overpaying on property tax have a powerful tool at hand: their 2023 tax return. Skatteetaten (the Norwegian Tax Administration) is encouraging property owners to verify the assessed market value used by municipalities to calculate property tax—and make corrections if necessary. “If your municipality uses Skatteetaten’s estimated market value and you can document that it’s too high, you can adjust it directly in your tax return,” said Elisabeth Fischer, Director of the Tax Division at Skatteetaten. 1️⃣ Background: Why Property Values Matter in Norway Over 100 municipalities in Norway now rely on a…

BRUSSELS – European Commission President Ursula von der Leyen has extended a bold offer to the United States, proposing “zero-for-zero” tariffs on industrial goods, as Europe seeks to de-escalate trade tensions with Washington. In a press briefing held in Brussels on April 7, 2025, von der Leyen stated that the European Union is “always ready for a good deal,” signaling Europe’s readiness to negotiate terms that would benefit both sides. The proposal comes as the EU continues to face heavy tariffs from the US, including 20% on certain products and 25% on steel, aluminum, and derivatives. “We are prepared to…

KYIV – Ferrexpo, the UK-listed miner focused on Ukraine’s iron ore industry, has reported a sharp 26% decline in its first-quarter pellet output for 2025. This downturn is largely due to the suspension of VAT refunds by Ukrainian tax authorities, which has significantly disrupted the company’s liquidity and forced it to scale back operations. As a result, Ferrexpo’s shares slid 4.9% in early trading on Monday. Impact of VAT Refund SuspensionFerrexpo has been caught in a challenging financial environment, compounded by the suspension of a VAT refund worth approximately $12.5 million (512.9 million hryvnias). The tax relief suspension follows sanctions…