Author: Europe News Desk

Major changes to vehicle excise duty (VED), commonly known as car tax, take effect this week, marking a significant shift for electric vehicle (EV) owners and drivers of high-emission petrol cars. Electric Vehicles Lose Tax Exemption From April 1, 2025, EVs will no longer be exempt from VED. Under the new policy, all EV owners will be subject to at least the standard rate of £195 from the second year onward after vehicle registration. Additionally, new EVs with a list price exceeding £40,000 will be liable for the “expensive car supplement,” which will cost £425 annually from years two to…

The UK government must urgently replace the windfall tax on North Sea oil and gas operations well before its scheduled expiration in 2030, warns the North Sea Transition Taskforce, an industry-backed coalition supported by the British Chambers of Commerce. The Energy Profits Levy (EPL), introduced in 2022 to capitalize on soaring energy prices, remains a contentious issue. Earlier this month, the government initiated a consultation on potential future tax frameworks. However, the taskforce insists that waiting until the sunset clause in 2030 is economically damaging and jeopardizes the sector’s stability. Industry Uncertainty and Investment Drain Since the EPL’s introduction, North…

Effective May 1, 2025, a sweeping update will streamline customs authorization processes across the European Union. The Customs Decisions System (CDS) will be the sole platform for managing customs authorizations, including national variations, with a few exceptions. This update will impact a range of procedures, from simplified customs declarations to special customs regimes. Among the key changes, the EU Trader Portal will become the mandatory tool for operators to request, renew, or modify their customs authorizations. The transition is comprehensive, covering numerous authorization categories, such as customs value (CVA), global guarantees (CGU), and various special regimes like Active and Passive…

On March 19, 2025, Danish Finance Minister Nicolai Wammen hosted Norwegian Finance Minister Jens Stoltenberg in Copenhagen to discuss the deepening cooperation between the two countries and address shared challenges in today’s turbulent global landscape. The two ministers convened at the Danish Ministry of Finance to focus on key issues such as security and international trade. Minister Wammen expressed his appreciation for the productive discussions with his Norwegian counterpart, emphasizing that security remains a top priority for both nations. “I value my productive meeting with Norway’s Finance Minister Jens Stoltenberg today. Security is the most critical issue on the political…

On March 27, 2025, the Norwegian Tax Administration (Skatteetaten) reported that more than 54,000 individuals declared cryptocurrency ownership in their 2023 tax returns, marking a 12% increase from the previous year. Despite this positive trend, the Tax Administration acknowledges that there are likely many more cryptocurrency owners who have not reported their holdings. As part of its ongoing efforts, Skatteetaten is increasing its efforts to encourage more people to report cryptocurrency assets in their tax returns. Nina Schanke Funnemark, Director of the Norwegian Tax Administration, emphasized that despite the growth, there is still a significant gap in reporting. “We know…

Starting April 15, 2025, additional customs duties will apply to certain goods originating from the United States (US). These tariffs will range between 4.4% and 50%, with the majority falling between 25% and 50%. This update revises an earlier announcement which mentioned an April 1 start date. The European Commission has proposed to delay the start date by two weeks, a suggestion that has been accepted by EU member states. The goods affected are listed under Implementing Regulation (EU) 2018/724 (as amended by Implementing Regulation (EU) 2018/866) and Implementing Regulation (EU) 2020/502. Regulation (EU) 2018/724 has been in effect since…

As of January 1, 2025, small businesses across the European Union (EU) became eligible for the Special Scheme for Small Enterprises (SME), allowing them to opt for VAT exemption in other EU member states. This reform aimed to reduce administrative burdens and simplify tax compliance for businesses operating across borders. Who Was Eligible? ✅ Small businesses registered in an EU member state✅ Companies meeting the eligibility criteria under Directive 2006/112/EC✅ Registration was required through national tax portals Businesses based in Hungary were able to register via the Customer Portal under the SME section, using their tax identification number to submit…

The Autumn Finance Bill 2024 introduces significant R&D tax relief reforms for loss-making, R&D-intensive small and medium-sized enterprises (SMEs) registered in Northern Ireland. Effective for claims filed after 30 October 2024, these provisions aim to simplify the relief process and encourage innovation. Once the bill receives Royal Assent, the new rules will be backdated to this date. Key Changes for Northern Ireland SMEs ✅ Enhanced R&D Incentive Scheme (ERIS): Available for SMEs engaged in goods trading or electricity-related services.✅ No restrictions on overseas contractor payments: Unlike UK-wide rules, Northern Ireland SMEs can claim relief for externally provided workers (EPWs) abroad.✅…

Stamp Duty Land Tax (SDLT) is a crucial component of property transactions in the UK, impacting home buyers, investors, and developers. Understanding SDLT rates, exemptions, and compliance requirements is essential for navigating the UK real estate market effectively. This guide provides detailed insights into:✅ Current SDLT rates and how they apply to different property types✅ Exemptions and reliefs available for first-time buyers and specific transactions✅ Investor and developer considerations for tax optimization✅ Compliance requirements to ensure a smooth property transaction Keeping up with ongoing SDLT changes is vital for making informed property investment decisions and avoiding unexpected tax liabilities. Stay…

The Ministry of Finance of North Macedonia and the Faculty of Economics at ‘Saint Cyril and Methodius University in Skopje have signed a memorandum of cooperation to strengthen expertise in public finance. This partnership, signed by Finance Minister Gordana Dimitrieska-Kochoska and Dean Predrag Trpeski, will foster research, knowledge exchange, and professional training to enhance financial governance in the country. Minister Dimitrieska-Kochoska highlighted the memorandum’s role in supporting financial analysis, policy development, and the operation of the Academy of Public Finance, which is dedicated to improving public administration expertise. Meanwhile, Dean Trpeski emphasized the practical training opportunities this agreement provides for…