Author: Europe News Desk

Lithuania’s Seimas (Parliament) has approved the 2025-2027 budget, outlining major tax and spending priorities for the coming years. With a strong focus on defense funding, infrastructure, wage increases, and social benefits, the budget reflects the government’s commitment to national security, economic stability, and public welfare. Among the most notable changes are increased defense spending, support for non-formal education, wage hikes for public sector employees, higher pensions, and significant investments in infrastructure and green initiatives. The budget also anticipates a government deficit of -3% of GDP in 2025 and a public debt of 44.4% of GDP by the year’s end. Key…

Spain has introduced a new temporary energy tax under Royal Decree-Law 10/2024, affecting major energy companies throughout 2025. This measure, classified as a non-tax public patrimonial benefit, is aimed at increasing state revenues from large energy operators while promoting strategic investments in the sector. The tax comes at a time when governments across Europe are taking extraordinary fiscal measures in response to the energy market’s volatility and rising corporate profits. Here’s a complete breakdown of how it works, who needs to pay, and what companies can do to reduce their tax burden. Who Has to Pay? This tax is not…

In a recent announcement that will impact VAT filers in Italy, the country’s tax authority, Agenzia delle Entrate, has officially approved new models for the IVA tax declaration, due in 2025 for the fiscal year 2024. These new forms aim to simplify the filing process, improve tax compliance, and ensure that tax information is reported correctly for Italian VAT purposes. What’s New in the IVA 2025 Declaration Models? The new models for 2025 include two options for businesses and individuals to file their IVA (Value Added Tax) returns: The models also come with detailed instructions to guide taxpayers through every…

If your business operates in Italy, there’s a major tax update you can’t afford to ignore. The Italian Revenue Agency (Agenzia delle Entrate) has rolled out new compliance guidelines, setting stricter standards for businesses looking to join the Cooperative Compliance regime. These updates could reshape how large companies manage tax risks, ensuring greater transparency and reducing potential disputes. Signed by Deputy Director Vincenzo Carbone, these new rules define how companies must structure and certify their tax risk management systems to qualify for the program. What does this mean for your business? Read on to find out. Who Needs to Follow…

On January 21, 2025, all member countries of the Common Transit Convention (CTC) officially rolled out the final version of the New Computerized Transit System (NCTS) Phase 5, also referred to as the final state rules. This comprehensive update marks a significant change in transit processes across the participating nations. As we navigate through these changes, we are committed to providing regular updates to help users acclimate to the new regulations. In this article, we will clarify how the Business Continuity (BCP) fallback procedure will function under the final state of NCTS Phase 5. For more detailed updates, please visit…

On January 13, 2025, the Journal of Laws announced the publication of the Act on the Fiscal Council, a significant legislative development aimed at strengthening the oversight of public finances in Poland. This act will establish an independent institution, the Fiscal Council, designed to enhance the transparency and accountability of the nation’s fiscal policies. A Response to EU Regulations The creation of the Fiscal Council is driven by compliance with European Union regulations that require member states to establish independent fiscal institutions. Notably, Poland stands as the sole EU country lacking such an oversight body, making this initiative a crucial…

In December 2022, the European Union enacted Regulation (EU) 2022/2399, establishing the European Union Single Window Environment for Customs. This regulation aims to streamline the processing of information pertaining to non-customs formalities, facilitating quicker and more efficient international trade for businesses. Additionally, it enhances security within the EU by ensuring uniform controls of non-customs requirements. What is CERTEX? CERTEX (EU-CSW-CERTEX) serves as the connecting link between EU customs systems and non-customs systems. Through CERTEX, customs authorities gain access to essential data from non-customs systems, allowing them to make informed decisions on whether to release goods for the requested arrangements. By…

As of January 1, 2025, small taxpayers in Romania are now required to file the D 406 Informative Declaration (SAF-T)—a standardized audit file designed to streamline the reporting of financial and tax data to the Romanian tax authority (ANAF). This recent implementation marks the next step in the country’s tax digitalization strategy, following earlier rollouts for large and medium taxpayers. What Is the SAF-T and Why Does It Matter? The SAF-T (Standard Audit File for Tax) is a digital file format that provides tax authorities with a structured view of a company’s accounting and tax data. Its aim is to…

In 2024, the European Commission introduces sweeping changes to the Union Customs Code (UCC) through Delegated Regulation 2024/249. These changes aim to modernize EU customs operations, harmonize rules across Member States, and simplify compliance for businesses. The regulation highlights the EU’s ambition to lead global trade efficiency by embracing digital transformation and streamlining complex procedures. This comprehensive guide breaks down the updates and their broader implications for businesses, industries, and global trade. What’s New in the 2024 UCC Updates? The 2024 amendments focus on key areas to modernize customs systems and ensure harmonization: Impacts on Key Industries The amendments touch…

The Luxembourg Ministry of Finance has announced a pivotal enhancement in the fight against tax fraud, as the Luxembourg Inland Revenue (Administration des contributions directes – ACD) and the Registration, Estates and VAT Administration (AED) formalize their partnership effective June 24, 2024. Finance Minister Gilles Roth emphasized the importance of this collaboration, stating, “Our growing synergy between the two tax administrations represents a crucial advancement in our fight against tax fraud. It will ensure greater compliance with tax regulations and improve the efficiency of our operations while safeguarding data privacy.” The agreement was solidified with the signing of a memorandum…