Author: Europe News Desk

The Registration Duties, Estates, and VAT Authority is excited to introduce a new online system for filing subscription tax returns for Undertakings for Collective Investment (UCI), Specialized Investment Funds (SIF), and Reserved Alternative Investment Funds (RAIF). This progressive update is now available via the MyGuichet.lu platform. Transition Period for Old and New Systems Key Point: A two-year transition phase will allow both existing and new reporting systems to function in tandem, concluding in August 2026. During this time, users are encouraged to adapt to the new procedures while still having the option to use the current system. The newly implemented…

As the 2025 income year approaches, it’s crucial to verify the details on your tax deduction card. This card, available on skatteetaten.no, outlines the amount of tax to be deducted from your income before you receive your paycheck. Given the significant interest in tax deduction cards this year—over three million individuals have accessed theirs—it’s more important than ever to ensure your information is correct. The Importance of Accurate Tax Information Your tax deduction card forecasts your expected income, deductions, wealth, and liabilities for the year ahead. Regine H. Vastvedt, the acting division director, emphasizes that the Tax Administration may not…

  On January 15, 2025, Poland’s Council of Ministers approved a significant bill amending the Tax Ordinance Act along with several related laws. This legislative update includes important changes aimed at improving compliance processes and protecting taxpayers in the event of overpayments. Key Changes in the Bill Flexible Submission Deadlines: The amended regulations introduce a more flexible approach to submitting documents, such as applications or responses to summons. Taxpayers can now send these letters via any postal operator recognized under the Postal Law. This marks a departure from previous requirements that mandated submission solely at designated operator branches, specifically those…

The Law of December 20, 2024, outlining the Luxembourg State Revenue and Expenditure Budget for the financial year 2025, was officially published in the Mémorial a No. 558 on December 23, 2024. This budget introduces several important changes that may significantly impact taxpayers and property owners alike. One notable provision is detailed in Article 5 of the Act. It stipulates a 50% reduction in the taxable amount for registration and transcription fees associated with acquiring immovable property. This reduction is applicable when the property is intended for personal use or as a rental dwelling. Importantly, this tax relief measure takes…

Effective January 1, 2025, the European Union (EU) and Pan-Euro-Mediterranean (PEM) countries implement revised rules of origin to mark a significant modernization of trade agreements. These updates aim to simplify trade processes, enhance flexibility, and better align with global supply chain practices. However, transitional arrangements will remain in place, as not all PEM countries will adopt the revised rules immediately. Businesses must understand these changes to maximize trade opportunities and ensure compliance. What Are the Revised PEM Rules? The PEM Convention harmonizes the rules of origin for 24 countries, including EU member states, EFTA members, and Mediterranean nations like Morocco,…

Romania has announced the full suspension of its Double Taxation Avoidance Agreement (DTA) with the Russian Federation, effective from October 14, 2024. The agreement, originally signed in Moscow in 1993, was designed to eliminate the risk of double taxation on income and capital for residents of both countries. However, Romania’s decision to suspend the treaty follows Russia’s earlier move in 2023 to partially suspend several key provisions. Why Did Romania Suspend the Agreement? This step comes as a response to Russia’s suspension of essential articles of the agreement in August 2023, including those governing taxation of business profits, dividends, capital…

The European Union (EU) has announced a 12-month postponement for the implementation of the European Union Deforestation Regulation (EUDR), giving businesses until December 30, 2025, to comply. This additional time allows companies to adjust to the new requirements aimed at combating global deforestation and forest degradation. For small and micro-enterprises, the compliance deadline is extended further to June 30, 2026. What Is the EUDR? The EUDR is a groundbreaking EU law designed to reduce the EU’s environmental impact on deforestation. It mandates that products entering, leaving, or being produced within the EU must be “deforestation-free” and legally sourced. These efforts…

As we approach the year 2025, there are significant taxation updates on the horizon that individuals and businesses need to be aware of. Effective January 1, 2025, several changes will be implemented, affecting everything from tax cards to VAT rates. Let’s delve into the most crucial adjustments that will shape the tax landscape in the coming year. New Tax Card System Launches Starting next year, tax cards will officially be valid from January 1, a change from the previous commencement date of February 1. Importantly, the income ceiling specified on tax cards will now be calculated for the entire year,…

The Rising Tax BurdenThe UK’s latest budget has thrown a curveball at businesses of all sizes. Tax hikes—like the Employer National Insurance rate increasing from 13.8% to 15%, plus a lower threshold for contributions—are adding extra weight to already tight margins. For many businesses, this means tough decisions are on the horizon. Should they raise prices, cut investments, or find more creative solutions? Price Hikes on the HorizonAccording to a British Chambers of Commerce (BCC) survey, 55% of businesses expect to raise prices in the coming months. With the increased cost of hiring staff, particularly in labor-heavy industries like social…

As 2025 approaches, a host of tax updates is set to impact households and businesses alike. From tweaks to personal income tax brackets to new fees on nicotine products, here’s a breakdown of the key changes in a way that’s easy to understand and helps you plan ahead. 1. Changes to Personal Income Taxes Good news for taxpayers: thresholds for personal income tax are increasing by 5.8% to account for inflation and productivity growth. While income tax rates remain the same, the municipal tax will see a slight uptick, with the weighted average rising to 14.94%. 2. Better Support for…