Author: Europe News Desk

Effective June 28, 2025, the European Union introduces stringent customs regulations governing the import of cultural goods — including art, antiquities, and historic artifacts — from outside the EU. These rules bring mandatory import permits and declarations, reshaping how multinational companies and cultural institutions handle cross-border transactions involving heritage items. Overview of the New EU Customs Regulation The new rules are mandated under EU Regulation 2019/880 and its implementing Regulation 2021/1079. They affect import procedures for cultural goods such as artworks, antiques over 250 years old, archaeological finds, and historically significant objects. The regulations aim to curb illicit trade, protect…

German exporters are growing increasingly pessimistic as U.S. tariff threats remain unresolved, according to June data from the Ifo Institute. The closely watched Export Expectations Index dropped from -3.0 in May to -3.9, marking the second consecutive month of decline and signaling weakening confidence among manufacturers amid growing geopolitical and trade friction. A Return to Tariff-Era Tensions President Donald Trump’s revived tariff policy targeting key trading partners, including the EU, has reignited concerns across German industry, particularly within the automotive, industrial machinery, and chemical sectors—cornerstones of Germany’s export economy. The administration’s stated goal remains the reduction of the U.S. goods…

The Russian Federal Tax Service (FNS) has enhanced its machine-readable document generation service by integrating support for signing contracts in PDF/A-3 format using mobile digital signatures. This marks a pivotal moment in Russia’s digital tax transformation, streamlining the end-to-end creation, signing, and transmission of legally binding documents without the need for external software or paid cryptography licenses. Initially launched in November 2024, the document service allowed users to generate electronic contracts and download them. However, document signing required third-party solutions and cryptographic licenses—barriers that are now eliminated through the integration of the “My Signature” mobile application (Russian: Моя подпись). Key…

In a recent policy forum held in London, leading tax professionals, economists, and former government officials convened to discuss pivotal reforms aimed at modernizing the United Kingdom’s Value-Added Tax (VAT) framework. Amid political commitments to maintain current VAT rates, the debate shifted towards enhancing the system’s efficiency through structural changes, notably lowering the VAT registration threshold and improving legal clarity. Revisiting the VAT Registration Threshold: A Strategic Adjustment Currently, businesses surpassing £90,000 (approx. US$121,000) in taxable turnover over a 12-month period must register for VAT. Experts propose a reduction of this threshold to include a broader spectrum of small enterprises…

Ireland’s Finance Minister Paschal Donohoe has expressed concerns that proposed US tariffs on pharmaceuticals could jeopardize approximately 75,000 jobs in the country, highlighting risks to Ireland’s economic competitiveness and fiscal outlook. Speaking at Bloomberg’s Future of Finance event in Dublin, Donohoe emphasized that Ireland’s current strong fiscal position, buoyed by substantial corporate tax revenues from US multinationals like Apple and Pfizer, faces uncertainty due to tariff threats and a slowing global economy. Ireland benefits from a significant budget surplus, largely attributed to corporate tax income from large US firms operating in the country. However, Donohoe cautioned that this revenue stream…

The German Federal Ministry of Finance (BMF) has officially published the finalized 2025 list of jurisdictions participating in the automatic exchange of financial account information under § 1(1) of the Financial Account Information Exchange Act (FKAustG). This list, critical for multinational enterprises and financial institutions operating cross-border, is now accessible on the Federal Central Tax Office (BZSt) website. Major Changes in the 2025 Exchange List The finalized list introduces notable shifts in Germany’s information exchange relationships: These modifications underscore Germany’s expanding commitment to global tax transparency and enforcement of international tax compliance standards. CRS System Maintenance and Reporting Implications Scheduled…

In a landmark decision, Italy will reduce its VAT on art sales from 22%—the highest in Europe—to just 5%, the lowest rate in the EU. Announced by Culture Minister Alessandro Giuli following a cabinet meeting on June 20, the reform is expected to take effect this week pending parliamentary approval within 60 days. Sirio Ortolani, president of ANGAMC and vice president of the Apollo Group, hailed the change as a “momentous turning point” that will position Italy as a major international hub for galleries and art fairs. The decision reverses the previous hardline stance of Giorgia Meloni’s government and comes…

In April 2025, the United Kingdom’s housing market saw a significant deceleration in annual house price growth, with prices rising just 3.5%, down from 7.0% in March. This downturn aligns with the introduction of new property transaction taxes, which took effect at the start of April. The question arises: how much of this slowdown can be attributed to the recent tax hikes, and what implications does this have for future market trends? The Tax Hike’s Immediate Impact: In the months leading up to the tax increase, analysts were divided on the potential repercussions for the UK property market. With property…

In a bid to promote energy efficiency and sustainability, Portugal’s Association of Mechanical & Electrical (M&E) Contractors and Installers is calling for an extension of the government’s reduced 6% VAT rate for air conditioning systems and heat pumps. The measure, which has been in place since 2022, provides a significant reduction from the standard 23% VAT rate, aiming to make environmentally friendly technologies more accessible to consumers. The VAT reduction is set to expire on June 30, 2025, but there is currently no indication that the government plans to extend the policy in the 2025 State Budget, which has yet…

Russia’s self-employed professionals — including individual entrepreneurs (IEs), attorneys, mediators, notaries, court-appointed administrators, appraisers, and patent attorneys — are facing a key upcoming tax deadline. By July 1, 2025, they are required to pay a 1% social insurance contribution on annual income that exceeds RUB 300,000 for the tax year 2024. This additional contribution is on top of the fixed base insurance payment, which for the 2025 calendar year is set at RUB 53,658. This contribution is mandatory regardless of the taxpayer’s age, business activity status, or actual earnings. How the Insurance Premium is Calculated: Important for Business Termination Cases:…