The measures to implement the pilot water resource tax reform stipulate that the water resource tax will be implemented nationwide from December 1, 2024, replacing the current water fee mechanism. China first launched the water resource tax pilot in 2016. In 2019, the water resource tax was formally incorporated into the Resource Tax Law, including different rates based on local water resources, water use types, and economic...
The Australian Parliament's Joint Committee on Social Media and the Australian Community has published its second interim report on digital platforms. The report makes a variety of recommendations, including on taxing social media platforms like Meta. This includes a recommendation that the Australian government consider introducing a digital services tax to ensure that global giants pay their fair share to the communities they profit from, similar to what is done in countries like France and...
Thailand has acceded to the Multilateral Competent Authority Agreement on Automatic Exchange of Information under the Crypto Asset Reporting Program. The Crypto Asset Reporting Program provides tax information on crypto asset transactions in a standardized manner for the purpose of automatic exchange of such information. Thailand plans to begin information exchange under CARF by...
A proposed amendment to the 2025 finance bill. The tax is currently levied at a rate of 3%, but it is proposed to increase the DST rate to 5%. Such a move could generate more than €500 million in additional revenue in 2025. An increase in the DST rate to 6% was previously proposed, but...
In October, an official letter was issued that regulates this issue. It states that storing the image part of a hybrid invoice in its original form is mandatory if it contains relevant entries for tax purposes, such as booking notes. An earlier version stated that providing an email address was sufficient to comply with the requirement to receive electronic invoices from 1 January 2025. It is now clarified that it is not necessary to have a separate email address to receive electronic invoices. And as an example of other acceptable European invoice formats, the Peppol BIS electronic invoice format is mentioned in the letter, replacing the Italian FatturaPA...
One of the main measures of the bill is to increase the VAT registration threshold from EUR 40,000 to EUR 50,000. The bill also proposes measures under the EU small business scheme for cross-border supplies. A taxable person established in another EU Member State may be exempt from VAT registration in Croatia if its annual turnover in Croatia does not exceed EUR 50,000 and its annual turnover in the EU does not exceed EUR 100,000. Measures are also proposed that will enable small businesses established in Croatia to apply for an exemption in other EU Member States if their annual turnover in the EU does not exceed EUR 100,000. If approved, the bill will enter into force on 1 January 2025. Comments can be submitted until 24 October...
The amendments were published in the Official Gazette in September 2024. Among them: It is planned to introduce a new reduced VAT rate of 15%. In addition, the volume of supplies subject to a reduced VAT rate of 7% has been revised. The zero VAT rate is abolished for supplies of goods and services related to the construction and equipment of hospitality facilities with a category of five or more stars. The VAT exemption for supplies of low-value goods worth up to 75 euros is abolished. The threshold for one-time taxation of self-employment income has been increased from 18,000 euros to 30,000 euros. The measures will enter into force on 1 January...
The evaluation was conducted by the Mercer CFA institute among 48 countries. The top 5 also included Iceland, Denmark, Finland and Norway. Spain took 15th place. The Philippines, Argentina and India received the lowest index. One of the recommendations in the report was a proposal to raise the state pension age, as well as encourage personal...
Now, to provide it, it is necessary to have sufficient knowledge of the Polish language. The introduction of measures is related to abuses of the law on the Pole's Card, which grants citizenship to applicants of Polish origin upon repatriation. Many owners of the Card used forged documents to obtain it. Currently, more than 206,000 people have the Pole's Card. At the same time, according to the Center for Migration Studies, about 7,000 cards were issued to persons who did not confirm their Polish...
The presented draft financial bill for 2025 proposes to make a number of changes to the tax system. It is proposed to introduce indexation of income tax rates taking into account inflation. It is also proposed to introduce an exceptional contribution to ensure a minimum tax rate of 20%, which will be applied to taxable households whose taxable income exceeds 250,000 euros for an individual or 500,000 euros for a couple for 2024, 2025 and 2026, with a differentiated contribution in cases where the average tax rate is less than 20%. In addition, it is about introducing a temporary additional tax on corporate income tax for large companies with an annual turnover of at least 1 billion...
