Parliament is considering legislation to help introduce a global minimum tax. Two bills have already been introduced that are the first steps towards establishing a global minimum tax. These are the Multinational Enterprise Minimum Tax Bill and the Income Tax Bill. Both documents were introduced on September 9 and have already passed their first reading. The second reading is scheduled to be completed at the next...
Stamp duty may be replaced by a digital transaction fee in the future. The relevant bill was presented by the Ministry of Finance in early September. New rates of 3.6% may be introduced for certain transactions. If one of the parties is a tax resident of Greece or has a permanent establishment there, and the transaction directly relates to the establishment and its activities, then a digital transaction fee will be charged. The fee will apply to transactions conducted from January 1, 2025. Transactions concluded before December 31, 2024 will be subject to stamp...
The Turkish Tax Administration announced the publication of Circular No. 173 dated August 29, 2024, which extends the deadline for filing and paying income tax and corporate tax returns for the second quarter of 2024 to September 13, 2024. Previously, the deadline was extended to August 27 and to September 6. The deadline was extended due to the fact that balance sheets for the second quarter of the 2024 reporting period are subject to inflation...
Some of the main amendments proposed are: applying a zero VAT rate to rescue vessels and lifeboats, maintaining 8% VAT for medical devices approved for trade, and canceling the reduced VAT rate for live horses. The Ministry proposed extending the validity of the reverse payment mechanism for gas, electricity and services related to the transfer of greenhouse gas emission quotas. At the moment, this mechanism is scheduled to cease to operate after 28 February...
In August, the country published an updated list of countries with which it will exchange tax information. Both individuals and legal entities operating internationally should pay attention to the update. The updated list includes 157 jurisdictions. The list can be found on the website of the Czech Ministry of Finance. When a country is included in the list, it means that information about accounts will be transferred, the movement of funds will be monitored, and tax information will be transferred between countries. With the updated list, the Czech Republic is strengthening tax...
The bill was drafted in connection with the country's concerns about national security. Source:https://www.bloomberg.com/news/articles/2024-09-02/finland-to-ban-russians-from-buying-property-on-security-grounds Defense Minister Antti Hakkanen has proposed banning Russians from making any purchases in the Scandinavian NATO member. The bill is due to be submitted to parliament by the end of the year. "This is based on the aggressive war that Russia has waged and the assessment made about it," Hakkanen told reporters. The law will apply to citizens of countries whose homeland "has violated the territorial integrity, sovereignty and independence of another state and may threaten the security of Finland." The ban will also apply to legal entities “resident in the territory of such a state or owned or influenced by a citizen or entity of such a state,” the statement...
Revolut recently received a banking license in the UK and has now announced the launch of special cryptocurrency payment cards in the country to pay for purchases. The new virtual cards are integrated with Apple Pay and Google Pay. Online and offline purchases can be paid with cryptocurrency. Including goods with a large budget and essential items: daily commutes and coffee. Setting up the card takes place in a few clicks in the Revolut app, and you can choose from more than 180 available cryptocurrencies for payment. Revolut assures that users will not be charged an exchange fee when making...
According to statistics, there has been a significant increase compared to the 2023 figures, when 198,000 applications were registered. Last year, out of around 200,000 citizenship applications, 116,000 were approved. Source:https://schengen.news/portugal-receives-over-63000-citizenship-applications-in-first-4-months-of-2024/ In May this year, it was reported that over 500,000 applications for Portuguese citizenship were awaiting processing within two years. The government has stated that the main reason for the ongoing delay is high...
The corresponding order was issued by the Portuguese Secretary of State for Tax Affairs on August 26. Including the amendments, the thresholds and rates of personal income tax are revised and changes are made to the tax deduction. For example: up to 7703 euros - rate 13.00% (previously 13.25%) 7703 euros - 11623 euros - rate 16.50% (reduced from 18.0%) 11623 euros - 16472 euros - rate 22.00% (reduced from 23.0%) 16472 euros to 21321 - rate 25.00% (reduced from 26.0%) 21321 euros to 27146 - rate 32.00% (reduced from 32.75%) 27146 euros to 39971 - rate 35.50% (reduced from 37.0%) 39971 euros to 43000 - rate 43.5% 43,000 euros up to 80,000 - rate 45.0% more than 80,000 euros - rate...
The government has already issued a reminder regarding the payment deadlines. Property tax is due between September 1 and November 30. And the lists of taxpayers are publicly available. Property owners can even dispute the amount of tax. To avoid a 20% penalty, payment must be made within the prescribed...
