Recent News

CEAL is an extraordinary contribution for local accommodation. The country has already published a law that abolishes it. This tax was to be levied at a rate of 15%. The taxable base is determined by the economic coefficient of local accommodation and the coefficient of urban pressure to the total private area of ​​residential property. The first payment of CEAL was to be made in June 2024 for the year ending December 31, 2023. But the payment was suspended until the abolition of the tax, which is to be applied retrospectively. The abolition should come into force on December 31, 2024. But changes are possible, and the abolition can be applied retroactively from December 31,...

convention was agreed upon by UN members on August 8. Negotiations on this agreement have been ongoing since August 2022. The goal of the convention is to strengthen international cooperation and combat cybercrime while respecting international law. The new convention complements the Budapest Convention, which has been ratified by all EU members except Ireland. The convention is to be submitted to the UN General Assembly for final approval at the end of the year, and it can be signed by the end of...

The Enterprise Investment Scheme and Venture Capital Trust have been extended by 10 years to April 2035. These are the flagship investment schemes. This is how the government aims to support entrepreneurs. The schemes encourage investment in young companies by offering tax breaks and supporting innovation and job creation. One of the incentives is an advance income tax relief of up to 30% and also an exemption from capital gains tax. The EIS has attracted more than £41 billion since its launch. The schemes continue to bring in significant amounts of investment. During 2022-23, the schemes have raised £2.9 billion, with 1,280 companies taking advantage of the EIS for the first time during this...

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...

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...