Recent News

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...

The country's government has issued new anti-money laundering guidelines and plans to amend the legislation by proposing a bill to this effect, which is expected to come into force in June 2025. The bill contains 25 measures. Among them are proposals to remove mandatory enhanced customer verification, but at the same time to introduce a ban on international wire transfers where there is incomplete information about the parties. And three breaches of regulations will be added to the list of civil penalties. Among them are failure to file a suspicious activity report, an annual report and a risk...

The assessment should be completed by the end of November 2024. The reform should simplify the tax system, taking into account the transition to a green and digital economy, making it fiscally neutral. Ordered a relevant study by the Ministry of Finance of Cyprus. The main questions for researchers are what will be the impact of the reform on the country's economy and finances in general, as well as on the activities of companies, the lives of citizens with different income levels, investments, the labor market, productivity and competitiveness. Developers believe that the new tax reform will attract foreign investments to the island, stimulate entrepreneurial activity, make the Cypriot labor market more attractive, offer business tax benefits, help reduce the dependence of the Cypriot economy on expensive types of electricity, help fight tax evasion and the shadow economy more actively...

Irish export control regulations are being updated with the Export Control Act 2023, which comes into force on 22 August 2024. This new law makes important changes to the licensing and enforcement processes. While no new dual-use controlled items are being introduced, there are some key updates that businesses need to be aware of. The law introduces a more detailed process for issuing, revoking, varying and suspending licences, with clarified application requirements. DETE can refuse a licence without justification if it would jeopardise national security or public order in Ireland. Clear requirements are introduced for transaction-related records to be retained for 5 years after the transaction. In addition to the standard licence use reports, Irish authorities can now request additional reports detailing the activities licensed. New obligations require immediate reporting of any “material matters” such as errors, changes in circumstances or other important information relating to...

The UAE government has issued a Federal Law amending certain provisions of the "UAE Labor Law". This law is part of the development of the UAE legislative and legal framework. It is aimed at ensuring the efficiency and competitiveness of the labor market, regulating labor relations, clearly defining the rights and responsibilities of all parties and ensuring their protection by law. The law introduces fines of at least $27,200 and no more than $272,000 for employers who hire workers without the appropriate permit, hire employees and do not provide work, improperly use work permits, close an enterprise without respecting the rights of workers. The penalties also apply to the illegal employment of minors. The amount of the fine is multiplied by the number of workers who were fictitiously...

The document states that a taxable person established in another EU Member State is entitled to VAT exemption in Italy if its annual turnover in Italy does not exceed EUR 85,000, and its annual turnover in the EU does not exceed EUR 100,000. Small businesses established in Italy can also request VAT exemption in other EU Member States if their annual turnover in the EU does not exceed EUR 100,000, and their annual turnover in another EU Member State does not exceed the turnover threshold set in that other state. These rules will come into force on 1 January...

Law No. 1623, passed by the Peruvian authorities, establishes new tax rules for non-resident digital service providers and a VAT rate of 18%. The rules apply to the use of digital services through online platforms and the import of intangible assets via the Internet by individuals. Digital services are services that the user receives through the Internet, platforms or technologies that are automatic and depend on access to the Internet. Non-resident digital service providers will be required to withhold VAT. The VAT return must be filed and paid directly to the Peruvian tax authority on a monthly basis in PEN or...