International Tax Europe and Africa October 2024
This e-newsletter gives you an overview of international tax developments being reported globally by KPMG member firms in the Europe and Africa Regions between 1 October and 31 October 2024.
For a full summary of global tax developments, visit kpmg.com/TaxNewsFlash.
To contact the International Tax Team email internationaltax@kpmg.com.
To register for the International Tax webcasts, click here.
Austria
Austria | |||
Tax legislation approved and regulatory update | BEPS Pillar 2 | 24 October 2024 | Appointment of alternative Pillar Two taxpayer due by December 31, 2024. Read more. |
Bulgaria
Bulgaria | |||
Proposed legislation | BEPS Pillar 2 | 16 October 2024 | Public consultation on proposed amendments to Pillar Two rules. Read more. |
Cyprus
Cyprus | |||
Tax legislation approved and regulatory update | Tax compliance | 30 October 2024 | Extended deadlines for submitting tax returns for taxpayers obligated to submit table of summarized information. Read more. |
Ethiopia
Ethiopia | |||
Proposed legislation | Indirect tax | 02 October 2024 | Draft regulation implementing Value Added Tax (VAT) on cross-border provision of digital services. Read more. |
European Union
European Union | |||
Proposed legislation | BEPS Pillar 2 | 30 October 2024 | Proposal for exchange of Pillar Two global minimum tax information between European Union member states (DAC9). Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 09 October 2024 | Updated list of non-cooperative tax jurisdictions. Read more. |
Finland
Finland | |||
Administrative and case law | Income tax | 25 October 2024 | Luxembourg SCS fund comparable under European Union law to Finnish contractual-based special investment fund. Read more. |
Proposed legislation | Income tax | 16 October 2024 | Proposed tax credit for investments supporting green transition. Read more. |
European Union
European Union | |||
Tax legislation approved and regulatory update | BEPS Pillar 2 | 19 September 2024 | KPMG comments on European Commission consultation on anti-tax avoidance directive. Read more. |
Proposed legislation | Transfer pricing | 11 September 2024 | Comments on European Union public consultation on template and formats for public country-by-country reports. Read more. |
Finland
Finland | |||
Proposed legislation | BEPS Pillar 2 | 13 September 2024 | Consultation on proposed amendments to Pillar Two global minimum tax rules. Read more. |
France
France | |||
Tax legislation approved and regulatory update | Indirect tax | 22 October 2024 | Update on introduction of mandatory e-invoicing. Read more. |
Proposed legislation | BEPS Pillar 2 | 15 October 2024 | Finance Bill 2025 includes proposed retroactive tax increases for large corporations and individuals, updates to Pillar Two rules. Read more. |
Tax legislation approved and regulatory update | Income tax | 04 October 2024 | Update on 2025 finance bill. Read more. |
Germany
Germany | |||
Tax legislation approved and regulatory update | Transfer pricing | 31 October 2024 | Multilateral Instrument: Germany Notifies Completion of Domestic Entry into Force at the OECD. Read more. |
Proposed legislation | Transfer pricing | 31 October 2024 | Amendment of the Regulation to Apply the Act to Combat Tax Avoidance and Unfair Tax Competition. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 31 October 2024 | Fourth Bureaucracy Relief Act Promulgated. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 31 October 2024 | Bundestag Passed Annual Tax Act 2024. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 2 | 30 October 2024 | Registering Pillar Two minimum tax group leader. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 16 October 2024 | Guidelines for complying with first phase of e-invoicing mandate. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 04 October 2024 | Ordinance on assignment of tax-related business numbers. Read more. |
Global
Global | |||
KPMG publication | Transfer pricing | 22 October 2024 | KPMG article: Potential effects of artificial intelligence on transfer pricing. Read more. |
Ireland
Ireland | |||
Tax legislation approved and regulatory update | Various tax topics | 11 October 2024 | Tax measures in Finance Bill 2024. Read more. |
Isle of Man
Isle of Man | |||
Proposed legislation | BEPS Pillar 2 | 28 October 2024 | Update on implementation of Pillar Two global minimum tax. Read more. |
Italy
Italy | |||
Proposed legislation | Indirect tax | 24 October 2024 | Proposal to remove digital service tax revenue thresholds. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 18 October 2024 | Import Value Added Tax (VAT) is considered customs duty. Read more. |
Tax legislation approved and regulatory update | Transfer pricing | 16 October 2024 | Public country-by-country reporting implemented. Read more. |
Jersey
Jersey | |||
Tax legislation approved and regulatory update | Tax compliance | 10 October 2024 | Reopening of Automatic Exchange of Information portal for FATCA and Common Reporting Standard (CRS) reporting (Jersey). Read more. |
Latvia
Latvia | |||
Proposed legislation | Income tax | 16 October 2024 | Temporary solidarity contribution on banks and credit institutions. Read more. |
Lithuania
Lithuania | |||
Proposed legislation | BEPS Pillar 2 | 16 October 2024 | Public consultation on draft legislation fully implementing Pillar Two rules. Read more. |
Luxembourg
Luxembourg | |||
Tax legislation approved and regulatory update | Indirect tax | 28 October 2024 | New online procedures for filing fund subscription tax returns. Read more. |
Malta
Malta | |||
Tax legislation approved and regulatory update | Various tax topics | 29 October 2024 | Tax measures in 2025 budget. Read more. |
Montenegro
Montenegro | |||
Tax legislation approved and regulatory update | Various tax topics | 11 October 2024 | Direct and indirect tax amendments enacted. Read more. |
Netherlands
Netherlands | |||
Administrative and case law | Income tax | 28 October 2024 | Exemption scheme for participations falling below 5% threshold applies to covered call options. Read more. |
Proposed legislation | BEPS Pillar 2 | 16 October 2024 | 2025 Tax Plan includes proposed amendments to Pillar Two rules. Read more. |
Administrative and case law | Transfer pricing | 08 October 2024 | Interest deduction limitation anti-profit shifting rule permissible under European Union law (Court of Justice of the European Union judgment). Read more. |
Proposed legislation | Various tax topics | 07 October 2024 | Amendments to 2025 Tax Plan. Read more. |
Proposed legislation | Indirect tax | 01 October 2024 | Environmental, Social, and Governance proposals introduced on Budget Day. Read more. |
Nigeria
Nigeria | |||
Tax legislation approved and regulatory update | Indirect tax | 15 October 2024 | Value Added Tax (VAT) (Modification) Order, 2024 expands list of VAT-exempt goods and services. Read more. |
Administrative and case law | Income tax | 08 October 2024 | Tax authority has discretion to determine percentage of tax on turnover of foreign companies. Read more. |
Norway
Norway | |||
Proposed legislation | Indirect tax | 11 October 2024 | Tax measures affecting seafood industry in 2025 budget proposal. Read more. |
OECD
OECD | |||
KPMG publication | Tax compliance | 25 October 2024 | KPMG report: New XML schemas for cryptoasset reporting framework and Common Reporting Standards (CRS) amendments. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 2 | 24 October 2024 | Developments in international tax reform. Read more. |
Tax legislation approved and regulatory update | BEPS | 16 October 2024 | Base Erosion Profit Shifting Actions 5 and 14 peer reviews. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 1 | 07 October 2024 | Model competent authority agreement on application of Amount B under Pillar One. Read more. |
Poland
Poland | |||
Administrative and case law | Income tax | 17 October 2024 | Summaries of recent Supreme Administrative Court decisions. Read more. |
Administrative and case law | Indirect tax | 09 October 2024 | Whether deductibility of Value Added Tax (VAT) may be conditioned on receiving invoice (Court of Justice of the European Union referral). Read more. |
Proposed legislation | Indirect tax | 09 October 2024 | Proposed legislation increasing excise duty rates on tobacco products. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 02 October 2024 | Laws introducing Value Added Tax (VAT) exemption in European Union, optional cash method for small enterprises passed by lower house of Parliament. Read more. |
Proposed legislation | BEPS Pillar 2 | 02 October 2024 | Draft legislation implementing Pillar Two global minimum tax rules submitted to lower house of Parliament. Read more. |
Serbia
Serbia | |||
Tax legislation approved and regulatory update | Indirect tax | 10 October 2024 | Electronic recording of input Value Added Tax (VAT) not required for September 2024 tax period. Read more. |
Slovakia
Slovakia | |||
Proposed legislation | BEPS Pillar 2 | 16 October 2024 | Draft legislation amending Pillar Two rules submitted to Parliament. Read more. |
Tax legislation approved and regulatory update | Indirect tax | 04 October 2024 | New sweetened non-alcoholic beverages tax effective January 1, 2025. Read more. |
Tax legislation approved and regulatory update | Various tax topics | 04 October 2024 | Draft legislation including tax-related measures approved by Parliament. Read more. |
South Africa
South Africa | |||
Proposed legislation | Tax compliance | 31 October 2024 | Proposed changes to foreign exchange loss carryforward rule for non-trading companies. Read more. |
Tax legislation approved and regulatory update | Treaties | 08 October 2024 | South Africa-Kuwait protocol ratified by Kuwait. Read more. |
Spain
Spain | |||
Income tax | 30 October 2024 | Characterization of projects by Ministry of Science and Innovation are binding on tax authority. Read more. |
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Sweden
Administrative and case law | Indirect tax | 29 October 2024 | Provision of electricity at charging stations supply of goods for Value Added Tax (VAT) purposes. Read more. |
Administrative and case law | Income tax | 23 October 2024 | Convertible bonds classified as derivative covered by exemption method (Tax Appeals Board decision). Read more. |
Uganda
Uganda | |||
Tax legislation approved and regulatory update | Income tax | 11 October 2024 | Required audited financial statements for high turnover taxpayers. Read more. |
Ukraine
Ukraine | |||
Tax legislation approved and regulatory update | Tax compliance | 23 October 2024 | First Exchange of Information Takes Place with Partner Countries under Common Reporting Standards (CRS). Read more. |
United Kingdom
United Kingdom | |||
Tax legislation approved and regulatory update | Various tax topics | October 31, 2024 | Tax measures in Autumn Budget 2024. Read more. |
Tax legislation approved and regulatory update | BEPS Pillar 2 | October 31, 2024 | Pillar Two tax measures in Autumn Budget 2024. Read more. |
Tax legislation approved and regulatory update | Indirect tax | October 18, 2024 | HM Revenue and Customs outreach to businesses in technology, media, and telecommunications sector regarding Value Added Tax (VAT) compliance. Read more. |
Tax legislation approved and regulatory update | Transfer Pricing | October 10, 2024 | Initial analysis of Organisation for Economic Cooperation and Development’s model competent authority agreement on application of Amount B under Pillar One. Read more. |
