International Tax Updates

On May 31, 2024 the Singaporean Inland Revenue Authority released an updated e-tax guide concerning the tax framework governing Variable Capital Companies (VCCs). The guide covers various aspects, including but not limited to, an overview of its purpose, relevant definitions, details on income tax treatment, GST treatment, and stamp duty treatment. Additionally, it outlines procedures for seeking clarification on the guide’s content.

On February 6, 2024 Albania and Italy signed the Social Security Agreement. This Agreement was ratified by Albania under Law No. 47/2024 and published by the Albanian President through Decree No. 209 on May 31, 2024.

On May 30, 2024 the South Korean National Tax Service issued guidance concerning tax credits for earned income increases. This guidance addresses various aspects, such as an overview of the earned income increase tax system, eligibility criteria, and the calculation formula. Additionally, it clarifies the tax credits implicaitons for workers transitioning to full-time employment and outlines additional deductions for those transitioning to regular positions. The guidance further includes FAQs, calculation examples, and the standard forms to provide clarity and usability by citizens.

On May 30, the Maltese Inland Revenue explained the implications of the VAT Act, which provisions the treatment of interest under the VAT Act in alignment with that of the Income Tax Acts. As a result, the interest earned on income tax refunds will not be taxable, while the interest expenses are not to be deductible when calculating taxable income.

Additionally, taxpayers are directed to distribute VAT interest income and expenses that are not chargeable or deductible whenever included in tax returns for 2024-2025. The VAT Act aims to optimize tax procedures and ensure consistency in handling interest matters.

On May 30, 2024 the Finnish Parliament accepted to review the new Bill concerning the increase of general  Value-Added Tax (VAT)  and the Tax on Specific Insurance Premiums. The Bill proposes  raising the rate on taxes that become liable after September 1, 2024, from 24% to 25.5%. Additonally, after the Bill takes effect, the new rate will also apply to products obtained within the community.

On May 30, the Latvian State Revenue Service provided information on filing 2023 Individual Annual Income Tax Declarations. Among the provisions, some of the key rules include the announcement of submission deadlines of June 3 or July 1, based on last year’s total income; the requirement to use the State Revenue Service’s electronic declaration system (EDS) and mandatory declarations for those receiving low-income benefits.

Furthermore, the declarations will subject as well the residents with unreported income, such as self-employed earnings or foreign income. As per the announcement, the tax overpayment refunds will be issued within three months of filing.

On May 29, the Danish Customs and Tax Administration published City Court Decision No. SKM2024.295.BR, addressing dual domicile, tax residence, and tax obligations under DTA (Double Tax Agreement) rules. Following the case of a dispute between a Danish resident and the Tax Agency on the tax liability under the DTA, the Court established that dual domicile can occur under DTA provisions.

However, to end Danish residence, a taxpayer must provide proof of terminating cohabitation with a spouse to end Danish residence. Additionally, the Court ruled that the Danish Tax Authority can exercise its taxing rights if the taxpayer does not submit evidence that their center of life interests has shifted to a foreign country.

On May 29, the Czech Ministry of Finance published an updated list of Double Taxation Agreements (DTAs) that are currently in effect. This comprehensive list is up-to-date ensures that all relevant information is accurate and reflects the latest changes and agreements. You can click here to access the list.

The Czech Ministry of Finance disclosed on May 21 that the Double Taxation Agreement (DTA) with the United Arab Emirates, signed on May 24, 2023, came into effect on May 13, 2024. As per the terms, the agreement will be enforced from January 1, 2025, and it will impact withholding taxes and all other taxes applicable to taxable periods starting on or after January 1, 2025.

The Cypriot Tax Department has set July 31, 2024 as the deadline for filing the 2023 income tax return. This applies for employees, pensioners, and self-employed individuals with gross total income exceeding 19,500 euros (US$21,135) for the year 2023.

In an interview with TRT Haber, the Turkish Treasury and Finance Minister Mehmet Simsek stated that the Turkish government is working on a plan to introduce a minimum corporate tax. Additionally, he mentioned a study on income from land and real estate, without giving further details.

The UK Tax Authority is seeking opinions on draft legislation to amend the application of its new penalty regime for late tax payments. The draft legislation, published recently, will grant His Majesty’s Revenue and Customs the power to apply late payment penalties before the due tax has been fully paid.

Currently, penalties can be applied only after the overdue tax is fully paid and within a two-year assessment period. This measure aims to stop taxpayers from avoiding penalties by delaying tax payments until the end of the assessment period. The new penalty regime is points-based, with a fixed £200 fine for every two penalty points accumulated each time a taxpayer files a return late.  

The French General Directorate of Public Finance issued an administrative doctrine concerning the taxation of capital gains and losses from business transfers involving non-real estate assets. It explains that capital gains are exempt from taxation for transfers of non-real estate assets, including sole proprietorships, complete branches of activity, or all rights or shares in partnerships considered as professional assets. Furthermore, a full exception applies if the market value of the assets is less than 500,000 euros, and a partial exception applies if the market value of the assets transferred is between 500,000 euros and 1 million euros.

Albania and Croatia on 2 October 2023 singed the bilateral Social Security Agreement. This Agreement is the first of its kind between the two countries, that is to be implementd after it enters into force. The Albanian Official Gazette issued Notice No. 7233, reporting that the social security agreement with Croatia came into force on May 1, 2024. Additionally, the Croatian Official Gazette published Decision No. 28, ratifying the administrative agreement to implement the social security agreement with Albania, effective from May 15.

The Czech Official Gazette released Notice No. 115, suspending Articles 10, 11, and 13 of the 1996 Double Taxation Agreement and the 2010 Protocol with Belarus from June 1, 2024, to December 31, 2026. The notice takes effect on May 29.

The European Commission recently has registered a European Union citizens’ initiative that urges for more consideration of greenhouse-gas emissions and non-renewable natural resource consumption in policies designed to fight  global warming.

The initiative suggests using some emissions levy revenues to support low-income households, reducing the economic impact and increasing public support for carbon pricing.Despite its potential to significantly cut emissions, some EU governments and parts of the European Parliament view carbon pricing as an economic risk.

If  the initiative accumulates 1 (one) million signatures from citizens in at least seven EU countries within a year from the date of registration, the European Commission is expected to take an action on the matter.  

European Union finance ministers recently will try to search for an acceptance  for new value-added and withholding tax rules, but must address objections from two countries in the bloc to succeed. Ministers, meeting in Brussels, will be requested to sign off on a package of three laws introducing digital VAT reporting and e-invoicing, new rules for online platforms, and a single VAT registration for companies operating in the EU.

On this matter, Estonia’s position on the new rules was unclear due to pushback from the country, but as confirmed by their spokesperson, Estonia does not seek to block the plan. Rather, Estonia is conveying their concerns that the proposed plan for online platforms could affect VAT neutrality by limiting options for some service suppliers to deduct input VAT.

As EU seeks to replace current tax refund systems for cross-border dividend and interest payments with simpler procedures, Czechia, too, expressed disagreement with some of the proposal’s basic principles, however further details were not provided.

Since the EU requires unanimous agreement on new tax rules, opposition from one country could delay agreement.  

Two German finance agencies expressed their support for maintaining and possibly increasing funding for the EU program Fiscalis, which supports international efforts to combat tax fraud.

Fiscalis supports joint audits and training, and has facilitated joint audits and training programs, which the Bavarian Finance Administration and the German Ministry of Finance’s Baden-Wurttemberg office noted would not have been possible without its financial assistance. Additionally, the program, with a current budget of 269 million euros for the current 2021-27 period, also facilitates technology and best practice exchanges among EU tax authorities.

Recently, the Danish Customs and Tax Administration issued online City Court Decision No. SKM2024.267.BR, addressing the taxation of bank deposits. The case involved a Danish resident who faced additional income tax imposed by the Tax Agency on deposits from his mother’s company, which he claimed were gifts. The legal dispute raised on wheather certain bank deposits are to be considered as employment income or gifts. The City Court ultimately qualified the deposits as additional salary, and not gifts.

Recently, the Italian Revenue Agency released Circular No. 10/E, detailing measures concerning short-term property leasing. The directive specifies a 26%  flat tax rate on certain short-term lease contracts, a 21% withholding tax rate for real estate intermediaries and managers of specific electronic portals, and the obligations for non-resident intermediaries.

From September 2024, the United Kingdom will apply a 20% value-added tax (VAT) to the sale of voluntary carbon credits. Initially, these credits were exempt from VAT as they couldn’t be resold, lacking a secondary market.

Certain transactions involving carbon credits will remain exempt from VAT, including the initial issuance by a public authority, holding credits as investments, donations to carbon credit projects, and sales from self-assessed projects without independent verification.

Additionally, from September, carbon credits will be eligible for VAT relief under the Terminal Markets Order, which eliminates the sales tax rate for wholesale commodity transactions on specified terminal markets, according to HM Revenue and Customs.

The OECD has published a report on the rules under Pillar One – Amount B of its global tax framework. This part of the agreement offers a simpler way to figure out a set return for basic marketing and distribution activities, called the Simplified and Streamlined Approach.

This approach aims to reduce transfer pricing disputes, compliance costs, and increase tax certainty for administrations and taxpayers. However, its optional implementation and limited scope complicate these goals.

Key considerations include determining transactions that meet the scoping criteria, applying the approach to eligible transactions, addressing transfer pricing documentation and tax certainty concerns.

Recently, the European Court of Justice (ECJ) issued a preliminary ruling for Case No. C-241/23, addressing the Poland VAT regulations concerning share exchanges. In this particular case, a VAT-registered company  aimed to raise its capital by accepting in-kind contributions from various entities, providing its shares in return for properties. These contributions were recorded in the VAT returns at net value, but the Tax Authority, supported by the Appellate Authority, confirmed that capital should be calculated using the shares’ nominal value instead of their issue value.

Pursuant to Poland’s Supreme Administrative Court request, the ECJ concluded that when a company contributes property to another company’s capital in exchange for shares, the taxable amount should be based on the shares’ issue value.

Recently the European Commission announced a consultation to evaluate administrative collaboration for direct taxation. The feedback is to assess how well the automatic exchange of information  is working for reportable cross-border arrangements (DAC6). 

The evaluation aims to determine if the scope and purpose of DAC are still relevant and address issues faced by EU member states, particularly in ensuring accurate tax assessments in cross-border situations and combating tax avoidance and evasion. It will also examine how effectively DAC achieves its desired outcomes and impact, and evaluate the efficiency of information exchange and other specified tools from a cost-benefit perspective.

The Austrian Federal Ministry of Finance recently launched a consultation on a draft tax reporting ordinance. The ordinance seeks to establish reporting requirements and deadlines, clarifying procedures on how foreign withholding taxes can be used to reduce capital gains tax, and how they are assessed, and refine investment fund reporting. The ordinance is set to take effect on January 1, 2025, and it will be implemented for the first time in tax reports for the 2025 calendar year.

The Danish Customs and Tax Administration recently published the Supreme Court Judgment, explainin  transfer pricing adjustments in controlled transactions. Following the case involving a taxpayer parent company which established two nonresident oil production subsidiaries, which later acquired exploration licenses in the states where they were situated.

The tax authority found that the fees for these services from related parties didn’t match the fair market value, so it raised the disputed taxable income.  Upon appeal, the Supreme Court upheld this decision, ruling that the preliminary exploration phases, performance guarantees, and know-how had intrinsic economic value that would warrant continuous payments in an independent setting. The court also affirmed that the transactions among the companies were controlled transactions and that the costs charged didn’tmeet the arm’s length standard because there were no ongoing payment obligations.

The Swedish Tax Agency recently upgraded its guidance on VAT treatment for mortgage sales. The modification clarifies a recent European Court of Justice (ECJ) ruling which explaines that arranging auctions for pledged goods wasn’t considered a secondary or supporting activity to the main task of providing credit that is secured by the pledge. Consequently, these services don’t qualify for the VAT exemption applicable to credit-granting services.

The Brazilian Official Legal structures recently released  Law No. 14,848, which updates the progressive table for monthly withholding of individual income tax. These adjustments came into effect from February 2024..The new rates are: 1) 0% for income up to BRL 2,259.20 (USD 441.92); 2) 7.5% for income from BRL 2,259.21 (USD 441.93) to BRL 2,826.65 (USD 553.01), with a deductible of BRL 169.44 (USD 33.14); 3) 15% for income from BRL 2,826.66 (USD 553.16) to BRL 3,751.05 (USD 734.05), with a deductible of BRL 381.44 (USD 74.64); 4) 22.5% for income from BRL 3,751.06 (USD 734.05) to BRL 4,664.68 (USD 912.88), with a deductible of BRL 662.77 (USD 129.70); and 5) 27.5% for income above BRL 4,664.68, with a deductible of BRL 896.00 (USD 175.00). The legislation canceles Provisional Measure No. 1,206, which had previously established the monthly rates effective from February 2024.

Recently, the Italian Revenue Agency published Provision No. 213637/2024, which clarifies the substitute tax option for controlled foreign companies (CFCs). The guidance addresses key topics such as relevant definitions,  the areas where the substitute tax option can be applied, and the procedures for opting in or revoking it. This provision it also outlines the conditions for terminating the option’s effectiveness and provides a framework for calculating net accounting profits, subject to a 15% substitute tax rate. Moreover, it it outlines how subsidiary profits are taxed and the impact of using the substitute tax option on tax value monitoring.

The Danish Parliament has introduced Bill No. L 183 which promits  change different tax laws telated to  energy and fuel.. Key changes include phasing in a CO2 tax increase to 750 kroner per ton for non-EU quota companies and setting a 375 kroner per ton rate for quota-covered space heating from 2025 to 2030. A 125-kroner CO2 tax will also be applied to mineralogical processes. Furthemore, new CO2 taxes on fishing, domestic ferries, and aviation are proposed, along with the removal of floor deductions for certain companies. Additionally, the bill aims to reduce the energy tax for space heating, amend waste CO2 tax calculations to align with EU Directive 2003/96/EC, and standardize extraordinary tax liability resumption rules.

Recently, the Greek Independent Authority for Public Revenue announced  an extension for submitting 2023 individual income tax returns deadline along with several new filing process features for taxpayers. The new deadline for filing initial returns is set for July 1, with an extended date of July 26 for submitting amended returns without penalties. This year, certain taxpayers will receive automatic pre-filled tax declarations, which can be finalized by July 2 if the automatically filled data is verified to be correct. Additionally, taxpayers in Greece or abroad must now register an International Bank Account Number (IBAN) to receive tax refunds. Any tax refunds will be adjusted against existing tax liabilities up to July 31, and a 3 % (percent) deduction will be applied if the income tax is paid  through this method.

Recently, the United Kingdom’s Foreign and Commonwealth Office has presented the bill to the Parliament, aiming to ratify a protocol pertaiing to the 2015 Double Taxation Agreement (DTA) with Sweden. The protocola was signed on February 23, 2021.

In late April, the Turkish Revenue Administration released a guidance on real estate taxation, covering various aspects. It clarifies which transactions are subject to title deed fees. These fees, set at 2 percent, are separately collected from both the buyer and seller, calculated based on either the actual transaction price or the property tax value, whichever is higher.

As well, the guidance addresses penalties and appeals for discrepancies in declared purchase prices. Finally, it classifies as capital gains the income from selling real estate held for less than five years, with an exemption increase to 87,000 Turkish lira, previously 55,000 lira.

The Polish Ministry of Finance recently launched a public consultation on a proposed law aimed at aligning with an EU Directive to implement a minimum 15% tax rate globally, as per OECD guidelines. This draft legislation targets multinational and large domestic companies with revenues over €750 million in at least two of the past four years. The bill introduces several new measures, including a domestic top-up tax, rules for including income and addressing undertaxed profits. Additionally, it also outlines methods for calculating effective tax rates and additional tax amounts, with particular provisions for pass-through entities and permanent establishments.

Recently, the Belgian Federal Public Service Finance announced the  filing deadlines for 2024 individual income tax returns. Paper returns, which will be distributed in May, must be filed by June 30. Those choosing  for electronic submission, including returns filed by agents on behalf of taxpayers, have a deadline until July 15. Additionally, individuals reporting specific types of income, such as foreign professional income, are given an extended deadline until October 16.

The Austrian Federal Ministry of Finance recently published a decision from the Federal Finance Court regarding an employer’s obligation to withhold wage taxes and employer contributions for payments made to employees by third parties. The case involved a managing director of a company which voluntarily declared non-cash benefits for tax purposes, even though he had already paid income tax on them. However, during an audit, it was discovered that his employer failed to withhold the necessary taxes and contributions for these third-party payments. Despite the employer’s claim that such payments were not subject to employer contributions, the tax office rejected their complaint. The Federal Finance Court supported this decision, confirming that third-party payments are part of taxable employment income and the employer should have managed the deductions since they were aware of these payments.

The Brazilian Federal Revenue Office recently released an upgraded version of its digital tax bookkeeping system, named ECF version 10.0.6. This update enhances the reporting process for corporate income taxes and social contributions on net income The latest version incorporates issues like error corrections in report generation and field rule adjustments, and also removes outdated registry keys. Additionally, the update improves the system’s overall functionality. This version supports the submission of ECF files for the 2023 calendar year, 2024 special cases, and both new and amended filings from previous years.

The Institute of Statistics in Albania (INSTAT) has published key economic indicators for April 2024, including export/import levels and inflation rates.

According to data reported in the official website of INSTAT, exports of goods experienced a positive trend after nearly a year of contraction, reaching a value of ALL 35 billion in April 2024.

Additionally, the statistical data indicate a positive trend in the inflation rate, recorded at 2.1% in April, marking the lowest level for 2024. However, within various economic categories, the rent and energy sectors show an increasing pattern in inflation.

The Netherlands is considering revising its consumption tax on non-alcoholic drinks to include a sugar tax based on sugar content. Currently, the flat tax is set at 26.13 euros per 100 liters, generating significant revenue annually. The proposed sugar tax would potentially vary, with discussions about exemptions for certain drink categories such as mineral water, dairy, and all-natural fruit drinks.

The government has opened a consultation ,set to end by June 7^th,  to gather opinions on distinguishing between natural and added sugars to effectively implement exemptions. State Secretary for Tax Affairs highlighted that maintaining the tax on all drinks would simplify administration, whereas exempting only mineral water could better align with public health objectives.

HM Revenue and Customs in the United Kingdom recently released an update VAT Notice No. 701/21A regarding VAT exemptions for gold coins in 2024. The notice provides that gold coins with less than 90 percent purity are not exempt from VAT, and provide clarification on the criteria for coins to qualify as investment gold coins. Additionally, HMRC provided an updated list of investment gold coins eligible for VAT exemption upon supply.

On April 9, the Dutch Ministry of Finance initiated a consultation on proposed regulations to modify the transfer tax exemption for real estate acquired through demergers, as outlined in the 2023 Budget Memorandum. The aim is to prevent tax evasion and simplify procedures. Proposed changes include introducing conditions such as a business requirement, continuity obligation, and retention clause. Stakeholders are invited to provide feedback by May 6^th 2024.

The  Ministry of Finance in Montenegro has released a draft bill concerning the deduction of interest on overdue taxes for individuals, entrepreneurs, companies, and parts of companies. The bill provisions several measures, including granting taxpayers the right to deduct all interest on overdue taxes, fees, contributions, and other payments until December 31, 2024. However, The enjoyment of the relief depends on taxpayers submitting all overdue returns, resolving the principal tax debt, and requesting interest relief within 45 days following January 1, 2025. Additionally, the bill also covers tax debts previously rescheduled under past relief measures and the right to appeal on decisions made by tax authorities denying the relief.

In early April 2024, the Greek Ministry of Finance issued tax initiatives outlined in the 2025 budget, encompassing various measures. Among others, decreasing insurance contributions by 0.5%, permanently reinstating the Special Consumption Tax for farmers and temporarily suspending VAT on construction. Moreover, the measures further introduce a fresh institutional framework to stimulate business mergers and foster innovation through tax incentives. These measures signify efforts to improve fiscal policies and support key sectors within the Greek economy.

The French Ministry of Economy and Finance provided important dates for filing 2024 income tax returns. According to the updates, the resdients can start filing the tax returns electronically from April 11^th, 2024, whilst nonresidents can file tax declarations online by latest May 23, 2024. Additionally, the update outlines specific deadlines for different zones. Furthermore, paper declarations, including those for French residents living abroad, must be submitted by May 21. Income tax notices will be issued during July and August 2024.

In April 2024, the Finnish Tax Administration revised its Guidance No. VH/253/00.01.00/2024, providing updated instructions for businesses concerning VAT deductions associated to real estate investments. The Guidance covers several procedural aspects such as timeframe for businesses to review their VAT deductions and procedures for correcting VAT deductions on tax. Additionally, it stipulates that the 10-year review period commences upon the completion of construction or improvements. The guidance became effective on April 9, 2024.

European Parliament lawmakers have endorsed plans for updated transfer pricing rules and a new tax head office system for smaller companies. The transfer pricing update aims to harmonize the legislations of all EU countries with OECD guidelines, ensuring transactions among related companies align with those among unrelated ones. On the other hand, the new tax head office system will allow small and medium-sized companies operating across EU borders to manage tax compliance through their head office country’s tax administration. These measures aim to simplify compliance and facilitate cross-border tax management.

On March 2024, the Czech Government proposed a new draft bill to implement EU rules on administrative cooperation and tracking crypto-assets. In essence, the bill mandates that crypto businesses must register with the tax authority and disclose transactions made by Czech residents. The Central Bank will provide a list of authorized crypto businesses to the tax authority, while the law stipulates penalties up to 1.5 million Czech korunas for non-compliance with the rules of screening, investigation, recordkeeping and reporting inquiries.

In early April, Belgium’s Federal Public Service-Finance provided an important updates regarding VAT return timelines and procedures. Among the measures outlined, the announcement specifies that April 20th is the deadline for Q1 filing for individuals choosing the general pro-rata deduction and seeking reallocation. July 20th is set as the deadline for Q2 declarations for the year 2024.  Additionally, taxable individuals are required to categorize incoming VAT invoices by sectors and submit final figures by October 21st for Q3 and by December 20th for November 2024. These updates aim to streamline VAT processes and ensure compliance among taxpayers.

The Austrian Federal Ministry of Finance clarified Court Decision No. GZ. RV/4100567/2022 providing assessment of the tax exemption on the sale of private property. This decision follows a case involving the sale of a residential building composed of two apartments by a taxpayer who, due to health reasons, relocated to another property. Following the trial, the Court ruled in favor of the tax office’s argument, stating that the taxpayer did not meet the requirement of exclusively using two-thirds of the living space. Consequently, the taxpayer was subjected to a 30 percent tax rate on the proceeds from the property sale. Thus, this ruling reinforces the requirement for exclusive use of two-thirds of the living space in order to qualify for tax exemption on the sale of private property.

The Albanian Central Tax Administration in April 2024 provided updates regarding tax payments for businesses providing professional services. The updates declare that the 2024 taxes will be prepaid according to their 2023 self-declared profits, divided into installments with deadlines every three months throughout 2024. These prepayments will adhere to progressive tax rates, with individuals subject to a 15 percent tax on profits up to 4 million Albanian LEK (approximately US$146,519) and 23 percent on profits exceeding that amount. For non-individual taxpayers, a flat 15 percent tax rate will apply to prepayments , regardless of their total tax liability.

The Bosnian-Herzegovinian Tax Administration recently published the 2024 Rulebook composed of updated procedures for determining tax residency. It covers several key aspects, including criteria for determining residency for individuals based on factors like permanent home, vital interests, or habitual abode. Additionally, it outlines the processes and forms for issuing residency and non-residency certificates, along with provisions for denying non-residency certificates if there is no DTA between the country specified in the request and Bosnia. The rulebook also further elaborates relevant terms and guidelines such as “limited tax liability” and “unlimited tax liability”.

In February, the Canadian Revenue Agency (CRA) announced updated annual interest rates for tax underpayments and overpayments for the first and second quarters of 2024. The announcement covers various taxes, including income tax, Goods and Services Tax and the Harmonized Sales Tax. Among the key highlights of the interest rates is the increase in the interest rate on overdue taxes, Canada Pension Plan contributions, and employment insurance premiums from 9% to 10% for both Q1 and Q2. Additional increase rates impact corporate taxpayer overpayments from 5% to 6, non-corporate taxpayer overpayments from 7% to 8%.

Early this April, the Finnish Tax Administration released Guidance No. VH/82/00.01.00/, updating information on the individual income taxation of business and professional income earned by foreigners in Finland. The guidance clarifies several aspects, such as determination of when construction contracting becomes a permanent establishment (PE) and the conditions for advance debt collection registration requiring the right to conduct business in the country. Among the key matters addressed, the guidance provides with an overview of social contributions and discussion on the impact of Double Taxation Agreements (DTAs) on taxation rights.

In April 2024, the Hungarian National Tax and Customs Administration issued clarification on the social contribution tax liability for certain nonresidents, effective from January 1st. The Administration stipulates that income earned from previous work by individuals insured in Hungary until December 31st, 2023, previously exempt from social contribution tax, is now taxable. This update aims to ensure compliance with tax regulations and address changes in tax liability for nonresidents in Hungary.

The Spanish State Tax Administration Agency has announced that July 1^st, 2024 is the deadline for filing 2023 individual income tax declarations. While defining individual income tax, the Administration emphasizes that both residents in Spain and those abroad meeting specific criteria are required to declare. Additionally, it states that the declaration must include individual total income, capital gains, losses, and imputed income, irrespective of residency or where the taxable event occurred.

Early in April 2024, the United Kingdom HM Treasury updated the VAT registration threshold for small businesses, which has been raised from £85,000 to £90,000 . Furthermore, small business multiplier for business rates stays unchanged for the fourth consecutive year, and a reduction in national insurance contributions for working individuals will take effect at the start of the new business tax year. For UK independent films there will be a 53 percent tax credit on qualifying expenditures. These measures aim to support small businesses and encourage growth within the UK economy.