The State of Tax Justice 2023 study highlights that while Hungary offers a low nominal corporate tax rate of 9 percent, it still faces the challenge of aggressive tax planning and tax evasion by companies and wealthy individuals. According to the report, Hungary receives about $1,137 million from companies that redirect their income from other […]

On Friday, July 28, the UAE Ministry of Finance issued two new resolutions: Cabinet Resolution No. 74 of 2023 introduces a new Executive Regulation on “Tax Procedures,” which will come into effect on August 1, 2023, regarding corporate income tax, VAT, and excise taxes (excluding Article 12(2) concerning the conditions for inclusion in the tax […]

The FTA has published clarifications on Executive Regulation TAXP006 related to Cabinet Resolution No.74 of 2023, which was published yesterday. The new Executive Regulation deals with tax procedures and comes into force on August 1, 2023, relating to income tax, VAT and excises. Information about the background of events: On March 1, 2023, Federal Law […]

The European Commission has registered an initiative proposing the introduction of a 1% wealth tax in the European Union. The idea has been put forward by a group of economists, activists, and millionaires who identify themselves as the European Citizens’ Initiative. The organizers are urging the Commission to establish a unified European wealth tax for […]

The Parliament of Serbia has approved amendments to the laws concerning foreigners and their employment, allowing for the issuance of residence permits alongside work permits, as reported by Nova ekonomij. According to the amendments, the document will be known as a “Unified Permit” (jedinstvena dozvola). The maximum validity of the residence permit will be extended […]

In a groundbreaking development following a recent gathering in Brussels, the European Union (EU) has called upon countries that provide citizenship by investment (CBI) programs to implement stricter regulations to enhance security and safety in the European region, according to a reliable source within the EU Commission in Brussels. To ensure the effective enforcement of […]

Cyprus has recently introduced significant changes to its value-added tax (VAT) system, aimed at assisting individuals with disabilities. These changes, which were enacted on Thursday, 13 July 2023, include the implementation of a new super-reduced VAT rate of 3% and an extension of the application of 0% VAT for goods used by people with disabilities. […]

The Government of Dubai is actively considering the implementation of Common Law in all of Dubai’s Free Zones. This move aims to enrich the city’s business environment and increase its economic appeal and efficiency. Dubai has always been known for its progressive approach to fostering a dynamic and responsive legal framework that caters to the […]

Cyprus remained the only European Union country not connected to the Schengen Information System (SIS II). However, on July 25, Cyprus will gain full access to it. It’s important to note that this does not mean Cyprus will become a full member of the Schengen Agreement, and passport control for arrivals from EU countries will […]

Luxembourg has officially endorsed a tax agreement with the United Kingdom. With the United Kingdom having already ratified the SIDN (Special Investment Distribution Network) agreement, the terms will take effect on the following dates: Starting from January 1, 2024, the agreement will be applicable to tax at the source in the United Kingdom for Luxembourg. […]