The European Commission proposed measures to modernise the EU’s Value-Added Tax (VAT) system, make it more business-friendly and resilient to fraud and address challenges in VAT raised by the development of the platform economy. Proposal was unanimously adopted by the EU Council on 5 November 2024.
The European Union is working to achieve its climate targets in a variety of ways. Companies have a pivotal role to play in this matter. The ‘Deforestation Regulation’ is a new instrument to achieve the environmental targets.
The European Court of Justice (ECJ) is competent for the areas of VAT, customs and excise duty law. These areas of law are determined by EU law. The ECJ decides on legal issues relating to the application and interpretation of the EU law. National courts can refer questions to the ECJ in the form of a reference for a preliminary ruling. It has now been decided to amend the Statue of the European Court of Justice and change its jurisdiction. In the future, the General Court (EGC) will make decisions in specific areas, including VAT, customs, excise duties and the tariff classification of goods in the Combined Nomenclature. The transfer of jurisdiction concerns requests for preliminary rulings that are submitted from 1 October 2024.
The new Accounting Act has been published in the Official Gazette, No. 85/24, on July 19, 2024, and it comes into effect on July 27, 2024. On the date the new Act becomes effective, the existing Accounting Act (Official Gazette, No. 78/15, 134/15, 120/16, 116/18, 42/20, 47/20, 114/22, and 82/23) ceases to apply.
The European Court of Justice (ECJ) has consistently ruled that a group company does not constitute a VAT fixed establishment of another foreign group company.
The renowned tax consulting firm TPA, in collaboration with the HR consultancy Kienbaum, has published a study for the third time examining labor costs in twelve selected Central and South Eastern European countries.