The Recovery Package in the context of tax changes
Following the Government announcement on the Recovery Package, the related amendment to the tax regulations was published. Below we summarise a selection of the most important changes in this area.
EU plans in the tax area
The EU has announced initiatives in the field of tax policy planned for the end of 2021 and beyond. Here is a short summary.
By the end of 2021
- Public CbC reporting to be formally approved in November
- ATAD 3 proposal focusing on shell companies is planned for the middle of December
- OECD Pillar 2 proposal should be finalised
- VAT for financial services proposal should be finalised
For the next year (during 2022):
- Debt Equity Bias Reduction Allowance (DEBRA) concept should be introduced to support equity financing
- DAC 8 proposal focused on cryptocurrencies
- OECD Pillar 1 proposal should be finalised
- VAT in the digital age (e-invoicing, reporting obligations, treatment of platforms and single EU VAT registration etc.)
- New EU WHT system
After 2023
- Replacing the current CCCTB framework by BEFIT (Business in Europe: Framework for Income Taxation)
