Supplementary Global updates – a quick glance
Austria:
- Austria passed the Progression Compensation Act 2025, revising the individual income tax slabs and allowances, effective January 1, 2025.
- Austria amends small businesses VAT scheme, increases VAT registration threshold from EUR 35,000 to EUR 55,000 with effect from January 1, 2025.
- Teleworking Act passed to regulate remote work is effective from January 1, 2025.
Kazakhstan:
- Increase in the standard tax deduction amount and VAT registration threshold consequent to change in monthly calculation index (“MCI”) effective from January 1, 2025.
- Social security contribution rates increased effective from January 1, 2025.
Luxembourg:
- Individuals associated with entities registered in Luxembourg Companies Register must submit their Luxembourg National Identification Number (“LNIN”).
- Luxembourg passes Law to lower corporate tax rates, update individual tax brackets and credits.
Norway:
- Norway mandates Ultimate Beneficial Ownership reporting requirements with phasing time till July 31, 2025.
- Norway publishes Budget 2025 introducing changes related to personal taxation.
Romania:
- Romanian Parliament amends Companies Law to digitalize shareholders’ meetings and streamlining corporate governance.
- Romanian government adopts “Emergency Ordinance No. 156/2024” introducing key fiscal amendments effective January 1, 2025.
- Romania to introduce mandatory e-invoicing for B2C transactions effective from January 1, 2025.
- Romania extends obligation of submitting SAF-T declaration to non-resident businesses and small businesses effective from January 1, 2025.
Saudi Arabia
- New Commercial Register Law enacted introducing nation-wide commercial registration.
- Saudi Arabia implements labor reforms, revamping provisions for Saudi and non-Saudi workers.
United Arab Emirates:
- UAE implementing e-invoicing system from 2026.
- Obligations related to Economic Substance Regulations (“ESR”) (i.e., filing and notification requirements) removed from financial years starting from January 1, 2023.
USA:
- Colorado’s minimum wage and overtime exemption salary threshold increased, effective from January 1, 2025.
- Effective October 1, 2024, overtime wages will be exempt from Alabama state income tax.
Vietnam:
- Vietnam passed new law on Social Insurance (“SI”), effective July 1, 2025, expands scope of persons covered and reduces contribution period from 20 years to 15 years for pension entitlement.
- Vietnam enacts a new VAT law; to be effective July 1, 2025.