Grant Thornton provides an overview of the announced key changes in the Tax Reform, which will largely come into effect on 1 January 2025. A new round of tax changes has been announced, and the changes are comprehensive, from real estate tax to VAT. The personal allowance is increasing from 560 to 600 euros, which automatically results in an increase in deductions for dependents. The threshold for paying a higher income tax rate is increasing from the current 50,400.00 euros per year to 60,000.00 euros.

Data from Grant Thornton's Women in Business 2024 survey suggests that we are far from achieving equality between men and women in senior management positions within the technology sector. Globally, women hold 32% of senior management positions in the technology sector, which is below the global average of 33.5%, and below other industries such as professional services (36.2%), asset management (35.5%), and healthcare (37.7%).

The resilience of the global economy is highlighted by a record number of leaders expecting an increase in profitability over the next 12 months, with 53% expecting an increase in their sales, according to Grant Thornton's latest International Business Report (IBR).

There is a clear indication of how international business is expanding and developing in the global market. Grant Thornton's International Business Report (IBR) found that 52% of companies are focused on international markets as part of their forward-looking strategies. Brand and visual identity have been identified as key drivers of success when a company wants to grow and develop its international business. Companies in the global market intend to use branding investment to launch international business and highlight certain segments in a highly competitive international business environment.

IFRS 17 "Insurance contracts" came into force for annual reporting periods beginning on January 1, 2023, and it completely replaced IFRS 4. The goal of the new Standard is to establish a consistent accounting model for insurance contracts. 

The capital market plays a pivotal role in determining the economic growth and development of a country. Access to capital and the evolution of the capital market are closely intertwined with a nation's economic progress, as evidenced by numerous theoretical and empirical studies.