TAX ADVISORY Tax reform

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.
WOMEN IN BUSINESS Women in the technology industry: The path to equality among leaders

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%).
BUSINESS ADVISORY A record number of companies expect an increase in profitability

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).
BUSINESS ADVISORY IFRS 17 - Impact on non-insurance entities

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. 
FINANCIAL REPORTING IFRS - example of consolidated financial statements for the year 2023

Every year, the International Accounting Standards Board (IASB) publishes new standards and amendments that significantly affect the presentation of financial statements. Creating financial reports in accordance with International Financial Reporting Standards (IFRS) is, therefore, quite challenging.
BUSINESS ADVISORY International Financial Reporting Standard 17 - Insurance contracts

In May 2017, after almost 20 years of development, the International Accounting Standards Board published IFRS 17 "Insurance Contracts". IFRS 17 completely replaces the current IFRS 4 (published in March 2004) and the full application of the new standard becomes effective for annual periods beginning on or after January 1, 2023.