The government is proposing amendments to the VAT Act. The lower limit of the VAT liability based on the turnover for the financial year would be increased from EUR 10,000 to EUR 15,000.
Companies with a turnover of less than EUR 30,000 for the financial year (12 months) would still be entitled to the lower VAT reduction. Those companies on the VAT register with a turnover of up to EUR 15 000 who are entitled to the lower limit relief would receive a full refund of the amount of tax due as relief.
The law would come into force at the beginning of 2021.
Source Veroskatt
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