VATupdate

European Commission approves implementation of VAT exemption on small businesses

The decision allows Bulgaria to enact VAT exemptions for small businesses with yearly income up to EUR 51,130 in derogation from Article 287 of Directive 2006/112/EC on the common system of value-added tax. This results in a drop in VAT revenue collection in Bulgaria of about 1%. However, it will not have a substantial impact on the overall amount of VAT income or the total amount of tax revenue received during the final consumption

Source: GVC

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