Budget 2024 – Potential impact on VAT and Energy Taxes
- The Small Businesses Scheme Guideline will be implemented from 1 January 2025, allowing small entrepreneurs in one Member State to apply the small business scheme of another Member State, with a Union turnover threshold of €100,000.
- The Payment Service Providers Directive Implementation Act will provide more control options for tax authorities using data from cross-border payments from 1 January 2024.
- VAT for virtual services will become due in the Member State of establishment of the customer from 1 January 2025.
- The government is considering revising VAT regulations to prevent short-term VAT-taxed short-stay constructions.
- A new first bracket will be introduced in the energy tax on both natural gas and electricity from 2024, and measures will be taken to make the energy tax rate structure less degressive.
- The Tax Plan 2024 is expected to propose abolishing the exemption from energy tax for the consumption of natural gas in mineralogical and metallurgical processes and ending the reduced energy tax rate for greenhouse horticulture.
Source Deloitte
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