- Starting from January 1, 2025, the European Union will implement a revised VAT scheme to support small and medium-sized enterprises (SMEs) in its Member States.
- The main features of this new scheme include a uniform VAT exemption threshold of €85,000 for all Member States, an extended VAT exemption for non-resident SMEs based on their turnover, and administrative simplification measures such as streamlined registration and reporting processes.
- The objective of this reform is to create a level playing field for businesses in the EU and promote SME growth and cross-border operations by reducing administrative burdens and compliance costs.
Source Taxually
