The Amendment to Act No. 222/2004 Coll. on Value Added Tax has undergone changes in the interdepartmental comment procedure. Some of the important changes include:
– The turnover threshold for registration obligation of domestic taxpayers has been increased to EUR 50,000 or EUR 62,500.
– A parliamentary proposal suggests increasing the turnover threshold for VAT registration to EUR 75,000 to reduce administrative burden for small entrepreneurs.
– The time limit for submitting an application for registration is extended to 5 working days.
– A definition is introduced for delayed VAT registration.
– The acquisition of goods from another EU Member State is exempt from tax for non-taxable persons who are entitled to a tax refund.
– Domestic taxpayers are not required to file a VAT return if they only carry out transactions exempt from tax.
– The Amendment is expected to take effect from January 1, 2025.
Source TPA-group
