- Belgian Parliament approves expansion of VAT exemption scheme for small enterprises
- Businesses with annual turnover up to 25,000 EUR can opt for the special exemption scheme
- Excluded businesses include VAT groups, contractors, hospitality sector, waste trading, and rental of furnished accommodation
- Scheme is optional and has a European legal basis
- Foreign businesses can now also benefit from the exemption scheme in Belgium
- Dual turnover threshold ensures fair competition in applying the exemption in other EU countries
- Prior notification required for businesses applying the exemption scheme in another EU country
- Compliance formalities for applying the exemption scheme have been updated
Source: linkedin.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
