- European Commission issued VAT rules for small enterprises on Nov. 12
- Special VAT regime for small enterprises to sell goods and services without charging VAT from Jan. 1, 2025
- Small enterprises selecting VAT exemption will lose right to deduct VAT on goods and services
- Maximum national annual threshold for VAT exemption is 85,000 euros
- Small enterprises can VAT exempt cross-border supplies in same manner as domestic transactions
- Small enterprises with total annual turnover not exceeding 100,000 euros eligible for cross-border SME regime
Source: news.bloombergtax.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.
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