- Introduction of Special VAT Regime: A new special VAT exemption regime for small businesses will be implemented in Slovakia from January 1, 2025, allowing exemptions across EU Member States.
- Eligibility Criteria: Small businesses with an annual turnover not exceeding €100,000 will qualify for VAT exemptions in multiple EU countries, with each member state setting its own national limits.
- Legislative Framework: The regulation is based on EU Council Directive 2020/285, EU Commission Regulation 2021/2007, and EU Council Directive 2022/542, which have been incorporated into Slovak legislation.
- Simplified Notification Process: Small businesses need to notify their intention to apply for the special scheme through their home Member State, receiving an identification number for VAT-exempt transactions.
- Reduced Administrative Burden: The new scheme aims to ease reporting obligations for small businesses by allowing a single submission of turnover information, with automatic information exchange among EU Member States.
Source: financnasprava.sk
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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