Irish Revenue Issues Guidelines on EU VAT Regime for SMEs, Effective January 1

• Irish Revenue issued guidelines on EU VAT regime for SMEs effective January 1
• Covers domestic and cross-border layers of the regime
• Details VAT exemption scope under the regime
• VAT registration thresholds are 42,500 euros for services and goods from zero-rated materials, 85,000 euros for goods or 90 percent turnover from specified supplies
• Separate thresholds of 10,000 euros for intra-Community sales and specified cross-border services, 41,000 euros for purchases from other EU states
• Lists transactions excluded from the SME regime
• Domestic regime applies automatically to qualifying SMEs with no reporting requirements

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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