The EU’s SME scheme is undergoing significant amendments, scheduled to take effect on January 1, 2025. The changes aim to introduce cross-border exemptions and standardize the maximum threshold at €85,000. SMEs operating across borders can qualify for the scheme by staying below €100,000 annual turnover across all EU states and not exceeding the €85,000 VAT threshold in any specific member state. The revisions aim to harmonize the VAT system across the EU, presenting new challenges and opportunities for SMEs.
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