Legislation amending the value added tax (VAT) law was passed by the Council of Ministers on September 10, 2024.
The legislation would:
- Simplify administrative obligations for small businesses by granting them a VAT exemption in EU countries other than the country of their seat
- Align with the EU rules for determining the place of supply of services
- Exclude the special margin procedure for works of art, collector’s items, and antiques purchased at a reduced VAT rate.
The legislation is proposed to be effective January 1, 2025.
Source KPMG
