- The December edition of the Global VAT Guide provides updates on VAT regulations across various jurisdictions, including the EU, Liechtenstein, Lithuania, Luxembourg, and others, highlighting the implementation of the EU’s Special SME Scheme, which simplifies VAT compliance for small and medium-sized enterprises (SMEs) and introduces new online resources for businesses.
- Significant changes in VAT treatment for virtual events will take effect on January 1, 2025, as per Council Directive (EU) 2022/542, affecting how VAT is assessed based on customer location rather than event location, requiring event organizers to adapt their invoicing and reporting processes accordingly.
- Other noteworthy updates include changes to VAT regulations in Liechtenstein, Lithuania’s raised exemption threshold for Intrastat reporting, Luxembourg’s new electronic forms for small businesses, and Spain’s extended deadlines for VAT filings in regions affected by severe flooding, all aimed at easing compliance burdens for businesses.
Source Taxbackinternational
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