- The Slovak Republic issued a methodological instruction for special adjustments for small businesses according to sections 68e to 68g of the Value Added Tax Act.
- The instruction aims to reduce the administrative burden and compliance costs for small businesses.
- The new legal regulation allows small businesses to benefit from tax exemption in other EU member states under certain conditions.
- The annual turnover limit for tax exemption in the EU is 100,000 EUR without VAT.
- The previous legal regulation only allowed tax exemption for small businesses operating within the member state where the taxable supply was subject to tax.
- The new regulation harmonizes the rules for small businesses across the EU.
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.
