- Bulgaria has announced a new VAT regime for small businesses
- EU member states can set an annual turnover threshold for exempting certain supplies, with a maximum limit of 85,000 euros
- VAT exemption for eligible taxpayers not established in the member state where VAT is due
- Simplifications for registrations and declarations for specified taxpayers
- EU-wide annual turnover threshold of 100,000 euros established for cross-border application
- Taxpayers with a place of business within specified territory and annual turnover below thresholds eligible for exemption
- Territorial scope of regime expanded
- New regime effective from January 1, 2025.
Source: globalvatcompliance.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.
