European Commission Issues VAT Rules for Small Enterprises

The European Commission Nov. 12 issued VAT rules for small enterprises. The announcement includes measures to: 1) specify that from Jan. 1, 2025, the special VAT regime will allow small enterprises to sell goods and services without charging VAT to their customers and alleviate their VAT compliance obligations; 2) clarify that small enterprises that select a VAT exemption will lose the right to deduct VAT on goods and services used to make exempt supplies; 3) explain that the maximum national annual threshold established by Member States under which small enterprises can VAT exempt their supplies of goods and services under ...