Sweden Gazettes Law Amending Provision of VAT Act

The Swedish Official Gazette Oct. 29 published Law No. SFS 2024:942, amending the VAT Act. The law includes measures: 1) defining taxable persons, taxable transactions, and economic activity; 2) exempting small businesses with annual turnover not exceeding 120,000 Swedish kronor (US$11,279) domestically or 100,000 kronor (US$9,398) within the EU; 3) exempting intra-Union deliveries, export services, and transactions involving investment gold and periodical publications; 4) setting a 12 percent tax rate for the delivery and intra-Union acquisition of certain works of art, collectors’ items, and antiques; 5) specifying conditions for deducting input tax, especially for profit margin transactions; and 6) detailing ...