Government to adopt IMF’s proposal for VAT minimum

The Ministry of Finances is adopting the IMF’s proposal of setting a VAT minimum for exempting small companies from VAT, which it will include in its new tax procedure code.

According to the draft of the new tax procedure code if the taxable transactions over the past 12 full calendar months are over 10,000 euros, then the business-owner must submit an application to the relevant tax administration services. Should the taxable transaction be less than 10,000 euros, the business will be exempt.

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