The Slovak Parliament, on Wednesday, 24 April, 2024, passed amendments to the VAT Law.
These changes include the implementation of Council Directive (EU) 2020/285 of 18 February 2020, which introduces a new VAT scheme for small businesses.
This scheme allows small businesses based in other EU Member States to qualify for a VAT exemption, provided their annual turnover in the EU does not exceed EUR 100,000, and their yearly turnover within the Slovak Republic remains below the Slovak threshold.
Small businesses operating in the Slovak Republic can benefit from a VAT exemption if their annual turnover within the EU does not surpass the EUR 100,000 threshold and their turnover in any other EU Member State remains below that country’s national threshold.
The new VAT amendments for small businesses will take effect on 1 January, 2025.
