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Member states given flexibility to set VAT rates to help SMEs.
The European Commission has put forward new rules to give member states more flexibility to set VAT rates and to create a better tax environment to help SMEs flourish.
As well as a standard minimum rate of 15% member states would be able to put in place:
- two separate reduced rates of between 5% and the country’s standard rate;
- one exemption; and
- another reduced rate set at between 0% and the reduced rates.
The weighted average rate would have to be at least 12%.
The proposals for SMEs would introduce:
- a €2m revenue threshold across the EU under which small businesses would benefit from simplification measures irrespective of whether they have already been exempted from VAT;
- the possibility to free all small businesses that qualify for a VAT exemption...
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