On 11 July 2024, Austria's Federal Council (upper house of parliament - Bundesrat) approved the Tax Amendment Act 2024 (AbgÄG 2024), which was approved by the National Council (lower house of parliament) earlier in the month. Several measures of the Act concern VAT, including: An increase in the turnover threshold for the VAT exemption scheme for small businesses from EUR 35,000 to EUR 42,000; The extension of the VAT exemption scheme for small businesses to businesses in other EU Member States, provided that turnover in Austria does not exceed the above threshold and total turnover in the EU does not...