A Council Implementing Decision was published on 25 May 2023 that authorizes Hungary's derogation from Article 287 of the VAT Directive (2006/112/EC) regarding its VAT exemption threshold. The Decision authorizes Hungary to exempt from VAT taxable persons whose annual turnover is no higher than the equivalent in national currency of EUR 71,500 at the conversion rate on the day of its accession, which is an increase from Hungary's prior exemption threshold of EUR 48,000. The Decision is effective until 31 December 2024. With effect from 1 January 2025, all EU member states are authorized to implement a VAT threshold of...