The Hungarian tax authority has issued a notice on the new special VAT scheme for small businesses (the SME scheme) that applies from 1 January 2025 in line with Council Directive (EU) 2020/285 of 18 February 2020. Under the new scheme, small businesses established in the EU may, under certain conditions, opt for exemption in a Member State other than that in which they are established, by registering only in their Member State of establishment. This option is available if the taxable person's total annual turnover in the EU does not exceed EUR 100,000 and their annual turnover in the...