The Luxembourg indirect tax authority has issued a release 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. This includes an increase in the optional VAT exemption threshold for small businesses from EUR 35,000 to EUR 50,000 in annual turnover, with a 10% tolerance. This generally means the exemption may apply in a calendar year if annual turnover does not exceed EUR 50,000 in the previous year. If the EUR 50,000 threshold is exceeded in a calendar year, the exemption...