- Ongoing Negotiations on VAT Chain: Discussions between the tax authorities and the ITAA regarding the new VAT chain continue, focusing on compliance deadlines and potential penalties, with clarified deadlines for VAT return submissions for 2024.
- Extension of Reduced VAT Rate: The reduced 6% VAT rate for demolition and reconstruction has been extended until June 30, 2025, allowing for transitional arrangements under specific conditions, despite the expiration of previous schemes.
- Transformation of Small Business Scheme: Starting in 2025, a new Small Business Scheme (SBS) will be introduced, allowing small businesses to register for an EU-wide SME scheme, requiring a specific “EX” VAT number for operations in other Member States.
Source: vat-consult.be
