Changes to the VAT small undertaking thresholds
Further to the announcement in the Budget Speech (see MIT News 21 October 2020), LN 463 of 2020 has introduced changes to the Sixth Schedule to the VAT Act in connection with the ‘small undertaking’ thresholds.
Once the changes enter into effect, there will be two thresholds instead of three, specifically:
- Economic activities consisting principally in the supply of goods: €35,000 (no change)
- Other economic activities: €30,000 (entry threshold)/€24,000 (exit threshold).
The change will come into force on such date as theMinister for Finance and Financial Services may determine by notice in the Government Gazette.