According to recent reports, the Slovak parliament approved amendments to the VAT Law on 24 April 2024. Among other things, this includes the transposition of Council Directive (EU) 2020/285 of 18 February 2020 for the introduction of a new VAT scheme for small businesses. This allows small businesses established in other EU Member States to benefit from a VAT exemption if annual turnover in the EU does not exceed EUR 100,000 and annual turnover in the Slovak Republic does not exceed the Slov…