Ljubljana, 12 July (STA) - The threshold at which sole proprietors and small businesses become eligible for the payment of value added tax (VAT) will be doubled to EUR 50,000 in line with amendments to the VAT act that the government adopted on Thursday.
Slovenia currently exempts small businesses with an annual turnover of up to EUR 25,000 from the VAT system as a means of simplifying accounting, but the threshold is considered as too low and will now be raised.
The move will be coupled with changes to the corporate and personal income tax acts, and the tax procedure act, which will introduce the option of a lump payment of income tax regardless of revenue, further simplifying accounting.
The amendments to the three acts were published on the website of the Finance Ministry and are up for public debate until 22 July.
Aside from raising the VAT threshold, the amendments to the VAT act introduce equal treatment of paper and electronic invoices, and simplify rules on invoicing.