Support for increased VAT limit

21.02.2020 - 18:34
Aktuelt
Support for increased VAT limit
The Finance Committee has given the thumbs up for a proposal to increase the VAT limit from DKK 30,000 to DKK 50,000
Private artisans and craftspeople are among those who would benefit from an increased VAT limit
 

The Parliament’s Finance Committee unanimously supports finance minister Jørgen Niclasen’s proposal to increase the VAT limit to DKK 50,000.

The current VAT limit of DKK 30,000 has been in place since 2006. This means that businesses or individuals that sell for less than DKK 30,000 per year are not required to be VAT registered.

Increasing this limit will be particularly helpful to private artisans and craftspeople, according to finance minister Jørgen Niclasen.

Increasing the VAT limit to DKK 50,000 will result in annual savings of DKK 300,000 for the Treasury, as many of the small businesses register higher rates of input VAT than output VAT.

 

Translated by prosa.fo

 

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