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Czech Republic Planning to Increase VAT Registration Threshold
The Czech Republic's Ministry of Finance has announced plans to increase the VAT registration threshold from CZK 1 million in annual turnover to CZK 2 million. For this purpose, the Ministry has submitted a proposal to the government to authorize the Minister of Finance to apply to the European Union for the increased turnover threshold, which requires approval as a derogation from the EU VAT Directive. The Czech Republic intends for the derogation approval to apply until 31 December 2024 considering that a higher threshold of up to EUR 85,000 (~CZK 2.256 million) will be allowed from 1 January 2025 as provided by Council Directive (EU) 2020/285.
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