Chamber highlights simplified VAT scheme for ambitious SMEs

The Cyprus Chamber of Commerce and Industry (Keve) issued a circular this week to inform members about significant changes to the European Union VAT regime that have already come into force.

The new rules aim to drastically reduce administrative burdens and strengthen the outward-looking nature of small businesses within the single market.

Under the previous system, a small business could only receive a VAT exemption in the member state where it was established.

With the new regime...