The German Federal Council (upper house of parliament - Bundesrat) has announced its approval of the Annual Tax Act 2024 on 22 November 2024, which contains various tax amendments. This includes, among other things, an increase in the VAT exemption thresholds for small businesses from EUR 22,000 to EUR 25,000 in the previous year and from EUR 50,000 to EUR 100,000 in the current year. Amendments are also made to provide that the VAT exemption is lost from the moment turnover exceeds EUR 100,…