On 14 August 2023, the Netherlands published the Small Businesses Regulation Implementation Act in the Official Gazette, which contains amendments to the Turnover Tax (VAT) Act 1968 in connection with the adjustment of the small business scheme. As amended, the scheme allows small businesses with annual turnover not exceeding EUR 20,000 may opt to be exempted from VAT in respect of supplies of goods and services carried out in the Netherlands. Further, it is added that small businesses estab…