75 of income of a number of micro entrepreneurs to be exempted from tax

The exemption applies to micro-entrepreneurs who operate in the following sectors:

Tax Exemption for Micro-Entrepreneurs in Service Sectors

The tax exemption is aimed at encouraging entrepreneurship and supporting the development of small businesses in the service sector. The government aims to create a favorable business environment that will attract more entrepreneurs and stimulate economic growth.

Key Aspects of the Tax Exemption

The exemption applies to micro-entrepreneurs who operate in the following sectors:

• Tourism
• Hospitality
• Food and Beverage
• Transportation
• Information Technology
• Education
• Healthcare
• Real Estate

The exemption will be applicable to 75% of the income earned by micro-entrepreneurs in these sectors.

The Proposed Tax Exemptions for Individual Entrepreneurs

The proposed tax exemptions for individual entrepreneurs aim to provide relief to small business owners and stimulate economic growth. The exemptions will be granted to individuals who meet specific conditions, and the law will come into effect on January 1, 2025.

Eligibility Criteria

To be eligible for the tax exemptions, individual entrepreneurs must meet certain conditions. These conditions include:

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Being a sole proprietor or a single-member limited liability company (LLC)

Having a minimum annual turnover of €50,000

Meeting specific accounting and tax obligations

Having a valid business registration and tax identification number

Benefits of the Tax Exemptions

The proposed tax exemptions will provide several benefits to individual entrepreneurs. These benefits include:

Reduced tax burden: The exemptions will reduce the tax burden on individual entrepreneurs, allowing them to retain more of their profits. Increased competitiveness: The exemptions will make it easier for individual entrepreneurs to compete with larger businesses, as they will have access to the same tax benefits. Economic growth: The exemptions will stimulate economic growth by encouraging individual entrepreneurs to start and grow their businesses. ### Implementation and Timeline*

Implementation and Timeline

The proposed tax exemptions will come into force on January 1, 2025.