The Definition of Entrepreneur is Extended
As per July 1st, 2018 the definition of Entrepreneur is extended. Individuals who are renting out their private home to tourists, will have to file their BBO/BAZV/BPPS Tax Levy in case they are not taxable for Tourist Tax Levy. In that case they will be classified as Entrepreneur and subsequently will have to register their selves at the Tax Office. An exemption applies if a private home is rented out long term. An individual will also be classified as Entrepreneur when rent- ing out an office or ware- house.
Local Entrepreneur as withholding agent of a foreign Entrepreneur
As per July 1st, 2018 a local entrepreneur will automatically qualify as withholding agent if a foreign contractor is engaged in providing services to a local company. BBO/BAZV/ BPPS will apply.
Exemption (“KOR”).
Entrepreneurs with an expected turnover up to Afl. 12.000,- in the next fiscal year can file a re- quest to be exempted from BBO/ BAZV/BPPS with the Minister of Finance, no later than October 1st in the current fiscal year. Please note that Rental Income is excluded from this exemption. In case an entrepreneur has a turnover exceeding Afl. 12.000,-, but already received an exemption, BBO/BAZV/BPPS will be charged on the turnover exceeding the Afl. 12.000,-. Please note that in this case the next fiscal year an exemption can not be requested.
Local Entrepreneur as withholding agent of a foreign Entrepreneur
As per July 1st, 2018 a local entrepreneur will automatically qualify as withholding agent if a foreign contractor is engaged in providing services to a local company. BBO/BAZV/ BPPS will apply.
Exemption (“KOR”).
Entrepreneurs with an expected turnover up to Afl. 12.000,- in the next fiscal year can file a re- quest to be exempted from BBO/ BAZV/BPPS with the Minister of Finance, no later than October 1st in the current fiscal year. Please note that Rental Income is excluded from this exemption. In case an entrepreneur has a turnover exceeding Afl. 12.000,-, but already received an exemption, BBO/BAZV/BPPS will be charged on the turnover exceeding the Afl. 12.000,-. Please note that in this case the next fiscal year an exemption can not be requested.