Entrepreneurs with a sole proprietorship with a yearly revenue of Afl. 50.000,- or less are exempted from BBO/BAVP and BAZV.

By law, these entrepreneurs are exempted from the BBO/BAVP and BAZV declaration and payments. This law does not apply to entrepreneurs who receive permanent income from immovable assets, like entrepreneurs who receive income from property rent. They do have to comply with the BBO/BAVP and BAZV declarations and payments each month.

These changes came into effect on January 1, 2023.

What to declare?

Each year, entrepreneurs are required to report their business turnover in their income tax declaration form. The Tax Department provides this declaration yearly; it issues the 2023 income tax declaration form in 2024.

What if the business has a turnover of more than Afl. 50,000.-

In the event the business turnover exceeds Afl. 50.000,00 during the fiscal year, they must inform the Tax Department to register for the BBO/BAVP and BAZV declarations. In this case, the entrepreneur should start declaring and paying BBO/BAVP and BAZV each month in the current and following years.