3Article 285 of the VAT Directive provides in the first subparagraph thereof:‘Member States which have not exercised the option under Article 14 of [the Second Council] Directive 67/228/EEC [of 11 April 1967 on the harmonisation of legislation of Member States concerning turnover taxes – Structure and procedures for application of the common system of value added tax (OJ, English Special Edition, Series I Volume 1967, p. 16.)] may exempt taxable persons whose annual turnover is no higher than EUR 5000 or the equivalent in national currency.’
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