19/09/2008 (Agence Europe) - The Council has authorised Italy to exonerate Italian companies whose turnover does not exceed €30,000 from value added tax (VAT). The scheme is optional and valid for taxation periods from 1 January 2008 to 31 December 2010. The decision will expire at the end of 2010 or earlier if the EU sets a European threshold for annual turnover below which taxable persons are exempted from VAT. (M.B./transl.rt)