1.5% VAT rate rise to 25.5% on 1 September 2024; reduced rate increases Jan 2025 Finland has increased its standard Value Added Tax rate to 25.5% on 1 September 2024. The 10% and 14% reduced rates will remain the same, but there will be upward
Increase to €20,000 annual sales threshold for mandatory VAT registration in 2025 budget The Finnish Ministry of Finance is planning to raise the annual sales threshold for compulsory VAT registration. From 1 January 2025, it will rise from €15,000 to €20,000 per annum. The new
Recategorisation of supplies to higher VAT rates from 1 January 2025 Finland’s new government announced planned reclassifications of many reduced rate supplies to raise taxes. This is part of the Ministry of Finance’s 2024 budget proposal, and will come into effect on 1 January 2025.
Intrastat – reporting on movement of goods between EU member states – reporting threshold remain unchanged in 2024 Finland kept unchanged its Intrastat reporting thresholds for 2024 as follows Arrivals: remains at €800,000 per annum Dispatches: remains at €800,000 per annum Check EU intrastat thresholds
New guidance on VAT liabilities for crowdfunding, including peer-to-peer loans The Finnish tax authority has issued new tax guidance including the VAT issues for contributors to crowd-funding projects. Scope of the new guidance The taxation issues of crowdfunding are examined exclusively from the point of
Finland to evaluate mandatory real-time e-invoicing Finland is set to review mandating B2B e-invoicing / digital reporting for its taxpayers. This comes as the EU VAT in the Digital Age plans progress towards implementing structured e-invoicing for intra-community supplies from 2028. The news was included
Five-month emergency VAT rate cut ends on electricity from 24% to 10% until 30 April 2023; public transport reduced to 0% Finland’s President temporary VAT rate cut on domestic electricity in its 2023 Budget has ended. This was from the 24% standard rate to the
Intrastat – reporting on movement of goods between EU member states – reporting threshold to rise 1 January 2023 Finland has increased its Intrastat reporting thresholds for 2022 as follows Arrivals: increased to €800,000 per annum from €700,000 Dispatches: increased to €800,000 per annum from
No fines for late payments for non-residents due to pan-EU IT issues on new One Stop-Shop returns The Finnish tax office, Verohallinto, will not be issuing late return notices or imposing penalties for late payments on One Stop-Shop VAT returns between March and September 2022.
