- The VAT return is a periodic submission to the Tax Administration, providing information on sales and purchases that affect the amount of VAT to be paid or deducted.
- It is a self-assessed tax, so it must be submitted for each period, regardless of the company’s operations.
- Failure to submit, providing incomplete or incorrect information, or submitting late will result in sanctions.
- The tax period is usually one month, but companies can choose one year or a quarter under certain conditions.
- The reporting period must be the same for at least one year.
- For example, a company starting international trade can choose one year as its tax period, but can only change it after one year if the turnover is not expected to exceed EUR 30,000.
Source Tilisanomat.fi – Tiina Ruohola
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