The Finnish government has announced that the standard VAT rate will increase from 24% to 25.5% on 1st September 2024. Businesses will need to quickly update their accounting, ERP/POS systems, invoicing software, websites, contracts, and prices to reflect the new rate. It’s important to also consider tax points and seek advice on how to apply the correct rate. Taxpayers believe that the short timeframe for implementing the change is insufficient. The VAT return in Finland is reported by tax rate, so businesses need to act promptly to ensure compliance.
Source Essentia
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