- The Finnish government has increased the VAT registration threshold for small businesses from 8,500 euros to 20,000 euros.
- This change will take effect on January 1, 2025.
- The goal is to reduce the administrative burden on small enterprises.
- To qualify for the VAT exemption, a business’s revenue must not exceed 20,000 euros in both the current and preceding calendar years.
- The Finnish Parliament approved this change on June 18, 2024.
- Additional details can be found in press releases from the Finnish Ministry of Finance.
- The Ministry of Finance also announced an increase in the general VAT rate to 25.5% starting in September.
Source: vm.fi
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
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