Finland Considers VAT Rate Increase to 14%: Public Consultation Open Until August 19

• Finland is considering increasing the VAT rate from 10% to 14% on goods such as transport, accommodation, and medicines
• The proposal is open for public feedback until August 19
• The rate hike is expected to take effect from January 1, 2025
• The changes will affect a broader range of products including cultural performances, sports activities, art, books, healthcare products, and diapers
• The ministry expects to generate 245 million euros from the rate increase
• Newspapers and magazines are excluded from the proposed VAT rate hike.

Source:

• globalvatcompliance.com
• Draft bill – July 5, 2024

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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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