Finland Proposes 1.5% Increase in VAT and Insurance Premium Tax: Consultation Period Open

• Finland is consulting on increasing the general VAT rate and insurance premium tax rate by 1.5 percentage points
• The goal is to improve public finances and curb debt growth
• The general VAT rate would increase from 24% to 25.5%, with the insurance premium tax rate also increasing by 1.5 percentage points
• The changes are planned to take effect on September 1, 2024
• The consultation period will continue until May 17
• The government plans to submit the proposal to Parliament in late May 2024

Source:

• vm.fi
• Orbitax

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• Global Upcoming VAT Rate changes – Chronological, click HERE

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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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