- The Finnish government has decided to reform the VAT rates and insurance premium tax (IPT) rate, with the new rates taking effect from 1 September 2024.
- The general VAT and IPT rates will be increased to 25.5%, making Finland’s VAT rate one of the highest in the EU.
- There have been concerns about the tight schedule for the changes, as it may pose challenges for businesses’ information systems.
- The plan also includes moving some commodities from a 10% VAT rate to a 14% VAT rate, with the change expected to take place from 1 January 2025.
Source EY
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