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An analysis by Borenius, Taxand Finland
The Finnish Parliament has adopted new legislation that confirms the increase of the standard VAT rate from 24% to 25.5% with effect from September 2024. The new VAT rate will be applied to goods and services that are currently subject to the 24% rate.
Henna Jovio and Anna-Riikka Nummi from Borenius, Taxand Finland, have analysed new guidance issued by The Finnish Tax Administration on the transitional provisions for the increase.
According to the guidance, the division of which transactions are subject to which VAT rate will be determined based on the general timely allocation principles outlined in the Finnish VAT Act.
Read the full analysis here.
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