New guidance on VAT liabilities for crowdfunding, including peer-to-peer loans The Finnish tax authority has issued new tax guidance including the VAT issues for contributors to crowd-funding projects. Scope of the new guidance The taxation issues of crowdfunding are examined exclusively from the point of
Recategorisation of supplies to higher VAT rates from 1 January 2024 Finland’s new government announced planned reclassifications of many reduced rate supplies to raise taxes. This is part of the Ministry of Finance’s 2024 budget proposal, and will come into effect on 1 January 2024.
Finland to evaluate mandatory real-time e-invoicing Finland is set to review mandating B2B e-invoicing / digital reporting for its taxpayers. This comes as the EU VAT in the Digital Age plans progress towards implementing structured e-invoicing for intra-community supplies from 2028. The news was included
Five-month emergency VAT rate cut ends on electricity from 24% to 10% until 30 April 2023; public transport reduced to 0% Finland’s President temporary VAT rate cut on domestic electricity in its 2023 Budget has ended. This was from the 24% standard rate to the
Intrastat – reporting on movement of goods between EU member states – reporting threshold to rise 1 January 2023 Finland has increased its Intrastat reporting thresholds for 2022 as follows Arrivals: increased to €800,000 per annum from €700,000 Dispatches: increased to €800,000 per annum from
No fines for late payments for non-residents due to pan-EU IT issues on new One Stop-Shop returns The Finnish tax office, Verohallinto, will not be issuing late return notices or imposing penalties for late payments on One Stop-Shop VAT returns between March and September 2022.
Intrastat – reporting on movement of goods between EU member states – reporting threshold to rise 1 January 2022 Finland has increased its Intrastat reporting thresholds for 2022 as follows Arrivals: increased to €700,000 per annum from €600,000 Dispatches: increased to €700,000 per annum from
Euro crisis cripples government finances Finland has joined most of the rest of Europe with a rise in its standard VAT rate to help manage the long-term effects of the 2007/08 financial crisis and subsequent Euro-currency crisis. The primary Value Added Tax rate will increase