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  • Reverse charged import VAT in Finland

    Finland announced the introduction of reverse charged import VAT as from 1 January 2018. This simplification allows businesses to report import VAT in the VAT return as input and output VAT instead of having to pay import VAT to the customs authorities. Reverse charge import VAT is usually referred as ´postponed import VAT accounting´. 

    The changes will bring a significant cash-flow advantage to businesses importing goods in Finland. There will also require changes in the tax administration, as import VAT will be monitored by the tax authorities (Vero) as opposed to the customs authorities...

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    By Marosa EU VAT Finland Published 15/05/2017 17:51

    Important VAT compliance changes in Finland

    The Finnish tax authorities have announced a number of VAT changes applicable as from 1 January 2017 that will impact all companies currently VAT registered in the country.

    VAT payments and e-filing

    Non-established companies will no longer be able to submit VAT returns on paper. These returns must be filed electronically via the new online system of the authorities ´OmaVero´. In addition, the below changes are already applicable.

    Regarding VAT payments, the reference to be included in your bank transfer when making a VAT payment to the tax authorities has changed. Going forward,...

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    By Marosa EU VAT Finland Published 29/01/2017 21:34

    Finnish cash accounting introduced with the 2017 Budget Law

    This month the Finnish government published the 2017 budget law with important changes to value added tax. As from next year, the Finnish tax authorities will allow cash accounting for small enterprises established in Finland. The turnover of these companies must not exceed €500,000. There are however further conditions about this regime such as application process and time requirements which still need to be published by the authorities.

    Where the cash accounting regime applies, businesses issuing an invoice do not have to pay VAT until the payment is received from the customer. For example, if...

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    By Marosa EU VAT Finland Published 30/09/2016 10:08

    Finnish frequency of filing VAT returns updated

    As a general rule, monthly VAT returns have to be submitted in Finland. However, quarterly or annual VAT returns are allowed depending on your annual turnover. The thresholds for quarterly and annual filing have been updated as follows

    • Quarterly VAT returns will be allowed when the annual turnover does not exceed €100,000. This threshold is currently €50,000.
    • Annual VAT returns will be allowed when the annual turnover does not exceed €30,000. The current threshold for annual filing is €25,000.

    These changes are relevant for any VAT registered business in Finland. Determining the...

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    By Marosa EU VAT Finland Published 31/08/2016 13:45

    Supplies of medical equipment in Finland

    Where a business supplies surgery devices and medical material to a public hospital together with the installation services and this business does not have a license for these type of services, the supply is considered exempt provided the client has such license and the services are carried by medical staff.

    Sales to public institutions, particularly health and educational centres should be regarded carefully as they often require the application of an exceptional rule. These rules and the conditions for exemption changes from country to country across Europe. 


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    By Marosa EU VAT Finland Published 05/04/2016 08:21
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