Finland: New Laws Increase VAT and Insurance Premium Tax Rates
The Finnish President signed Law Nos. HE 61/2024 vp and EV 61/2024 vp, enacting significant changes to the tax system. These laws will raise the rates for general VAT and the Tax on Specific Insurance Premiums.
Key Changes:
- General VAT Rate: Increased from 24% to 25.5%
- Tax on Specific Insurance Premiums: Increased from 24% to 25.5%
The new rates will apply to:
- Tax obligations that begin on or after September 1.
- Intra-community acquisitions of goods allocated to calendar months following the implementation, as outlined in section 138b.
These laws will take effect on September 1.
Source: vm.fi
