Finland: Tax Agency releases updated guide for VAT liability relief for small businesses
The Finnish Tax Administration has revised its guide on small business VAT liability, which now sets the lower threshold at €15,000 for financial periods commencing on or after Jan. 1, 2021. The updated guide provides information on progressive relief from VAT liability for turnover between €15,000 and €30,000 and explains how to calculate turnover and relief.
The changes include excluding certain sales due to the coronavirus pandemic to EU agencies or the European Commission from the turnover calculation and clarifying the treatment of goods for self-use. Additionally, the guide specifies the three-year reporting period for calendar year taxpayers to submit information related to the relief.
Source: vero.fi
