Finland – Proposal to increase the standard VAT Rate

The Finnish Government have announced that they intend to increase the standard VAT rate from 24% to 25.5% with effect from 1st September 2024. Additionally from 1st January 2025, it is proposed that all goods and services currently subject to the reduced VAT rate of 10% will be subject to 14% VAT, with the exception of newspapers and periodicals which will remain subject to 10% VAT.

The above measures still requires approval from parliament before they come into effect.