Consumption/VAT/Sales Tax in Finland
Accounting (0) , Consumption/VAT/Sales Tax (1) , Corporate Tax (0) , International Tax Treaties (0) , Personal Tax (0)
Overview by Globlatrade.net:
- Nature of the Tax
- Value Added Tax (VAT)
- Standard Rate
- Reduced Tax Rate
- A 13% rate applies to basic foodstuff and animal feed. The excise duty on alcoholic beverages is 12%.
A 9% rate applies to passenger transport, books, medicines, accommodation services and entry fees to cultural events.
- Exclusion From Taxation
- Exemptions include selling or renting immovable property, financial and bank services, insurance, healthcare and education. Exports are zero-rated.
- Method of Calculation, Declaration and Settlement
- Value added tax will be added to the product only once in a manner that the selling company adds the 22% tax to the sales price in Finland but may reduce the taxes included in its own purchases in the value added tax declaration. For businesses with annual turnover under 8500 EUR payment of VAT is not required. Click here for more information on the procedure and the special status of the Åland Islands.
- Other Consumption Taxes
- Exceptions include the sale or rental of immovable property, financial and insurance services, healthcare and education.
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