Government frequently evaluate VAT rates, as even minor adjustments can have significant impacts on government and budget planning. The Covid Pandemic oversaw a heightened period of VAT rate modifications, owing to the period’s volatile economical outlook. Despite now abating, countries continue to implement VAT rate changes as part of their fiscal strategy.

Finland is instigating the following changes:

• VAT rate increase from 24% to 25.5%.
• Insurance Premium Tax (IPT) increase from 24% to 25.5%.

Insurance Premium Tax (IPT) is a tax on general insurance premiums. Though changes associated with IPT are generally more infrequent, Tungsten Automation also monitors and implements specific indirect taxes into the Tungsten e-Invoice Network system.

The Finnish president has now signed and effectively ratified the increases into law. The rate increases will come into effect from 1 September 2024.

Finland is a compliant territory for Tungsten Automation. We will integrate the VAT and IPT rate into the Tungsten e-Invoice Network solution in readiness for 1 September 2024. Both rates will be available for selection for Web Form suppliers on the Tungsten e-Invoice Network portal from this date. Our Support team is working to re-map integrated suppliers.

Tungsten Automation will communicate with our Finnish suppliers and buyers shortly with further details on our planned implementation of the rates.