General VAT rate rises to 25.5% in Finland

By Logan Andersson On Sep 2, 2024

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The general Value Added Tax (VAT) rate has increased to 25.5 percent from 24 percent on Sunday.

Earlier on June 28, the Parliament approved the amendments to the Value Added Tax Act proposed by the Kansallinen Kokoomus (National Coalition Party-NCP) led right-wing four-party alliance government.

The tax on insurance premiums also increased from 24 percent to 25.5 percent, as the tax rate on insurance premiums has followed the general value-added tax rate.

The amendments entered into force on September 1, 2024.

The change is related to the state's second supplementary budget proposal for 2024.

The increases are estimated to strengthen the public finances by around 3 billion euros starting in 2025.

Source: www.dailyfinland.fi