From the 1st of January 2017 Finland has introduced some legislative changes affecting VAT. More types of returns must be electronically filed It is now mandatory for VAT taxpayers, employers and other customers liable to self-assessment to file returns electronically. This can be done via their new online tax portal OMAVERO this has replaced Tax Account. Tax return changes Quarterly VAT returns can now only be completed by small businesses with an annual turnover of under €100,000. Calendar Yearly reporting is available for business with an annual turnover of under €30,000. Cash based VAT reporting to be introduced for small businesses with an annual turnover below €500,000, this means that small traders can account for VAT based on actual sales and purchases for the month i.e when it actually pays and receives the money (similar to the UK cash accounting scheme). This only applies for sales within Finland, so imports, exports etc. are outside of scope. Previous VAT returns and
Source: Finland introduces new VAT changes
Sponsors:
