- Finnish parliament approved an increase in the standard VAT rate from 24% to 25.5%
- The change also applies to insurance premium tax, making the new rate 25.5%
- The new VAT rate will come into effect on September 1, 2024
- Businesses need to adjust their accounting and billing systems to comply with the new regulations
- Finland’s economy has been growing slowly in recent years, with the slowest growth since the early 20th century
- The slow growth is attributed to a slowdown in productivity growth
- Finland experienced a severe banking crisis in the 1990s, leading to economic challenges
- Economic growth has also slowed in Sweden and Denmark compared to previous decades
- The analysis shows that Nordic economies only grew until the beginning of the global financial crisis.
Source: eurofiscalis.com
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
