Finland 2017 VAT changes

Finland is to introduce a range of changes to the VAT regime from 1 January 2016. These amendments include:

• A new online tax reporting portal, OMAVERO, is to be launched
• All tax payers must file electronic returns
• Quarterly VAT returns may only be completed by businesses with an annual turnover of under €100,000 per annum
• Cash-based VAT reporting for small businesses will be introduced for traders below €500,000 turnover per annum
• Corrections to previously filed returns may only be done by filing a revised return, including an explanation for the change. Such returns may be filed up to 45 days after the original return to avoid any fines
• Fines for late returns will be €3 per day for the initial 45 days. Afterwards, interest at 2% per day will be imposed. ECL fines will be raised to a maximum of €15,000

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