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Finland 2017 VAT changes

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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VP Global Indirect Tax
Richard Asquith
VP Global Indirect Tax Richard Asquith
Richard Asquith is VP Global Indirect Tax at Avalara, helping businesses understand their compliance obligations as they grow globally. He is part of the European leadership team which this year won International Tax Review's Tax Technology Firm of the Year. Richard qualified as an accountant with KPMG in the UK, and went on to work in Hungary, Russia and France with EY.