Finland provides VAT support for Covid-19 crisis
- May 8, 2020 | Richard Asquith
8 May - late tax payments will be subject to a reduced late interest charge of 4% instead of 7% until 31 August.
25 April - Finland is to offer VAT loans during the coronavirus crises. This enables businesses to apply for a temporary refund of VAT payments they have made on their returns in 2020. There will be an interest charge of 3%.
11 April update - businesses may demand Finland e-invoices from their suppliers from 1 April. However, the requirement for them to be compliant with Finish and EU standard will not be enforced during the coronavirus epidemic.
27 March - Finland is providing a range of Value Added Tax easements to help businesses cope with the effects of the coronavirus pandemic. Follow Avalara’s live global coronavirus Covid-19 VAT measures tracker.
Late payment penalties and interest charges will be waived on overdue payments until 31 August 2020. The first repayment of delayed VAT is due by 30 November 2020, with a reduced interest charge of 4%. This will be offered only on application to the Tax Authority. Otherwise, filings and payments must go in on time, the 10th of the month or quarter after the reporting period. However, penalties on late filings, or fines and interest on late payments, may not be imposed if the taxpayer contacts the tax office.
Applications may be made for postponements and rescheduled payment plans on taxes.
The Finish tax authorites, VERO Skatt, will process VAT credit applications on an accelerated basis.