Finland MOF Announces Increase in Lower Limit of Turnover for VAT Liability of Small Companies

The Finnish Ministry of Finance June 19 announced an increase in the lower limit of turnover for the VAT liability of small companies. The announcement includes: 1) that the lower limit of turnover of a small company for VAT taxation is increased to 20,000 euros (US$21,417) from 15,000 euros (US$16,063); 2) that the revised limit is applicable only if the company’s turnover for the current and immediately preceding calendar years is limited to 20,000 euros; and 3) that the law enters into force and is applicable from Jan. 1, 2025. [Finland, Ministry of Finance, 06/19/24]

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