Finland President Signs Amendment to VAT Act, Taxation Procedure Act of Self-Initiated Taxes

The Finnish President June 28 signed Law Nos. HE 50/2024 vp and EV 53/2024 vp, amending provisions of the VAT Act and the Taxation Procedure Act of Self-Initiated Taxes. The laws include measures: 1) applying a maximum default noncompliance penalty of 5,000 euros (US$5,364) if a foreigner with a seat of economic activity in an EU member country other than Finland fails to notify that its EU turnover exceeded 100,000 euros (US$107,269) in the current and preceding calendar year; 2) applying the maximum 5,000 euro penalty if a specified small activities trader established in Finland fails to file a quarterly ...