Finland Tax Agency Updates Guidance on Taxation of Income From Natural Products

The Finnish Tax Administration Jan. 14 posted online Guidance No. VH/7934/00.01.00/2024, on the taxation of income from natural products. Topics covered include: 1) changes to the deductibility of expenses related to the acquisition of tax-exempt income following the repeal of the earned income deduction under Section 105a of the Income Tax Act, applicable as of Jan. 1; 2) updates to the VAT registration requirements and the calculation of VAT for small businesses, including changes in the VAT exemption threshold for minor activities to 20,000 euros (US$20,617), applicable as of Jan. 1; 3) conditions for tax exemptions; 4) clarifications of VAT-free ...