Finland Tax Agency Updates VAT Guidance on Review Procedures for Real Estate Investments

The Finnish Tax Administration April 9 posted online Guidance No. VH/253/00.01.00/2024, updated information for businesses on the review of VAT deductions included in a real estate investment. Topics covered include: 1) the definition of “real estate investment” under the VAT Act; 2) the situations that trigger a business’s obligation to review the VAT deduction during the review period, such as the property being removed from business assets; 3) the 10-year review period that starts from the beginning of the calendar year during which the new construction or improvement was completed; 4) VAT return procedures for correcting deductible VAT; and 5) ...