Finland’s Ministry of Finance has initiated a public consultation on a proposed draft bill which suggests increasing the VAT rate on certain commodities from 10% to 14%.
The consultation is set to conclude on 19 August, 2024.
The draft bill proposes increased VAT rates for a wide range of products, which includes cultural performances, sports activities, art, books, healthcare products, diapers, athletes, imported and art objects sold by the author or random seller, and copyright holders compensation related to copyright received by the representative organisation.
Newspapers and magazines are excluded from this proposed new rate.
The proposed VAT rate increase is estimated to increase the state’s revenue by approximately EUR 330 million annually.
The proposal is expected to take effect on 1 January, 2025.
