Finland is increasing the standard VAT rate from currently 24% to 25.5% - this change will be effective from 01/09/2024. The new tax rate can already be configured now so that it is automatically applied on the effective date.

To do so, under Setup -> Client (select) -> Location (select) -> Accounting in “Country-specific VAT rates”, a new tax rate of 25.5% can be created for the country Finland with the validity date (“valid from”) 01.09.2024. This will automatically replace the previous tax rate on the date.

Screenshot 1: Adding a new entry in "Country-specific VAT rates"

Screenshot 2: Creation of a new VAT rate for Finland

Screenshot 3: Overview "Country-specific VAT rates"