Dear reader,
I hope you had an exciting and relaxing time at the end of December and are eager to start 2017 with a lot of energy and passion for developing your business. This new year is bringing with it some important changes to different tax rules and practices, which have an effect on many businesses.
The Finnish Tax Administration (Verohallinto) is changing its voluntary taxes declaration portal and practices for declaring voluntary taxes from the beginning of 2017. Many exciting changes, opening new possibilities, are happening around the world.
Tax Changes in 2017
An overview of the main changes applied from 01.01.2017 is compiled by our specialists in order for you to be on top of your business’ taxation from the start of the year.
- MyTax (OmaVero) electronic service portal will replace the current Tax Account Online service. The look, feel and functionality of the new portal is a bit different from the current one and additional declaration options through the portal are promised at a later date.
- Starting from 01.01.2017 all VAT, employer’s contributions and other self-assessed taxes or submitions of information on Employer Payroll Reports need to be filed electronically through a new declaration portal MyTax instead of the current Tax Account (Verotili).
- All corrections of the previously filed Tax Return for Self-Assessed Taxes (formerly named as Periodic Tax Return) need to be submitted on a new return that replaces the previous one.
- Thresholds affecting mainly VAT and employer tax declaration frequencies are changed. From 01.01.2017:
- Yearly VAT declarations are possible if the company’s sales per financial year are below 30 000€;
- Quarterly VAT declarations are possible if the company’s sales per financial year are below 100 000€;
- Monthly VAT declarations are mandatory if the company’s sales per financial year are at least 100 000€;
- Quarterly period for filing employer taxes is no longer allowed to employers who are neither on the Register of Employers nor pay wages regularly;
- Reports on employer taxes must be filed for every month of activity. However, reports are not needed for the months when there are no wage payments.
- More companies could choose to calculate and pay VAT on cash basis:
- Available for companies with a turnover of up to 500 000€ per financial year;
- If applied, needs to be applied to both sales and purchases;
- Can be applied to sales and purchases only in Finland;
- Imports and exports and the intra-Community supplies and acquisitions would fall outside the scope of the cash-based calculation fo VAT. Similarly, it would not be allowed in the case of cross-border selling of services where the VAT reverse-charge scheme is applied.
- The Finnish Tax Administration will assume responsibility for Car Tax, Excise Tax, and VAT for imports. The Tax Administration will start to collect Car and Excise Taxes from 01.01.2017, and VAT on imports in 2018.
- Many of the Finnish Tax Administration’s services including the customer service are unavaliable on the first days of 2017. Detailed info on the services affected and the specific unavaliability periods can be seen from a news bulletin http://www.vero.fi/en-US/Tax_Administration/News/Customer_service_closed_29_Dec__2_Jan(41304)
You can find more information about the changes on a dedicated website provided by the Finnish Tax Administration http://www.vero.fi/en-US/Tax_Administration/Changes2017.
Additional Questions?
If some of the information above has raised additional questions, please contact us though our website or call +358 503 220 600.
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CEO of Kuljus Consulting
+358 503 220 600
info@kuljus.eu
