The general value-added tax rate in Finland will increase to 25.5 percent starting from 1.9.2024. The Tax Administration advises that the applicable VAT rate is in most cases determined based on whether the service has been provided or the goods have been delivered to the customer before or after 1.9. For detailed instructions from the tax authority, click here.
We will release technical support for the 25.5% VAT rate including decimals in the PSA program and its integrations on August 14, 2024, which means that using the new VAT rate in the program is possible after that. Many of the updates to settings and project materials need to be done by customers themselves, as the timing of the sale or delivery or other criteria specified by the tax authorities determine the VAT rate to be used. Therefore, we cannot take a stand on the VAT rate to be used in each case on behalf of customers without the risk of errors.
Actions Required from Customers in PSA
Detailed instructions for implementing the following actions can be found in this article.
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Changing the VAT rate for necessary, already formed project materials from 24 to 25.5% (for more information on selecting the correct VAT rate, contact your finance department/accounting office).
- For quotes
- For scheduled invoices
- For upcoming automatic invoices
- For waiting sales invoices
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Changing default VAT rates in settings from 24 to 25.5%, after old VAT percentage invoices/quotes have been sent (the setting determines at which VAT rate new rows are formed).
- Default VAT % for sales invoices
- Default VAT % for expense types
- Default VAT % for quotes
- Changing or adding VAT codes and percentages in integration settings, after old VAT percentage invoices have been sent and the new VAT rate needs to be used.
- Changing the VAT rate in the product register from 24 to 25.5%, after old VAT percentage invoices have been sent (the product's VAT rate determines at which VAT rate new rows are formed).
If needed, our Support can assist in mass data updates as an additional charged service, with the work and schedule estimate formed on a case-by-case basis. Your admin user can submit a service request/email to our support, clearly stating the necessary information for the task to be performed.
We encourage our customers to:
- have special caution during the transitional period in invoicing and seek advice on selecting the correct VAT rate from your finance department/accounting office.
- follow updates from the Tax Administration and others on the subject.
- follow updates from other financial management programs you use to ensure support in data transfers between programs.
- follow our email notifications and Help Center announcements.
If you also use Heeros financial management programs, please read our announcements regarding them in the Help Center.