Finnish VAT Revenue Totalled EUR 10.5 Billion in January-June 2024

In January–June 2024, the Finnish Tax Administration collected EUR 10.5 billion in value added tax (VAT). Compared with the corresponding period in 2023, VAT revenue was 0.4% lower. According to the Tax Administration, VAT revenue in the first half of the year was lower than in the previous year due to economic uncertainty and a high interest rate environment, which have limited the recovery of consumption. The Tax Administration notes that VAT revenue follows the development of nominal consumption, although significant variation may occur between individual months. The Tax Administration also states that the increase in the standard VAT rate from 24% to 25.5% will be reflected in VAT revenue statistics from November 2024 onwards.