Finland VAT Calculator

Finland has a standard VAT rate of 24% which came into effect from 1 January 2013. Finland also has two reduced tax rates of 14% and 10%. 14% tax is levied on food, restaurant services, catering services and animal feed. 10% tax is levied on book, pharmaceutical products, transportation and rentals. Also there is no tax on medications. VAT return has to be filed monthly.

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Finland has a standard VAT rate of 24% which came into effect from 1 January 2013. Finland also has two reduced tax rates of 14% and 10%. 14% tax is levied on food, restaurant services, catering services and animal feed. 10% tax is levied on book, pharmaceutical products, transportation and rentals. Also there is no tax on medications. VAT return has to be filed monthly.

Formula:

Add Tax Tax Amount = ( Original Cost * VAT% ) / 100 Net Price = Original Cost + Tax Amount
Remove Tax Tax Amount = Original Cost - ( Original Cost * ( 100 / ( 100 + VAT% ) ) ) Net Price = Original Cost - Tax Amount

Example

Find the VAT price and net price in Finland (GST % is 24) for an amount of 25000 €

Add Tax

Solution :
GST % = 24
Amount = 25000

Step 1 :
GST Price = (25000 * 24 ) / 100
     = 6000 €

Step 2 :
Net Price = 25000 + 6000
     = 31000 €

Hence the VAT Price is 6000 € and Net Price is 31000 €

Remove Tax

Solution :
GST % = 24
Amount = 25000

Step 1 :
GST Price = 25000 - (25000 * ( 100 / (100 + 24)))
                 = 25000 - (25000 * 0.81)
                 = 25000 - 20161.29
                 = 25000 - 20161.29
GST Price = 4838.71 €

Step 2 :
Net Price = 25000 - 4838.71
                = 20161.29 €

Hence the VAT Price is 4838.71 € and Net Price is 20161.29 €


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