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