VAT change in EG Optimaze rental management
The Finnish government has proposed a change from 24% to 25.5% of the VAT rate, which has remained unchanged for more than 10 years. The upcoming change has caused extensive enquiries from customers using the standard VAT rate, so here are the most important observations regarding the change:
Lease
- EG Finland maintains a centralised standard VAT rate used in Finland, so nothing needs to be done to contracts that use payment types tied to this rate.
- The tax rate percentages have been taken into account through the data model and are valid from a certain point in time.
- The proposed tax rate of 25.5% will enter into force on 1.9.2024
- If invoices for contracts have been issued for the end of 2024 before the tax rate change, the invoices must be regenerated or credited in an appropriate manner.
- The change in the centralised tax rate will be updated in the system as soon as the government bill becomes law.
- Instructions for maintaining tax rates can be found here: Administration - Tax rates
- EG Finland maintains a centralised standard VAT rate used in Finland, so nothing needs to be done to contracts that use payment types tied to this rate.
Moment's rental management (PM)
- There is no centralised maintenance of tax rates by EG Finland, so users must ensure that the tax rate corresponding to the standard VAT rate used in Finland is up to date.
- The tax rate percentages have been taken into account through the data model and are valid from a certain point in time.
- If necessary, you can ask the EG Optimaze support service for help updating the tax rate.
- If invoices for contracts have been issued for the end of 2024 before the tax rate change, the invoices must be regenerated or credited in an appropriate manner.
- Instructions for maintaining tax rates can be found here: Administration - Tax rates
- There is no centralised maintenance of tax rates by EG Finland, so users must ensure that the tax rate corresponding to the standard VAT rate used in Finland is up to date.
Other remarks
- The change in VAT rates should also be taken into account with regard to integrations.
- The customer should contact EG Finland's account manager as soon as possible if changes are needed to the rental invoicing interface, for example. due to changed VAT codes.
- If the payment type codes or other identifiers in the financial management system are updated, the customer must also update the payment types in EG Optimaze's rental management.
Questions about the publication can be sent via the EG Optimaze support portal or by e-mail to optimaze.support@eg.fi.