VAT Hike Misses Revenue Estimates
This is a news story, published by Yle News, that relates primarily to VAT news.
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VAT revenueYle News
•VAT rate hike brings less revenue than expected to state coffers
78% Informative
The government raised the general VAT rate from 24 percent to 25.5 percent at the beginning of September .
The Ministry of Finance now estimates that the VAT hike brought about 160 million euros in extra income to state coffers in September and October .
Last year , the state collected 21.4 billion euros in VAT revenue, but that figure is set to rise by 300 million euros this year .
The government plans to raise the VAT on an array of products and services from 10 percent to 14 percent next year .
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