Finland Raises Taxes for Wealthy Individuals

September 11, 2015 Taxation in Finland

HELSINKI – The government of Finland is looking to raise EUR 114 million in taxes to pay for the cost of accepting more refugees.

On September 10th the government of Finland announced that the taxes paid by the country’s wealthiest individuals will be raised in order to raise the funds necessary to cover the costs of accepting a higher number of refugees into the country.

It has been proposed that capital gains tax will be reduced by a rate of 1 percent, and, in addition, the threshold for the temporary solidarity tax will be reduced from a level of EUR 90 000 to EUR 72 300.

The government has estimated that this year the number of refugees accepted into the country will be approximately 30 000, while last year the number of refugees coming into Finland was 3 600.

The increased number of refuges is expected to cost the government approximately EUR 114 000 over the course of this year.

Photo By: Tracy Hunter