Category Taxation in Finland
October 1, 2015 Taxation in Finland
HELSINKI – An upcoming tax cut in Finland may see the prices of ice cream and candy fall significantly.
The government of Finland has announced that starting from 2017 it will drop the currently imposed tax on sugar, as the levy has been deemed to unfairly advantage local producers.
The tax was first introduced in 2011 and is charged at a rate of EUR 0.95 per kilogram, however, the Eurpean Commission deemed the measure to be unfair to overseas sugar producers, as the tax was levied on top of already existing import duties.
It is estimated that in 2015 the sugar tax will bring in EUR 109 million.
The Taxpayers Association of Finland has already come out to claim that the removal of the tax could see the price of a liter of ice cream in the country drop by EUR 0...Read More
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 ...Read More
August 17, 2015 Taxation in Finland
HELSINKI – Taxpayers in Finland are likely to see a hike in their everyday expenses, as the government’s proposed budget outlines several tax hikes on essential goods.
Last week the Ministry of Finance of Finland released a proposed budget plan for the coming year, raising the possibility of several tax hikes and cuts to tax credits.
The proposed budget contained hikes to the taxes levied on tobacco, housing, heating, and motor vehicles, with cuts to the tax credits currently available for interest payments on home loans.
Soon after the release of the proposal, the Taxpayers Association of Finland issued an analysis of the changes.
According to the Association, the tobacco tax hike will raise the price of a 20 pack of cigarettes by an average of EUR 0...Read More
August 8, 2014 Taxation in Finland
HELSINKI – Finland is looking to hike excise duties, raise the taxes faced by high income earners, and lowering taxes for low income earners, while boosting government revenues.
On August 7th the Finance Minister of Finland Antti Rinne released the first draft of the proposed national budget for 2015, outlining several tax measures intended to raise tax revenues by approximately a billion euros.
The Finance Minister announced that in 2015 the excise duties on electricity, tobacco, confectionery, and fuel will be raised, a move which is expected to bring in an extra EUR 370 million of tax revenues.
Rate hikes will also be enacted on landfill tax and road duty, in order to raise tax collections by an extra EUR 185 million.
Moves will also be made to widen the national tax base, including li...Read More
March 22, 2013 Taxation in Finland
HELSINIKI – Finland is proactively looking to reduce its budget deficit by using taxes to boost revenues and to encourage economic growth at the same time.
While speaking at a press conference in Helsinki on March 21st the Prime Minister of Finland Jyrki Katainen announced that the government intends to cut the rate of corporate income tax from 24.5 percent to 20 percent.
The decrease in the tax rate will be funded by hikes to the rate of taxes applied to the sale of alcohol, tobacco and confectionery.
The government will also raise the taxes applied to electricity, as a concession to the Green League, which has been calling for raised energy taxes as a means of encouraging consumers and electricity producers in Finland to utilize greener and more efficient technology.
Currently the govern...Read More