On 3 September 2013, the tax administration of Finland published on their website an information package on tax havens. This focuses on the experiences of the Finnish tax administration with tax structures using tax havens, i.e. jurisdictions which:
– impose a low tax burden;
– provide for strict bank secrecy rules;
– have not concluded agreements providing for the exchange of tax information with Finland; and
– do not in their domestic legislation provide transparency regarding the underlying investors in e.g. a trust or foundation.
Transactions involving tax havens are under increasing scrutiny in Finland and globally. The OECD has recently conducted global initiatives on tax transparency and information exchange with the objective of reducing the opportunities for tax havens to be used as a means of concealing income from the tax authorities.
