Finland: Ministry of Finance publishes a proposal regarding transfer pricing documentation rules and CbC reporting requirements
The Ministry of Finance on 21 December 2015 released for public comment a proposal to revise the transfer pricing documentation rules and introduce country-by-country (CbC) reporting. The proposed legislation would follow the three-tiered approach
See MoreFinland: IMF comments on economic and fiscal policy
On 11 November 2015 the IMF completed its consultations with Finland under Article IV of its articles of agreement. The economy has been in recession for three years but a slight recovery is projected for 2015 and expected to strengthen in 2016.
See MoreFinland: Government planning to remove sugar tax
The Government of Finland will remove tax on sugary foods from 2017 in response to a ruling by the European Commission. Sugar tax was introduced in Finland in 2011 and applies to sweets, soft drinks, juices and ice cream at the rate of Eur 0.95 per
See MoreSocial security agreement signed between Finland and South Korea
Finland and Korea (Rep.) signed a social security agreement on 9 September 2015, in Seoul. The agreement mainly focuses on pensions and unemployment insurance and includes regulations regarding the so-called posted employees. Under the agreement,
See MoreFinland: Exchange of information agreement with Botswana enters into force
The exchange of information agreement between Botswana and Finland entered into force on 16 May 2015. The agreement was signed on 20 February 2013 and generally applies from 16 May 2015 for criminal tax matters and from 1 January 2016 for other tax
See MoreFinland: Exchange of information agreement with Brunei enters into force
The exchange of information agreement between Brunei and Finland entered into force on 1 May 2015. The agreement was signed on 27 June 2012 and generally applies from 1 May 2015 for criminal tax matters and from 1 January 2016 for other tax
See MoreFinland: Government approves law adopting amendments to non-residents taxation
The President of Finland signed a law on 24 April, 2015 regarding the proposal (HE 365/2014) amending the taxation of non-residents. The proposal was adopted 12 February 2015. The proposal entails that the taxation of non-resident individuals by
See MoreFinland: Tax authority released guidance on FATCA agreement with US
The Finish tax administration published a guidance named A57/200/2015 on 15 April, 2015 regarding the application of the Finland– United States FATCA Model 1A Agreement (2014), which entered into force on 20 February 2015. According to guidance
See MoreFinland: Tax authority signs a co-operation pact with the African Tax Administration Forum (ATAF)
A co-operation pact was signed between Finnish tax authority and African Tax Administration Forum (ATAF) on 2 April, 2015. The aim of the co-operation pact is to support African tax authorities in implementing changes to their international tax
See MoreECJ requested to give a preliminary ruling on pension surtax
The European Court of Justice (ECJ) was requested by Finland’s Supreme Administrative Court (KOH) on 6 March 2015 to give a preliminary ruling in respect of the pension surtax. Finland has imposed a surtax of 6% on large pensions since 2013. The
See MoreFinland-US FATCA Agreement Enters Into Force
Agreement between the Government of the United States of America and the Government of the Republic of Finland to Improve International Tax Compliance and to Implement FATCA entered into force on 20 February 2015. The agreement was signed on 05
See MoreFinland: Proposal to amend the taxation of non-residents by assessment
Finnish Government proposes an amendment of the taxation for non-resident individual by assessment presenting a law proposal (HE365/2014) on 12 February 2015. The proposal entails that the taxation of non-resident individuals by assessment would be
See MoreFinland: Government Issues Proposal To Change Transfer Pricing Rules
The Finnish government issued a draft proposal on 7 January 2015 that would amend the transfer pricing rule in section 31 of the Tax Procedure Act. Comments are due by 20 February 2015. Information on the effective date for the amendment is not
See MoreFinland: Tax Administration Publishes Guidance On Income From Investment Funds
The Tax Administration has released a new 2/9/2015 written instructions (number A23/200/2015) relating to the fund through the investment tax matters in income tax for private customers. The document covers the fund to take place in the form of
See MoreFinland: Cabinet Finalizes Supplementary Budget For 2015
The Finnish Government has concluded negotiations for the supplementary budget for 2015 and this will be forwarded to parliament for approval on 12 Feb, 2015. Economic growth is expected to remain sluggish in the current year but growth will be
See MoreFinland: Tax Administration Publishes Guidance On Advance Tax Withheld On Dividend
Finish Tax Administration published guidance, on 26 January 2015, on advance tax withheld on dividends paid to resident natural persons and estates of deceased persons. The guidance named “Guidance No. A14/200/2015 of 22 January 2015” specifies
See MoreFinland: Uniform Tax Treatment Of Pension Benefits For Foreign Entities And Finnish Pension Institutions
Starting 2015, and subject to certain restrictions, foreign corporate entities comparable to Finnish pension institutions are entitled to a similar deduction. Under the provisions of Business Tax Act, Finnish pension institutions may deduct the
See MoreFinland: Publishes Its Decision Regarding Obligation To Disclose Tax Information
The Finish tax administration published its decision regarding the formal obligation to disclose information to the tax administration, on December 31, 2014. There are multiple items of income and wealth for which information has to be disclosed to
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