Finland Proposes Tax Changes for 2014-2017
08/02/2013

Nair & Co. which provides international tax consulting for companies expanding overseas finds out the authorities reached agreement on central government spending limits for 2014-2017.

Online PR News – 02-August-2013 – Finland Proposed Tax Changes for 2014-2017, Finland: Corporate tax rate, Changes in Finnish Taxation – The Finnish government has proposed changes to the corporate and capital income taxation for 2014-2017.

Nair & Co. which provides international tax consulting for companies expanding overseas finds out the authorities reached agreement on central government spending limits for 2014-2017.

The suggestions made for corporate and capital income taxation are as mentioned below:
* The corporate income tax rate will be lowered to 20 per cent with effect from 2014 (currently 24.5 per cent);
* A windfall tax will be introduced in 2014;
* Earned income, inheritance and gift tax regimes are likely to see changes;
* Company’s right to deduct interest expenses will be limited;
* Rules requiring itemisation of depreciation of long-term investments will be announced;
* A deduction currently allowed to companies for up to 50 per cent of their representation costs will be repealed;
* Taxation of dividends received by individuals, including a proposal that 85 per cent of dividends received from listed companies being taxed as capital income, might see some modification;
* Tax incentives enacted for 2013-2015 concerning additional deductions for research and development (R&D) costs will be repealed from the year 2014. Also additional depreciation on production-related investments would be treated similarly; and
* Changes to the value added tax (VAT) is not included in the government’s agenda now but the authorities are looking at proposing increases to several excise tax rates.

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