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Finland > Legal Developments > Law firm and leading lawyer rankings

Editorial

CARRY FORWARD OF CAPITAL LOSSES EXTENDED FROM THREE TO FIVE YEARS

According to current regulations in the Income Tax Act, capital losses derived from the sale of assets are deductible from capital gains in the year when the loss is incurred and during three following fiscal years. These provisions are applicable to capital losses incurred by individuals and by corporate entities, if the capital loss is incurred in other than the company’s business or agricultural activities (e.g. in certain rental activities).

The Finnish Government has made a decision in November 2009 to extend the deductibility of capital losses as defined by Section 50 of the Income Tax Act. According to the Government’s decision, the capital losses will be deductible from capital gains in the year when the loss is incurred and five following fiscal years.

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