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Finland > Legal Developments > Tax & Private Client > Law firm and leading lawyer rankings

Editorial

Press releases and law firm thought leadership

This page is dedicated to keeping readers informed of the latest news and thought leadership articles from law firms across the globe.

If your firm wishes to publish press releases or articles, please contact Shehab Khurshid on +44 (0) 207 396 5689 or shehab.khurshid@legalease.co.uk

 

Cross-border merger case to ECJ

The Finnish Supreme Administrative Court decided on 7 March 2011 (KHO 2011:21) to request for a preliminary ruling from the Court of Justice of the European Union (ECJ) concerning the question whether a Finnish parent company may deduct the final tax losses of its Swedish subsidiary after a cross-border merger.

The European Commission proposes a system of common consolidated corporate tax base

The European Commission presented on 16 March 2011 a proposal that calls for
a common system for calculating the tax base of business operating in the EU.
At the moment, a company active within the whole EU can be forced to comply
with up to 27 different national tax systems. The new Common Consolidated
Corporate Tax Base (CCCTB) seeks to reduce the administrative burden,
compliance costs and legal uncertainties by creating a "one-stop-shop" system
where the profits and losses across the EU could be consolidated.

Tax-neutral exchange of shares case to ECJ

The Finnish Supreme Administrative Court (SAC) decided on 31 January 2011 (KHO:2011:10) to ask for a preliminary ruling from the Court of Justice of the European Union (ECJ) concerning the question whether a tax-neutral share exchange can be completed between a company residing in an EU country and a company residing in the European Economic Area (EEA) (such as Norway, Iceland and Liechtenstein).

CHANGE OF GENERATION – MINOR CONTINUING THE BUSINESS

The Supreme Administrative Court has issued on 5 January 2011 a ruling concerning the change of generation relief of gift taxation (KHO 2011:1). In its ruling the SAC stated that the preconditions for the tax relief were not fulfilled since the donee was a minor and thus could not act as a board member in the company’s board of directors as provided for in Chapter 6 Section 10 of the Finnish Companies Act.

Legal Alert - Intermediate report of the taxation development working group

The taxation working group, appointed by the Ministry of Finance and led by Mr. Hetemäki, has in its intermediate report (35/2010) proposed key changes to taxation. The main themes of the intermediate report are widening the tax base, lightening the taxation of work and shift of focus from direct taxes to consumption taxes. The focus of income tax is proposed to be slightly shifted from taxation of corporate earnings to taxation of personal capital income. The key points of the working group report are presented in brief in the following.

Supreme Administrative Court issues rulings concerning taxation of cross-border dividends

On 12 March 2010 the Finnish Supreme Administrative Court issued two rulings concerning taxation of cross-border dividends. Based on the rulings both Finnish investors and foreign investment funds may be entitled to tax refunds.

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).

FINNISH TONNAGE TAX REFORM TO THE PARLIAMENT

On 6 November 2009 the Finnish Government issued a bill proposing amendments to the Finnish tonnage tax regime. The proposed amendments aim to promote the international competitiveness of the Finnish shipping industry and the employment of the branch in question. The new tonnage tax regime offers tax incentives to Finnish shipowners and encourages shipowners to new investments and to bring ships under the Finnish flag. The tax consultants of Attorneys at law Borenius & Kemppinen Ltd are willing to assist the Finnish shipowners in taking advantage of the reform, in the implementation of the tonnage taxation regime and in the tax restructuring of shipowners’ group structure.

Legal Alert - Finnish tonnage tax reform to the Parliament

On 6 November 2009 the Finnish Government issued a bill proposing amendments to the Finnish tonnage tax regime. The proposed amendments aim to promote the international competitiveness of the Finnish shipping industry and the employment of the branch in question. The new tonnage tax regime offers tax incentives to Finnish shipowners and encourages shipowners to new investments and to bring ships under the Finnish flag.

FINLAND’S BUDGET FOR 2010: PROPOSED CHANGES IN TAXATION

The Finnish Government has published the outlines for the country’s 2010 budget, which include some changes in taxation. The following is a brief description of the planned actions. The proposed budget will be presented to the Parliament in September 2009.

NEW TAX ACCOUNT REGIME EFFECTIVE AS OF 1 JANUARY 2010

The Finnish tax system has been amended regarding the payment of most of the unprompted taxes. These include the value added tax, the income tax deducted at source, the employers’ social security contribution, the withholding tax, the insurance premium tax, and the lottery tax.

Legal Alert - New tax treaty between Finland and Poland amends taxation of hiring out of labour

The Governments of Finland and Poland have signed a new income tax treaty on June 8, 2009. The tax treaty will enter into force and replace the current tax treaty once it has been ratified by both countries. This is expected in 2010.

Pricing Policies

The map of pricing and reimbursement systems in Europe is a complex one. Each member state employs its own regime and governments continue to search for the ideal system, that can achieve cost savings while ensuring a fair rate of return to pharmaceutical manufacturers. The European pharmaceutical pricing systems are either free-pricing systems or price-regulated systems. The majority of European countries have implemented price-regulated systems, typically in the form of reference pricing systems.

The Reform of Finnish Corporate Taxation

A bill aimed at reforming Finnish corporate taxation is forthcoming in October 2007.

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