ARTICLE · 03 APRIL 2012

Finnish Tonnage Tax Reform Enacted

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The bill amending Finnish tonnage tax legislation has been passed by the Finnish parliament and the new regime has entered into force as of 1 March 2012.

FinlandTax

Janne Juusela

Tarja Bergvall

Einari Karhu

Ulla-Kristina Von Weissenberg

The bill amending Finnish tonnage tax legislation has been passed by the Finnish parliament and the new regime has entered into force as of 1 March 2012. The amended legislation aims to promote the in-ternational competitiveness of the Finnish shipping industry and the employment of the branch in question. The new tonnage tax regime offers tax incentives for Finnish shipowners and encourages ship-owners to new investments and to bringing ships under the Finnish flag.

The enacted legislation includes significant amendments in relation to calculation of taxable tonnage income, dividend distribution provisions under the tonnage taxation, flag requirements, increased flexibility of shipowners' activities and alleviated tax debt provisions.

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