Category: Finland

OECD Releases Its Annual Tax Administration Report

On August 11, 2015, the Organisation for Economic Co-operation and Development (OECD) released its annual report addressing global tax administration. The OECD’s stated mission is to “promote policies that will improve the economic and social well-being of people around the world.” The OECD describes its annual report as follows: Tax… – Continue reading

Spain removes Barbados from blacklist

FOLLOWING A PROTEST from the Ministry of International Business, Spain has removed Barbados from its tax blacklist. This latest development comes after a recent decision was taken by members of the European Union to blacklist this country for being a non-cooperative tax jurisdiction. International Business Minister, Donville Inniss, praised the… – Continue reading

Former CEOs retire in Portugal

Three former chief executives of major listed companies have recently moved from Finland to Portugal. Matti Halmesmäki, a 62-year-old former chief executive at Kesko, Sakari Tamminen, a 61-year-old former chief executive at Rautaruukki, and Kim Gran, a 61-year-old former chief executive at Nokian Tyres, have all transferred their residence to… – Continue reading

Thursday’s papers: Portugese tax dodge, boat export surge, Åland plans, apartment rent ris

Finland’s print media carries a mixed bag of headlines this Thursday, from former business bosses moving to tax-soft Portugal to studio apartment rents rising fast outside Helsinki. Neutral zone Åland is also under scrutiny, and the boat industry, at least, is doing well. Top tabloid Iltalehti splashes its front page… – Continue reading

New online service to help recover tax paid on share dividends abroad

Irish people investing in other countries often lose up to a fifth of dividends Irish tax refund specialists Taxback. com have introduced an online service to help people recover tax withheld on share dividends in other countries. *Irish people investing abroad often lose up to a fifth of their dividends… – Continue reading

OECD establishes roadmap for membership with Lithuania

10/07/2015 – The OECD set out a clear path for Lithuania’s accession to the Organisation, reinforcing the OECD’s commitment to further extend its global membership. On 8 July 2015 the 34 OECD Members adopted the Roadmap for the Accession of Lithuania to the OECD Convention setting out the terms, conditions… – Continue reading

Possible legislation restricting interest deductions in Finland for tax purposes

Industrial & Manufacturing groups which have operations in Finland, should review their funding arrangements to ensure they remain tax effective following a recent case in Finland which may now be put on a statutory footing. The Finish tax authorities treated a hybrid instrument as equity and the related interest expense… – Continue reading

FATCA – Which Countries Are In And Out

FATCA – Which Countries Are In And Out The controversial US Foreign Account Tax Compliance Act (FATCA) law is set to start from July 1, 2014, so with less than 21 days to go, here’s a look at which countries are in and who is outside of the tax network…. – Continue reading

Bermuda named on EU tax haven list

The European Union: Labelled Bermuda as a tax haven Bermuda has been named by the European Union as a country that is not doing enough to crack down on tax avoidance. The Island was one of 30 countries on the list published by the EU’s executive Commission today. “These tax… – Continue reading

Estimating the illicit funds in global tax havens

The total “development finance” loss – counting both revenues and reinvested earnings – is estimated in the range of $250 to $300 billion. This prevents developing countries from stopping the outflow of money, which thus bleeds them of essential resources The financial crisis of 2008 had an interesting collateral benefit… – Continue reading

Tax terrorism versus tax haven

The key is to arrive at a Goldilocks mean — rolling out tax-friendly policies while being firm with incorrigible offenders A phrase first used by Prime Minister Narendra Modi while addressing a group of businessmen in the run-up to the elections last year has now come back to haunt his… – Continue reading

Board of Adjustment Annulled the Reassessment Decision against Nokian Tyres Plc Concerning Tax Years 2007-2010

HELSINKI–(BUSINESS WIRE)–Regulatory News: Nokian Tyres plc (HEX:NRE1V) Stock Exchange Release 7 April 2015 3:15 p.m. Board of Adjustment annulled the reassessment decision against Nokian Tyres plc concerning tax years 2007-2010 The Board of Adjustment annulled the reassessment decision from the Tax Administration, according to which the Company was obliged to… – Continue reading

Finland To Support African International Tax Reforms

On April 2, 2015, the Finnish tax authority signed a co-operation pact with the African Tax Administration Forum (ATAF), to support African tax authorities to implement changes to their international tax and transfer pricing regimes. The co-operation deal, which will extend to the administrations of over 35 African nations, focuses… – Continue reading

Global Tax Transparency Goes Live in 2016

Cross border tax fraud and tax evasion by High Net Wealth Individuals (HNWI) are serious problems for many jurisdictions. For many years exchange of information between countries has been solely upon request. In practise this procedure is not efficiently working as it requires foreseeable relevance, thus ‘fishing’ for information is… – Continue reading

Dividend imputation clears an early tax review hurdle

Government questions dividend imputation and company tax rate Australian investors appear to have dodged a bullet, with the government’s first paper on tax reform discussing the dividend imputation system but falling short of attacking it outright as an idea that has outlived its usefulness. David Murray’s inquiry into the Australian… – Continue reading

Luxembourg: Luxembourg’s Direct Tax Administration Publishes Circular On Residency Certificates For Funds

Luxembourg’s Direct Tax Administration has published a circular on February 12 clarifying issues relating to residency certificates for Luxembourg funds. These are applicable to both UCITS and non-UCITS funds regulated by Luxembourg’s investment fund legislation of December 17, 2010, which transposed the UCITS IV Directive, as well as Specialised Investment… – Continue reading

Erin Go Bragh! American Companies See Green in Ireland

Irish eyes are smiling in corporate America. The Emerald Isle has emerged as the world’s top recipient of U.S. foreign direct investment, according to a report from the American Chamber of Commerce Ireland. In the first nine months of 2014, Ireland beat the likes of Canada, Mexico, the U.K. and… – Continue reading

We have to take active measures to battle tax evasion and tax competition

According to an estimate by the European Commission, the EU is at least 1,000 billion euros out of pocket because of tax evasion and avoidance.  A major problem related to tax evasion is that in many cases it does not involve any illegal activities but is regarded as tax planning… – Continue reading

The Abrahamsens’ Case Did Not ‘Finnish’ Well: Taxation of Government Employees

A recent Tax Court decision1 addressed the tax consequences to a Finnish citizen of wages she received while working as an employee in the United States on behalf of her country’s Permanent Mission to the United Nations. The case involves Sole Abrahamsen, a Finnish citizen, who began working at Finland’s Permanent… – Continue reading

101 Countries Sign Up For FATCA Network

Foreign Account Tax Compliance Act (FATCA) has been in force for a month and still more countries are joining the tax network. So far, 101 countries and financial jurisdictions have either signed or agreed to join FATCA. FATCA is aimed at identifying US taxpayers with offshore bank accounts and investments. Overseas… – Continue reading

Corporation tax: Rate cut likely as Prime Minister David Cameron set to let Northern Ireland go it alone

Northern Ireland looks set to be handed the power to slash corporation tax in a move with the potential to significantly boost our stuttering economy. In a development which could transform international investment, senior sources in London and Belfast predict that an announcement will be made no later than October… – Continue reading

Court’s transfer pricing decision could cost taxman hundreds of millions of euros

Finland’s Tax Administration has lost a landmark court case on transfer pricing. The Supreme Administrative Court’s ruling means the taxman could now lose out on hundreds of millions of euros in tax. The Finnish Tax Administration could lose out on millions of euros in tax from multinationals after a decision… – Continue reading

Nokia India, Finnish parent discuss tax evasion in emails

The department had slapped a tax demand of Rs 2,080 crore on the company last year while re-opening the assessment for AY 2006-07 and 2007-08. As Finnish phone-maker Nokia strives to meet the April 30 deadline for sealing the $7.2 billion deal with Microsoft, its tussle with the Indian tax… – Continue reading

Internet groups face global tax crackdown

A looming global crackdown on aggressive tax avoidance is set to stop internet companies slashing bills by routing profits to havens. Plans to “restore taxation” in the countries where digital companies make their sales and base their headquarters were set out on Monday in the first international response to the… – Continue reading

British Virgin Islands: BVI & Canada: Down To business – TIEA Now Effective

The Canada-BVI Tax Information Exchange Agreement (“TIEA”) came into force on 11 March 2014. The TIEA was signed in May 2013, and the effective date provisions are set out in Article 13 of the Agreement. The BVI is now party to 25 TIEAs. What are the benefits? The BVI/Canada TIEA is significant due… – Continue reading

Finnish envoy raps Indian tax laws

KOLKATA, MARCH 11: Aapo Polho, Ambassador of Finland to India, has said that taxation issues have diminished India’s attractiveness to global investors, including Finnish companies. Referring to mobile handset-maker Nokia’s conflict with the Indian Government over double taxation, he said, “The company (Nokia) played by the book”. “Over the past… – Continue reading

Cyprus: Cyprus Signs Five New Double Tax Treaties

As of January 1st 2014, Cyprus entered into five new Double Tax Treaties (DTT’s) with Estonia, Finland, Portugal, Spain and Ukraine expanding its already rich list of DTTs. All the agreements aim to avoid double taxation between the mentioned countries and follow the OECD conventional model on income and capital. The… – Continue reading

Tuesday’s papers: More on tax havens, media coverage of immigration and errant education funding

Apart from tracking the fortunes of Finns battling for Olympic greatness in Sochi, Tuesday’s news headlines also looked at domestic themes. Among them official concerns about Estonia as a possible tax haven for Finnish firms, a comparison of media coverage of immigration in Finland and the Netherlands and education funding… – Continue reading