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Finland Outlines Tax Measures for 2013-2016: R&D Incentive Introduced, VAT Rates Increased (Sunnyvale, CA)- Finland has outlined tax measures spanning 2013-2016 that include R&D incentive rates, increase in VAT rates and updates on Corporate Taxation updates. Highlights Corporate Tax: The government in a March 2012 press release announced that depreciation rates are doubled for some industrial investments until the end of the year 2014. The government also introduced an R&D incentive that allows a company to credit employment costs of its personnel engaged in R&D activities against its corporate income tax. The incentive comes into effect from 2013. Individual Tax: Annual adjustments to the tax brackets are suspended for 2013 and 2014; For taxable income exceeding EUR 100,000, a new tax bracket is introduced For taxpayers with extremely low taxable income, earned income credit against national tax (tyÜtulovähennys) is increased. Municipal taxation allowance is increased (current maximum is EUR 2,850); Large pensions will be more heavily taxed People with inheritances exceeding EUR 1,000,000 will pay more taxes Individuals investing in Small and Medium Enterprises (SMEs) can avail of a special tax incentive Value Added Tax (VAT) 1% increase in standard and the reduced VAT rates announced Please call/email for more details. Get the latest press releases and updates on international tax, compliance and other legal news at Nair & Co. Industry Alerts.

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Finland Outlines Tax Measures for 2013-2016: R&D Incentive Introduced, VAT Rates Increased  

Finland has outlined tax measures spanning 2013-2016 that include R&D incentive rates, increase in VAT rates and updates on Corporate Taxati...

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