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(Mar 04, 2013) According to a decree published on February 28, 2013, in Finland's Official Gazette (Suomen Säädöskokoelma), banks will be subject to special taxation (Decree No. 169/2013, effective from Jan. 1, 2013). Banks that qualify for the tax must pay it and file a specified tax return concerning it. The return must report the amount of "risk assets" held, which are the basis for determining the bank tax amount. These are assets related to the bank's capital and solvency and are calculated as of the last day of the previous calendar year. The tax is to be paid by April 30 of each year. (Laura Pakarinen, Finland: Tax Administration Issues Decree on Bank Tax, TAX NEWS SERVICE (Feb. 28, 2013), International Bureau of Fiscal Documentation online subscription database.)

When the proposal for the bank tax was drafted, it was planned for the tax years 2013-2015. The proposed rate was 0.125% of risk assets, and the bank tax itself would not be deductible for corporate tax purposes. (Laura Pakarinen, Finland: Draft Proposal on Bank Tax Published, TAX NEWS SERVICE (Nov. 7, 2012), International Bureau of Fiscal Documentation online subscription database.)

Author: Constance Johnson More by this author
Topic: Taxation More on this topic
Jurisdiction: Finland More about this jurisdiction

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Last updated: 03/04/2013