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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 (työtulovähennys)
* 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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Sunnyvale, CA —Vyoma Nair, co-founder of Nair & Co., a firm that helps companies expand internationally, has been recognized as one of Silicon Valley’s ‘2011 Women of Influence’ by the Silicon Valley/San Jose Business Journal.
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