COVID-19: IMPACTS ON TAXES AND BUSINESS FINANCING IN FINLAND

Currently implemented (please also note the below mentioned support for small and medium sized companies to be executed in coming weeks):

Financial support

Companies can apply for financial support from Finnfund for instance due to difficulties in the subcontracting chain: https://www.businessfinland.fi/hairiotilannerahoitus

Finnvera has announced that it will provide flexible guarantees for bank loans and in addition Finnvera will extend the payment times of their own loans: https://www.finnvera.fi/kasvu/ajankohtaista-yrityksille/ajankohtaista-yrityksille

Finnvera Fast Track Guarantee for working capital loans between 150keur – 1Meur:

https://www.finnvera.fi/eng/growth/finnvera-guarantee-s-fast-track-procedure/finnvera-guarantee-fast-track

Taxes

Companies and individuals can apply more payment time for the taxes from the Tax authority. For the taxes that are on the payment arrangement the rate of penal interest is proposed to be lowered from 7 % to 4 %.

Extra time for submitting income tax declaration can be applied.

Tax administration refrains from imposing penalty for late VAT-declaration.

Reliefs for qualifications of personal loan arrangement implemented.

Contact

Ville Salonen
Ville Salonen

Attorney-at-law / Partner, Co-Head Dispute Resolution

Finland

Commercial, Corporate and M&A, Data Protection, Dispute Resolution, Employment, Energy, Intellectual Property, International Arbitration, Life sciences, Media, Sports and Entertainment, Public procurement, Real estate, Technology

Send me an email +358 46 814 1441
Tomi Merenheimo
Tomi Merenheimo

Attorney-at-law / Managing Partner Finland / Chairman of Magnusson International

Finland

Commercial, Capital Markets, China group, Corporate and M&A, Data Protection, Employment, Insurance and financial services, Intellectual Property, Life sciences, Media, Sports and Entertainment, Real estate, Restructuring and Insolvency, Retail and consumers, Technology

Send me an email +358 40 560 6101