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• W623578210 abstract "In the mid-1990s, around the time that Nokia Corporation was making its watershed breakthrough on the road to becoming a global handset monolith, serious discussions were held in Finland about the country's high tax burden on foreign employees' salaries.1 Different corporate actors made the pitch that Finland's high tax rate on foreign workers could jeopardise the country's rising global competitiveness. Besides Nokia, other large Finnish-based corporations were also making significant in-roads into earlier uncharted territories. Finnish companies were steadily advancing in their international reach and needed foreign workers to increase their competence base - and they needed them now. These were interesting times in Finland and are cited as a period when the country pushed itself onto the world stage as an export-driven economy with the high-technology goods needed to satiate an increasingly interconnected international marketplace.While it took some effort to initiate changes, certain key arguments were put forth by lobbying organisations that wanted a lower tax burden for certain foreign employees. It was pointed out that certain comparable countries with high tax rates, such as the Netherlands and Denmark, applied a specific relief tax scheme for foreign employees. It was also noted that foreign employers could not enjoy public benefits against the high tax burden, unlike Finnish citizens. Further, it was pointed out that the cost of living in Finland was higher than in other jurisdictions. To mitigate these negative effects, in 1995, Finland enacted a law on the withholding tax of a foreign employee.Finland adopts tax reliefFinland's first law on withholding tax for a foreign employee came into effect on 1 January 1996.2 But to get the law enacted, the Finnish Parliament decided to make the law a temporary act with a set deadline. Over the years, as Finland has reached its deadline, the Finnish Parliament has renewed the law - basically as originally written - and issued a new deadline.3 As it stands, the current withholding tax for foreign employees is in force until the end of 2015.4When preparing the original legislation, Finnish tax experts looked to similar laws in Denmark as a model. The law provides a special tax relief scheme for certain foreign key persons employed by Finnish companies, by providing them an advantageous flat income tax rate of 35 per cent instead of a high progression.Generally speaking, if a foreign employee works longer than six months in Finland, he or she will become a Finnish tax resident, meaning Finnish tax authorities apply a progressive tax rate on earned income. To avoid this occurrence and attain the advantageous key person status for tax purposes, a foreign employee must meet all of the following conditions simultaneously:5* The employee must become a Finnish tax resident as soon as he or she starts working in Finland.* The salary of the employee equals to euro5,800 per month, at a minimum, during the entire working period in Finland.* The employee will work in a position that requires special expertise.* The employee is not a Finnish citizen.* The employee has not been a Finnish tax resident at any time during the five years preceding the year of commencing the employment in Finland.However, should the foreign employee work as a teacher in a university or corresponding educational establishment, or carry out scientific research work for the public good, the requirements listed in the second and third bullets above do not have to be fulfilled.6While this sounds enticing, in reality, applying for key person status makes sense only if a foreign employee earns some euro100,000 annually or higher. Currently, if you earn euro5,800 per month, your effective tax rate is around 30 per cent. Since 1996, when the special tax scheme for foreigners took effect, the Finnish Parliament has lowered salary tax levels for all Finns. …" @default.
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• W623578210 date "2012-09-01" @default.
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• W623578210 title "Head North, Mobile Executives! Special Tax Advantages in the Nordic Countries" @default.
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