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Corporate Tax 2021 a Practical Cross-Border Insight Into Corporate Tax Law

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Corporate Tax 2021 a Practical Cross-Border Insight Into Corporate Tax Law Corporate Tax 2021 A practical cross-border insight into corporate tax law 17th Edition Featuring contributions from: Blackwood & Stone LP M&T Lawyers Schindler Attorneys Brækhus Advokatfirma DA Maples Group Slaughter and May BUREN Monereo Meyer Abogados Tirard, Naudin DQ Advocates Limited Mul & Co Utumi Advogados Nagashima Ohno & Tsunematsu Eric Silwamba, Jalasi and Linyama Walder Wyss Ltd. Legal Practitioners Oppenhoff Waselius & Wist GSK Stockmann Paratore Vannini & Partners Weil, Gotshal & Manges LLP Kyriakides Georgopoulos Pepeliaev Group Law Firm Ropes & Gray LLP Table of Contents Expert Chapters Fiscal State Aid: The Commission Rebuffed 1 William Watson, Slaughter and May Taxing the Digitalising Economy 13 Kat Saunders Gregor & Elizabeth J. Smith, Ropes & Gray LLP Q&A Chapters Austria Luxembourg 19 Schindler Attorneys: Clemens Philipp Schindler & 112 GSK Stockmann: Mathilde Ostertag & Martina Gatterer Katharina Schiffmann Brazil Netherlands 29 Utumi Advogados: Ana Claudia Akie Utumi 122 BUREN: IJsbrand Uljée & Peter van Dijk China Nigeria 36 M&T Lawyers: Libin Wu & Ting Yue 129 Blackwood & Stone LP: Kelechi Ugbeva & Somadina Chidolue Finland 42 Waselius & Wist: Niklas Thibblin & Mona Numminen Norway 135 Brækhus Advokatfirma DA: Toralv Follestad & France Charlotte Holmedal Gjelstad 49 Tirard, Naudin: Maryse Naudin & Ouri Belmin Russia 141 Germany Pepeliaev Group: Andrey Tereschenko & 58 Oppenhoff: Dr. Gunnar Knorr & Marc Krischer Alexandra Shenderyuk Spain Greece 147 64 Kyriakides Georgopoulos Law Firm: Monereo Meyer Abogados: Gustavo Yanes Hernández Panagiotis Pothos, Ioanna Barmpa & & Félix Izquierdo Ahumada Emmanouela Kolovetsiou-Baliafa Switzerland 155 Indonesia Walder Wyss Ltd.: Maurus Winzap, Janine Corti & 72 Mul & Co: Mulyono Fabienne Limacher United Kingdom Ireland 164 81 Maples Group: Andrew Quinn & David Burke Slaughter and May: Zoe Andrews & William Watson USA Isle of Man 174 89 DQ Advocates Limited: Greg Jones Weil, Gotshal & Manges LLP: Devon M. Bodoh, Joseph M. Pari & Lukas Kutilek Italy 94 Zambia Paratore Vannini & Partners: Salvatore Paratore, 182 Riccardo Orlandi & Duccio Landini Eric Silwamba, Jalasi and Linyama Legal Practitioners: Joseph Alexander Jalasi & Mailesi Undi Japan 102 Nagashima Ohno & Tsunematsu: Shigeki Minami 42 Chapter 6 Finland Finland Niklas Thibblin Waselius & Wist Mona Numminen 1 Tax Treaties and Residence A company that is incorporated in Finland will automatically be resident in Finland. At the moment, a company incorporated outside Finland may not be considered resident in Finland by 1.1 How many income tax treaties are currently in force applying the concept of effective place of management (although in your jurisdiction? it could create a permanent establishment in Finland). However, an amendment to the application test has been proposed so that Finland has a fairly extensive treaty network, with approxi- as of 1 January 2021, a company could be deemed as resident in mately 72 income tax treaties currently in force. Finland and generally liable to tax in case its place of manage- ment, i.e. the location where the day-to-day decisions of the 1.2 Do they generally follow the OECD Model highest company organ are made, is located in Finland. This Convention or another model? proposed amendment is, as such, not related to COVID-19, but rather made in response to the international development of tax regulation and tax competition. Finnish tax treaties generally follow the OECD model, with some inevitable variation from one treaty to the next. 1.7 Is your jurisdiction’s tax authority expected to revisit the status of dual resident companies in cases 1.3 Has your jurisdiction signed the tax treaty MLI and where the MLI changes the treaty “tiebreaker”? deposited its instrument of ratification with the OECD? Finland has only ratified the so-called minimum standards of Yes, Finland signed the MLI on 7 June 2017 and deposited its the MLI, meaning that article 4 concerning dual resident entities instrument of acceptance on 25 February 2019. does not become applicable. Thus, the tax liability of dual resi- dent companies shall be determined on the basis of the existing 1.4 Do they generally incorporate anti-abuse rules? clauses in applicable tax treaties. In general, Finnish tax treaties do not incorporate specific anti- 2 Transaction Taxes abuse rules. However, the treaty with the US contains a “limita- tion of benefits” clause and the treaties with the UK and Ireland 2.1 Are there any documentary taxes in your contain a “limitation of relief” clause. Moreover, as a result of jurisdiction? the approval and signing of the MLI, article 7 of the MLI can be applied alongside most Finnish tax treaties. Finally, pursuant to Please see question 2.6 below regarding transfer tax. case law, domestic anti-avoidance rules can be applied in case of artificial cross-border arrangements. 2.2 Do you have Value Added Tax (VAT), or a similar tax? If so, at what rate or rates? Please note any rate 1.5 Are treaties overridden by any rules of domestic reduction in response to COVID-19. law (whether existing when the treaty takes effect or introduced subsequently)? Finnish VAT legislation gives effect to the relevant EC Directives. No, but the Finnish general and special anti-avoidance rules (the There are three rates of VAT: “GAAR” and the “SAARs”, discussed in question 9.1 below) ■ the standard rate of VAT is 24% and applies to any supply can, in principle, apply if there are abusive arrangements seeking of goods or services which is not exempt or subject to the to exploit particular provisions in a double tax treaty, or the reduced rate of VAT; way in which such provisions interact with other provisions of ■ the reduced rates of VAT are 14% (e.g. foodstuff and Finnish tax law. restaurant and catering services); and ■ 10% (e.g. passenger transportation, hotel services, theatre, 1.6 What is the test in domestic law for determining the sporting events, medicine and books). residence of a company? Has the application of the test No reductions have been proposed as a response to been modified in response to COVID-19? COVID-19. Corporate Tax 2021 © Published and reproduced with kind permission by Global Legal Group Ltd, London Waselius & Wist 43 2.3 Is VAT (or any similar tax) charged on all 3 Cross-border Payments transactions or are there any relevant exclusions? 3.1 Is any withholding tax imposed on dividends paid The exclusions from VAT are as permitted or required by the by a locally resident company to a non-resident? Directive on the Common System of VAT (2006/112EC) (as amended), and some examples of exempt supplies are: Dividends paid by a Finnish company to non-residents are, in ■ the sale and letting of real estate (however, a lessor of real principle, subject to Finnish withholding tax of either 20% or estate may opt for VAT); 30%. However, in reality, such withholding is prevented or ■ medical services; reduced by the provisions of the EC Parent-Subsidiary Directive ■ educational services; (90/435/EEC) or an applicable tax treaty. Under most tax trea- ■ insurance services; and ties, the withholding tax rate is usually reduced to 0–15% on divi- ■ banking and other financial services. dends paid to persons entitled to the treaty benefits. However, a withholding tax rate of 35% (or even 50% in certain circum- 2.4 Is it always fully recoverable by all businesses? If stances) may be applied to dividends on nominee registered not, what are the relevant restrictions? shares, when the shareholder is a foreign tax resident, and neces- sary information on the ultimate beneficiary is not provided to When goods and services are supplied for a business subject to the custodian. VAT, input VAT is fully recoverable. If only a part of the busi- Further, dividends paid to a recipient residing in an EEA ness is subject to VAT, only the VAT related to this business Member State are also exempt from tax to the extent that a is recoverable. Certain goods or services used for entertain- Finnish recipient would, under corresponding circumstances, ment purposes are, however, excluded from the general right be partly or fully exempt from tax. This can grant an exemption of deduction. from withholding tax (for example, for certain foreign invest- ment funds or charitable entities). The withholding tax relief is based on EU law and may give foreign investors the right to a 2.5 Does your jurisdiction permit VAT grouping and, if retroactive tax refund claim. so, is it “establishment only” VAT grouping, such as that applied by Sweden in the Skandia case? 3.2 Would there be any withholding tax on royalties Yes. Finance and insurance companies may opt for VAT paid by a local company to a non-resident? grouping. The registration is made in the name of the “repre- sentative member”, who is responsible for completing and Royalties paid to a non-resident are subject to a withholding tax submitting a single VAT return and making VAT payments or at the rate of either 20% or 30%, unless tax treaty provisions receiving VAT refunds on behalf of the group. All members of or the EC Interest and Royalty Directive (2003/49/EC) reduce the group remain jointly and severally liable for any VAT debts or prevent taxation in Finland. Royalties paid to a Finnish of the group. A Finnish branch must generally treat its supplies permanent establishment of a non-resident company are taxed to the overseas head office as taxable supplies in circumstances as income of the permanent establishment and no withholding where the overseas head office is VAT-grouped in its jurisdiction tax is levied. and the branch does not belong to the VAT group. 3.3 Would there be any withholding tax on interest paid 2.6 Are there any other transaction taxes payable by by a local company to a non-resident? companies? According to domestic Finnish tax laws, interest payments to a Transfer of shares in Finnish companies and real property non-resident are normally exempt from tax in Finland.
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