Finland Tax Deductions

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Finland Tax Deductions

Finland Tax Relief

The employer is obligated to deduct tax at source from an employee and to make additional contributions to social security.
  • All forms of relief apply only to Finnish residents.
  • The following amounts are subject to the definitions in law:

Class of Relief. Amount - EUR.
Interest on a loan. Allowable when deducted from capital gain.
Standard deduction for an employee. 750 EUR.
Travel to and from work. Up to EUR 7,000
Professional literature. Fully allowable for an employee.
Compulsory social security payment. Allowable.
Optional social security payment. Allowable to a limit.

Individual Relief (2001) Amount - CYP
Donations If agreed, to a limit of CYP 20,000.
Over CYP 20,000 - 50% of the amount
With no agreement, between CYP 5 - 150, depending on the monthly income.
Life Insurance Up to 1/6 of the taxable income.
Child allowance An allowance of CYP 500 for a child under the age of 16 who is not working or studying.
An allowance of CYP 1,500 for a child who is studying at an institute of advanced studies.
An allowance of CYP 500 for a child who is serving in the national guard.
Old age allowance An allowance of CYP 1,500 is granted to any person over the age of 65.
Life partner A reduction of CYP 500.
Professional membership dues The entire amount is allowable
Interest On a loan for a residence up to CYP 500
Other interest, up to CYP 100.
Income from rent 20% of the income is tax exempt.

Greece Tax Exempt Income

The following are eligible for an exemption from income tax on the forms of income specified:
  • An individual's income up to CYP 6,000 per resident.
  • An individual who receives a pension in Greece from overseas employment, to a limit of CYP 2,000.
  • Interest on an individual's income from a government savings plan or from a mortgage company.
  • Bank interest paid on deposits from overseas by a Cypriot bank to a foreign resident who is resident in Greece.
  • Part of capital gains that are received by an individual on the sale of real estate - see under the heading "Capital Gains" for fuller details.

Business Deductions 2018

  • Offset of losses - A loss may be offset forward for 10 years ,restricted if more than 50% of the company's shares are transferred in the year of loss. There is no carryback for losses.
  • Transactions between affiliated parties when the sum of the transaction is significantly higher than the market price are not allowable.
  • Thin Capitalization - In general interest expense between related companies is deductible up to 25% of the income subject to certain exemptions.
  • Consolidated Returns -Such returns are not allowed in Finland subject to certain terms.

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