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Finland

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About

Finland

Capital
Official languages
Population 
Currency

ISO 4217

Helsinki

Finnish and Swedish

5.5 million

Euro

EUR

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Economy

Finland has a strong and stable economy, with a GDP of $269.7 billion in 2019. The country has a high standard of living, with a per capita GDP of $50,845 in 2019. Finland also has a low unemployment rate of 6.2%, and a low inflation rate of 1.2%. The country has a strong export sector, with exports accounting for 33.2% of its GDP in 2019. Finland is also a major producer of renewable energy, with renewable energy sources accounting for 33.2% of its total energy production in 2019. The country is also a major producer of technology, with the technology sector accounting for 17.2% of its GDP in 2019. Overall, Finland has a strong and stable economy, with a high standard of living and a strong export sector.

Taxation

Finland has a progressive tax system, meaning that higher incomes are taxed at a higher rate than lower incomes. Both corporations and individuals are subject to taxes in Finland.


Corporate taxation in Finland is currently at a flat rate of 20%. However, there are some deductions and allowances available, such as those for research and development, investment in machinery and equipment, and charitable donations.


Individuals in Finland are subject to a progressive tax system that includes both national and local taxes. The tax rates for national income tax range from 6% to 31.25% depending on the income level. Local taxes, which vary by municipality, are typically in the range of 16%-22%.


The tax year in Finland runs from 1 January to 31 December, and tax returns must be filed by 2 May of the following year. Taxpayers can file their returns electronically or on paper. Tax payments are typically due in two instalments, with the first instalment due in February and the second instalment due in May.


Taxpayers in Finland can choose to pay their taxes either monthly or in a lump sum. Monthly payments are based on the previous year's tax assessment and are paid on the 12th day of each month. Lump sum payments are due in September and can be paid either online or at a bank.


In addition to income taxes, there are also taxes on capital gains, dividends, and other types of income. Employers are also required to withhold taxes from their employees' paychecks and remit those taxes to the government on a monthly basis.


Finland has a relatively high tax rate compared to some other countries, but it also provides a high level of public services, including healthcare, education, and social welfare programs.

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