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Finland Consults On Financial Supervision Fee Changes

by Ulrika Lomas, Tax-News.com, Brussels

02 July 2016


An expert working group has proposed amendments to Finland's Financial Supervisory Act that could result in an increase in supervisory fees for financial institutions.

Supervisory fees are effectively a tax on regulated entities in Finland and are used to cover the cost of the Financial Supervision Authority's regulatory activities. Depending on the regulated entity in question, fees can be fixed, based on a proportion of the entity's last financial statement, or a combination of the two.

The expert group, which includes representatives from the Ministry of Social Affairs and Health Ministry, the Bank of Finland, and the Financial Supervisory Authority, has proposed a seven percent increase in the basic fixed fee, and a five percent reduction in the pro rata fee.

The group has also proposed a new three-tier fee structure for authorized branches of credit institutions from European Economic Area countries that are operating in Finland. This new fee structure would be based on the extent of the branch's Finnish operations.

A public consultation on the proposals was commenced on June 22 and will conclude on August 19, 2016.

TAGS: tax | financial services | fees | Finland | services | Europe

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