Tax Around the World: Finland June 23, 2006
Today’s series on Tax Around the World features Finland. Taxation of an individual’s income in Finland is progressive. The tax rate for an individual in 2005 was between 10.5%-33.5%. In addition to direct taxation there is also municipal tax in Finland. This tax is payable by an individual on his or her income and it fluctuates between 15% - 20% depending on the municipal authority.
The following table shows Finland’s individual income tax rates for 2006:
2006 Finland Tax Brackets
| Tax Base - Euro | Tax Rate |
| 0 - 12,200 (US$ 15,350) | 0% |
| 12,200 - 17,000 (US$ 21,389) | 9.0% |
| 17,000 - 20,000 (US$ 25,164) | 14.0% |
| 20,000 - 32,800 (US$ 41,269) | 19.5% |
| 32,800 - 58,200 (US$ 73,227) | 25.0% |
| 58,200 and over | 32.5% |
(n.b.: as of 6/22/06, 1 USD = 0.794786 Euro)
Some facts about Finland:
- Its population is 5.2 million.
- The capital Helsinki has 560 000 residents.
- Finland is the sixth largest country in Europe in area.
- No tuition fees for full-time students. Attendance is compulsory between the ages of 7 and 16, and free meals are served to pupils at primary and secondary levels.
- Finland has consistently been among the highest scorers worldwide; in 2003 Finnish 15-year-olds came first in reading literacy and science, and second in mathematics, worldwide.
- Nokia, based in Espoo, Finland is ranked 130 in the Fortune Global 500 with US$36billion in revenue in 2005.
Source:
~ www.nordisketax.net
~ Thanks to x-rates.com for the currency calculator.
- Posted in : Tax Brackets Around the World
- Author : Kyle
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