Public Business Support and Funding

TABLE OF CONTENTS PREVIOUS CHAPTER TAXATION NEXT CHAPTER 32 2 od. The frequency of submitting periodic tax returns and making payments is dependent on the agreed length of reporting periods. The alternatives are monthly, quarterly, and yearly. To work out VAT payable, subtract the total in- put VAT on monthly purchases from the sum total of VAT that has been added to the prices of sold goods and ser- vices during the month. Tax payments are made to bank account of the Tax Admin- istration. Some tax payments are based on an official deci- sion sent to the taxpayer (the exact amount and due date in the decision). Other payments are based on self-initiat- ed, unprompted action. The taxpayer should calculate the exact amount and ensure payment by the correct due date. Altogether, the taxation of a business consists of tax payments and declarations: • Value added tax must be paid on sales. • • Taxes withheld at source and social security contribu- tions must be paid from wages paid by companies. A company's income tax is determined as based on profit. A company must disclose VAT and income taxation infor- mation to Tax Administration. In addition, entrepreneurs must pay personal income tax from their wages and dividends. Taxation varies by type of company and because of differ- ent circumstances. Please find more detailed information from your accountant or from the Finnish Taxation office. Corporate tax % 2021 Finland Sweden United States Norway Denmark Italy Spain China Netherlands France Germany Japan Tax payments are made to bank accounts of the Tax Administration. 20,0 20,6 21,0 22,0 22,0 24,0 25,0 25,0 25,0 26,5 30,0 30,6

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