The Finnish forestry taxation system is changing. During 2005 two parallel systems are still in operation; the newer of them is based on true forestry income from timber sales profits. The older system, forest area taxation, is based on calculated forest income, which is taxed annually.
The income for timber sales profit taxation is determined as the difference of receipts and expenditures from forestry during the calendar year. The difference is taxable capital income, taxed at a fixed rate of 28 percent.
From the beginning of 2006, all Finnish forest owners will be taxed on the basis of timber sales income. Timber sales profit taxation will from then on be the only forestry tax system. Capital income from forestry will be treated like any other capital income according to the income tax legislation. The majority of Finnish forest owners opted for the sales profit taxation system from the beginning of the transition period in 1993.
Sales profit taxation is a more transparent system for the forest owner: if there is no timber sales income in a given year, there will be no tax either. The expenditures are declared annually even if there is no income.
|
Отошлите другу это сообщение