Government measures in key jurisdictions 4th edition - Flipbook - Page 48
Finland
•
The VAT Act has been temporarily amended to the domestic sales of goods used for the prevention,
testing and treatment of covid-19 infection and these type of acquisitions from other EU member
states. The amendment applies to sales to producers of public health and medical care and social
welfare services, as well as to organisations approved by Customs. The VAT rate for the sales has
been amended to 0%, i.e. sales are considered so-called zero-rated sales. Consequently, VAT
included in the purchases made for these sales is deductible.
In addition to the legislative level measures above, the Finnish Tax Administration has e.g. extended
filing deadlines of tax returns and outlined that the employees can deduct the expenses for the face
masks in taxation and the employers can offer face masks for the employees without tax
income implications. These expenses are also considered tax-deductible.
Company
law matters
•
Have any measures
been put in place to •
accommodate social
distancing (such as
remote general
•
meetings)?
On 24 April 2020, the Finnish Parliament adopted a temporary act, which allows companies to
deviate from certain provisions of the Finnish Companies Act relating to holding of a general
meeting of shareholders, in order to prevent the spread of Covid-19 pandemic. The temporary act
entered into force on 1 May 2020 and is valid until 30 September 2020.
Under the temporary act, both listed and non-listed companies can hold their annual general
meetings by the end of September 2020, irrespective of the deadlines set by the Finnish Companies
Act or their Articles of Association.
The temporary act makes it possible for listed companies to hold their annual general meetings
remotely so that shareholders may participate in the general meeting only by way of a proxy. The
board of directors of the company may appoint one or more proxy representatives for the use of
shareholders. Alternatively, an annual general meeting of a listed company can be held remotely so
that shareholders may participate in the general meeting only by technical means. A remote
meeting can also be held as a combination of a proxy meeting and participation by technical means
in which case also shareholders’ proxy representatives can participate in the meeting only by
technical means.
•
Regardless of whether a general meeting is organised by using one of the above options or as a
combination of them, a physical general meeting must be held. At least the chairman of the
meeting and the person appointed as scrutiniser of minutes must attend the meeting in person.
•
The temporary act also allows limited liability companies whose financial term has ended between
30 November 2019 and 29 February 2020 to prepare their financial statements and annual reports
by the end of June 2020. Limited liability companies whose financial term has ended between 1
March 2020 and 24 March 2020 may upon certain conditions, prepare their financial statements
and annual reports later than within the normal four months of the end of the financial term based
on the general exemption issued by the Finnish Accounting Board on 25 March 2020.
•
On 3 September 2020, the Finnish Government issued a proposal to extend the validity of the above
temporary act until 30 June 2021 so that listed companies can organise their general meetings to be
held in autumn 2020 and spring 2021 completely remotely until the end of June 2021. No
amendments are being proposed as regards the possibility to deviate from the deadlines for the
meetings. The proposed act applies only to listed companies.
Government measures in key jurisdictions
48