Finland Tax Agency Posts Preliminary Decision Clarifying Application of Special Taxation Procedure for Certain Insurances

The Finnish Tax Administration May 17 posted online Central Tax Board Preliminary Decision No. KVL:2024/13, clarifying the application of the special taxation procedure for certain insurances. The taxpayer, an individual taxpayer who owned an investment-linked savings life insurance policy through a foreign insurance company, sought clarification regarding whether the special taxation procedure for certain insurances under Section 35b of the Income Tax Act (TVL) applied to insurance proceeds received under certain circumstances. The Central Tax Board found that: 1) the special taxation procedure applies where the policyholder, or a person designated by the policyholder, had an opportunity to exercise the ...