Government measures in key jurisdictions 5th edition - Flipbook - Page 50
Finland
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 and
corona-tests (if relevant for conducting work) for the employees without tax
income implications. These expenses are also considered tax-deductible. The employer
can also provide food for employees in virtually organised recreational events.
If the company’s income has decreased due to Covid-19, the advance tax can now
exceptionally be reduced by self-declaration without interim financial statements or other
written explanations.
Company
law matters
•
Have any measures
been put in place
to accommodate
social distancing
•
(such as remote
general meetings)?
50
On 2 October 2020, the Finnish Parliament adopted a temporary act to extend the
provisions allowing listed companies to deviate from certain provisions of the Finnish
Companies Act relating to the holding of a general meeting of shareholders, in order
to prevent the spread of the Covid-19 pandemic. The legislation corresponds to the
provisions set out in the previous temporary act adopted on 24 April 2020, which was
in force between 1 May 2020 to 30 September 2020. The amended temporary act
entered into force on 3 October 2020 and is valid until 30 June 2021.
The amended 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.
•
As deviation from the previous temporary act in force from 1 May 2020 to 30
September 2020, the amended temporary act does not include provisions on the
extension of the deadline buy which annual general meetings must be organised.
•
As deviation from the previous temporary act in force from 1 May 2020 to 30
September 2020, the amended temporary act does not include provisions on the
extension of the deadline by which limited liability companies must prepare their
financial statements and annual reports, and no other exceptions to the said deadline
are currently in place.
Government measures in key jurisdictions
