A shipping company which is subject to tax in Finland can choose between ordinary corporate income tax or tax under the Tonnage Tax Act. However, the shipping industry found the tonnage tax scheme unattractive and inflexible. Therefore, the government recently amended the act. It remains to be seen whether shipping companies will opt for tonnage tax in the future.
Partners Matti Komonen and Herman Ljungberg at Hammarström Puhakka Partners, Attorneys Ltd, have written an update on this matter. The update titled “Amendments to Tonnage Tax Act” has been published in the International Law Office’s newsletter on 2 May 2012.