Business Reforms in Finland
= Doing Business reform making it easier to do business. = Change making it more difficult to do business.
Labor Market Regulation: Finland increased the length of the maximum probationary period for permanent employees.
Paying Taxes: Finland made paying taxes less costly for companies by reducing the corporate income tax rate—though it also increased the total rate for social security contributions paid by employers and reduced the allowed deductible amount for owners’ expenses.
Labor Market Regulation: Finland eliminated the requirement to notify a third party before dismissing a redundant employee or group of redundant employees.
Paying Taxes: Finland simplified reporting and payment for the value added tax and labor tax.
Paying Taxes: Finland made paying taxes easier and less costly for companies by extending electronic filing and reducing employers’ social security contribution rates.
Getting Credit: Finland improved its credit information system by assembling regulations relating to the credit information of individuals and companies into one act governing the production, storage, disclosure and use of credit data.
Resolving Insolvency: Finland enhanced its insolvency process through amendments to the Restructuring of Enterprises Act that accelerate hearings and increase the flexibility of proceedings, making it easier for companies to enter reorganization.
Starting a Business: Finland made starting a business easier by reducing the minimum capital requirement and simplifying documentation requirements.