Government bill for amending the finnish business income tax act

On 17 October 2008 the Finnish Government issued a Bill to amend the current Business Income Tax Act in accordance with international financial reporting standards and recent development in bookkeeping legislation.

The Bill proposes amendments to the current Business Income Tax Act regarding e.g. taxation of unrealized changes in the values of certain financial instruments and exchange rates, determination of acquisition costs of goods, valuation of inventories and income spreading in taxation. The Bill also proposes to renounce the schematic credit loss reserve system.