Legal Alert – Act on the Supervision Fee for Foundations
The Finnish government has given on 19 September 2013 a government bill on a new Act on supervision fee for foundations the purpose of which is to cover the costs incurred from the supervision of foundations. The new supervision fee will be an annual payment which would replace the handling fee for the foundation’s annual report. In addition, the purpose of the new fee is to cover other costs related to the supervision of foundations. The amount of the supervision fee would be calculated on the basis of the balance sheet total defined in the most recent adopted balance sheet of the foundation. According to the government bill, the supervision fee would be EUR 120 if the balance sheet total is up to EUR 100,000; EUR 250 if the balance sheet total exceeds EUR 100,000 but is up to EUR 10,000,000; and EUR 500 if the balance sheet total exceeds EUR 10,000,000. The proposed new Act is intended to take effect on 1 January 2014.