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News on current topics and our services in Finland

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New: combined deduction for R&D activities in Finland

Starting from the tax year 2023, Finland has implemented a new tax incentive concerning research and development endeavours. The Law on Additional Deductions for Research and Development Expenses (1298/2022) entered into force on January 1, 2023.

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CFOs Can Now Also Find Sustainability Strategy on Their Plate

Traditionally, sustainability has mainly fallen within the purview of the Chief Financial Officer (CFO) in terms of reporting. The CFO often has access to the necessary information and numbers for reporting purposes. However, reporting is inherently backward-looking.

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Finnish Annual Leave and Holiday Pay Regulations

In Finland, according to the Annual Holidays Act, employees have the right to receive salary for their annual leave. The company is required to pay not only the salary but also the fringe benefits and other non-wage labour costs during the vacation period.

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The New Pay Transparency directive: How Should You Prepare?

On March 30, 2023, the European Parliament approved the pay transparency directive, which is a step towards a more equal workplace. The directive aims to strengthen the implementation of the principle of equal pay for women and men by increasing pay transparency.

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Employers’ new obligations concerning employees older than 55 years

Legislative changes concerning employees at least 55 years old entered into effect on 1 January 2023. The aim of these changes is to promote the employment of elderly employees and reduce the discrimination they face on the job market.

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Year-end 2022 changes in Finland

Summary for employers of statutory changes in financial and payroll administration at the turn of the year 2022-2023.

Download the summary

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A Christmas present for an employee - what is taxable and what is tax-free?

As Christmas approaches, many employers give presents to their employees. Hopefully, the employer has remembered to find out how the tax authority views the employer's gifts. Will the tax authority consider the gift as taxable earned income, comparable to a salary or is it tax free?

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IFRS or FAS – which financial reporting to choose when operating in Finland

When doing business in Finland you might face a question whether to do financial reporting according to FAS or according to IFRS.

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The family leave reform

The family leave reform and its impact on annual leave

In Finland the family leave reform brought with it a number of changes related to the names and durations of family leaves and the accumulation of annual leave, among other things. 

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Concluding a contract of employment in Finland

A contract of employment should be drawn up carefully, as that will eliminate the possibility of misunderstandings because both parties have identical information regarding the terms of the contract. In the event of a dispute, this also allows you to review the contract as regards the issue at hand if the contract has been concluded in writing.

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Changes in the Finnish Labour Legislation Autumn 2022

We have listed some key changes to the Employment Contracts Act and the Working Time Act in this blog. The changes are valid of August 1st, 2022.

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Protect your business

Protect your business from scams

Recently, there have been news in Finland about how unknown people have managed to get themselves listed as company board members in official data sources by sending fake applications to the Finnish Patent and Registration Office - PRH.

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How can automation make life easier for the CFO?

There are both positive and negative interpretations and predictions about the transformation of financial management tasks and job descriptions brought about by automation and artificial intelligence. 

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Scam attempts directed at companies are becoming increasingly skillful

Many Finns have themselves been scammed, or at the very least they know somebody whose credit card number has been leaked or whose online marketplace purchase went awry. Scammers target companies as well, and scams are especially numerous in the summertime. 

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Family on family leave

New family leave model and right to return to work after the family leave

The Finnish parental allowance system where Kela (Finnish social security institution) offers financial assistance to families will be reformed and the new Act will come to effect on 1 August 2022. Kela pay allowance starting from pregnancy leave and during various types of family leave. Family leaves are based on the Employment Contracts Act.

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SMEBarometer report

Azets SME Barometer Report 2022

The second wave of the Azets SME Barometer was carried out in January 2022 with 1,093 SMEs participating across the geographies in which Azets operate: Denmark, Finland, Norway, Sweden and the UK. It follows the first wave of the Azets SME Barometer conducted in April and May 2021.

Read more and download the report


New Legislation: Work Community Development Plan to Be Drafted

Finnish Co-operation Act was revised in the beginning of 2022. According to it, a work community development plan must be drafted by companies. The Act is a central piece of Finnish employment legislation and concerns the legislation of co-operation between the employer and the employees in the private sector. It applies to companies with at least 20 employees in Finland.

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The Finnish accounting obligation extends to some foreign companies

On 18 November 2021, the Finnish Government gave a proposal for legislation to the Parliament on changing the Accounting Act to set an obligation for some foreign entities to keep accounting records in certain situations in Finland. 

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Payroll automation increases accuracy and efficiency

When was the last time you looked at your payroll processes and their automation from a new perspective?

Verifying input data and transferring it between various processes and information systems is time consuming. Reducing the manual processing of data results not only in a more efficient process and cost savings, but also in better quality and fewer human errors.

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Azets Finland sustainability report

Our sustainability report is built using our own reporting process and refers to the GRI -standard. GRI -standard (Global Reporting Initiative) is a well regarded and widely applied sustainability reporting standard. Our sustainability report focuses on impacts from four sustainability dimensions and lists our efforts to improve and manage sustainability in Finland.

Download the latest report from here and familiarize yourself with Azets Finland’s sustainability

Download the executive summary of the report.


The Problem of Permanent Establishment

Whenever a company operates overseas, there are a lot to things to consider. Among all other compliance matters, taxation is one issue that directly affects the feasibility of expanding business operations. Local tax authorities are usually keen to contact the company and investigate what possible tax liabilities the company has. Finland is no exception to this rule.

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Do you have plans for doing business in Finland?

Expanding into a foreign country for business can be tricky. Reporting obligations, registrations and other compliance requirements can cause confusion. It’s often helpful to acquire a local specialist to help meet all the compliance needs and to explain basics of Finnish business requirements.

Read our tips

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Accounting work is changing

Automation, artificial intelligence and their impact on accounting have been a hot topic for a long time. Bleakest estimates suggest that jobs in accounting will disappear when machines replace humans. Jobs will not disappear, but they will change – for the better.

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Risk management in financial management

In a rapidly changing world, risk prevention and the anticipation of change play even a greater role, and financial management and payroll administration are no exception to this. Risk management has traditionally been seen as a technical problem that can be solved with different systems and technical measures. 

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What should be considered in workforce optimisation?

Every leader is faced with the same challenge: how to simultaneously guarantee the profitability of the company’s business and employee satisfaction. How to improve efficiency without compromising well-being?

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Competitive sustainability: why now is the time to become sustainable?

Sustainability, sustainable development, corporate responsibility. These words have become increasingly common amongst businesses to display actions for commitment on becoming more sustainable. However, are the words simply buzzwords reflecting the trends or do the words actually pose some truth in them?

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