Finland Tax Agency Updates Guidance on Tax Treatment of Life Insurance
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Finland Tax Agency Updates Guidance on Tax Treatment of Life Insurance


The Finnish Tax Administration issued Guidance No. VH/1084/00.01.00/2024 on personal income, inheritance and gift tax treatment of life insurance on 4 April. The update includes clarification on deduction of interest on loans taken for savings life insurance as interest on income-generating loans. Topics covered include: 1) relevant definitions; 2) Taxation on insurance loss when the amount paid by the policyholder exceeds the amount paid to him as insurance; 3) taxation on buyback payments associated with fractionally owned life insurance; 4) the exchange rate applicable to insurance taken out in a foreign currency; and 5) treatment of…


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