Finland Income Tax Rates for 2014
Finland Income Tax Brackets
|Tax Bracket (yearly earnings)||Tax Rate (%)|
|€0 - €15,200||0.00%|
|€15,200 - €22,600||6.50%|
|€22,600 - €36,800||17.50%|
|€36,800 - €66,400||21.50%|
|€66,400 and up||30.00%|
Finland has a bracketed income tax system with five income tax brackets, ranging from a low of 0.00% for those earning under €15,200 to a high of 30.00% for those earning more then €66,400 a year.
How does the Finland Income Tax compare to the rest of the world?
Finland has one of the lowest income taxes in the world, charging a maximum income tax of 30.00%. Countries with similar tax brackets include Poland with a maximum tax bracket of 32.00%, Iceland with a maximum tax bracket of 33.00% and Turkey with a maximum tax bracket of 35.00%. Keep in mind that our ranking measures only nationwide income taxes, and does not account for local income taxes at state, province, or municipal levels.
|Maximum Income Tax||Income Tax Allowance||World Tax Rank|
|30.00%||€0 ($0 USD)||24th of 34|
What is the Finland Income Tax?
Finland's personal income tax is a bracketed income tax that must be paid yearly by all citizens to the government of Finland. Failure to pay, or underpayment of, the Finland income tax can result in high fees, fines, or jail time.
In addition to Finland's income tax, other taxes may apply to wages or profits earned, including social services, medical care, and capital gains taxes.
Finland Income Tax Allowance
Finland provides most taxpayers with an income tax allowance of €0, which can be kept as a tax-free personal allowance. Finland's tax credit is a
A tax credit is a fixed amount of money that may be kept by taxpayers without paying any income taxes. Generally, a tax credit is subtracted from your gross income before your taxable income is calculated.
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