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Waselius & Wist advised Inlook Oy, the leading Finnish service company supplying interior building solutions, in the acquisition of the assets of Jahti-Rakennus Oy. Inlook employs over 400 people with annual sales of some EUR 65 million.
Waselius & Wist advised Loomis AB, one of the world’s leading cash handling companies, in its acquisition of Intermarketing Oy. Intermarketing provides cash recycling solutions to customers in the bank and retail sector.
The Government Bill, including draft legislation on the implementation of MiFID II (Directive 2014/65/EU on markets in financial instruments), was presented before Finnish Parliament on 26 October 2017. The purpose of the proposed legislation is to implement the provisions of the MiFID II and make necessary adjustments to the currently applicable Finnish legislation as required by the MiFIR (Regulation 600/2014 on markets in financial instruments).
According to the Government Bill, the Finnish Investment Services Act (747/2012) will be amended to reflect the scope of application and exemptions included in the MiFID II. New provisions on
high-frequency algorithmic trading, product governance and the use of incentives, as well as specifications in relation to the safekeeping of financial instruments belonging to clients will be included in the Investment Services Act. The Government Bill also proposes the enactment of a new Act on Trading in Financial Instruments to reflect the MiFID II provisions regarding the operations of organized trading facilities and transparency requirements included in the MiFIR. Amendments to the Act on the Finnish Financial Supervisory Authority will also include a substantial increase of the sanctioning powers of the Finnish regulator.
The amended acts are expected to enter into force on 3 January 2018.
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The Finnish Tax Administration informed last week that it will follow the guidelines established by the Finnish Supreme Administrative Court (“SAC”) in two recent rulings dealing with transfer pricing arrangements between entities of the same corporate group.
The first ruling (KHO:2017:145) upheld the principle that the tax assessment shall, as a rule, be based on the legal form of the transaction. Accordingly, the application of the Finnish structural adjustment rule calls for strict formality and transactions may be recharacterized in accordance with its substance rather than its form only in exceptional circumstances and in cases of clear tax avoidance. The ruling emphasizes the parties’ freedom of choosing the form of the transaction and determining the applicable transfer pricing methods.
The latter ruling (KHO:2017:146) deals with appropriate charges for low value-adding intra-group services. The SAC held that to the extent intra-group services comprise of general administrative or back office and support services as provided for in the Chapter 7 of the OECD Transfer Pricing Guidelines, a profit margin of 3% will generally be deemed sufficient. Taxpayers are thus encouraged to review the applied profit margins and make necessary amendments already during the current tax year.
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Two Q&A guides to Tax on Transactions in Finland. Published by Thomson Reuters Practical Law, October 2017.
The Q&A guides provide a high level overview of tax and finance tax in Finland, looking at key practical issues including, the main taxes, reliefs and structures used in share and asset sales, dividends, mergers, joint ventures, reorganisations, share buybacks, private equity deals and restructuring and insolvency. They also focus on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, securitisations, the Foreign Account Tax Compliance Act (FATCA) and bank levies.
A Q&A guide to private mergers and acquisitions law in Finland. Published by Thomson Reuters Practical Law, October 2017.
The Q&A gives a high level overview of key issues including corporate entities and acquisition methods, preliminary agreements, main documents, warranties and indemnities, acquisition financing, signing and closing, tax, employees, pensions, competition as well as environmental issues.
Waselius & Wist is once again ranked as one of the top law firms in Finland by the recently published IFLR1000 annual guide to the world’s leading financial and corporate law firms and lawyers. The firm is highly ranked in all practice areas included in the research (Banking & Finance, Capital markets, Corporate and M&A, Project development).
The guide recognize our partners Jan Waselius and Tarja Wist as “Expert consultants”. Only five lawyers in Finland are ranked as Expert consultants. Partners Christoffer Waselius, Fredrik Lassenius and Lauri Peltola are ranked as “Highly regarded” and Timo Lehtimäki as “Rising star”.
We are delighted to receive continuous praise and acknowledgement by our clients and peers. Quotes in IFLR1000’s 2018 edition include:
“Waselius & Wist are highly attentive, user-friendly and plugged into international business. They are competent and diligent in their service delivery.”
Performance surpassed expectation. Response was very quick and well organised. […] The requirement level which international companies expect from law firms is rather high, but Waselius & Wist could fulfil such wilful demands.”
Waselius & Wist’s Partner Bernt Juthström has been recognised as Lawyer of the Year 2017-2018 in Finland in Intellectual Property law by Best Lawyers®. Only one lawyer is recognized as “Lawyer of the Year” for each speciality and location.
Our partners Jan Waselius, Tarja Wist, Niklas Thibblin, Lotta Pohjanpalo, Tanja Jussila and Lauri Peltola were also recommended by Best Lawyers®. The “Best Lawyers in Finland 2017-2018” list is based on a survey process in which leading lawyers confidentially evaluate their professional peers.