Updated FAQs dealing with changes in the business operations of reporting companies.
The tax administration of Finland on March 7, 2025, updated Section 5 of its FATCA and common reporting standard (CRS) “frequently asked questions” (FAQs), dealing with changes in the business operations of reporting companies.
The question has been updated to reflect reporting obligations—in addition to annual returns—that are required for companies that are closing or merging. The answer was revised to clarify that a company that is ceasing operations must submit annual reports detailing its reportable accounts for the last year of operation, including transactions and closures (ClosedAccount=True).
However, for companies undergoing a merger, reporting depends on whether accounts are closed or transferred to the receiving company.
Read a March 2025 report prepared by the KPMG member firm in Finland