According to the Minister of Foreign Trade and Development Kai Mykkänen, they are currently updating the tax policy for the Finnish development fund Finnfund. Yle reported on Monday that Finnfund’s funds have circulated through the Cayman Islands, known as a tax haven. Mr Mykkänen said that Finnfund can no longer use structures, which imply aggressive tax planning. As a rule, Finnfund is steered towards direct investments in the target countries, but when there is no other way to get partner investors, they can use a controlled organisation in another country, but it cannot avoid taxes.
Media: YLE Uutiset
Journalist: Hanna Hanhinen
Main source: Minister Kai Mykkänen