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Tax Treaty Case Law around the Globe 2015

1. Aufl. 2016

ISBN: 978-3-7073-3381-7

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Tax Treaty Case Law around the Globe 2015 (1. Auflage)

S. 221Finland: KHO 2014/2117 (119) – Does Article 9 Allow Reclassification of Hybrid Debt as Equity in Finland?

Marjaana Helminen

I. S. 222Introduction

On 3 July 2014 the Supreme Administrative Court of Finland (Korkein hallinto-oikeus, KHO) gave a very important decision on the issue of whether the Finnish domestic law transfer pricing adjustment provision of VML Section 31 together with the associated enterprises article of tax treaties (Article 9 of the OECD Model) and the OECD Transfer Pricing Guidelines allows the reclassification of hybrid debt as equity for tax purposes and complete denial of interest deduction. The Court answered no, it does not. This decision clarified the very unclear legal situation in Finland.

II. Facts of the case

The case concerned a Finnish subsidiary company limited by shares (osakeyhtiö, Oy) with a Luxembourg resident parent company. The Finnish company had received a loan of EUR 15 million from the parent company and had during the tax year concerned paid interest amounting to EUR 1 337 500 on the loan. The loan included certain hybrid elements. It was subordinated and it was treated as equity for IFRS purposes. The loan had no maturity date and it was unsecured. ...

Tax Treaty Case Law around the Globe 2015

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