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Exam 10min

What is a Business ID?

Correct! Wrong!

Every Finnish company has a unique Business or community ID. It includes 7 numbers, a hyphen and a control number

Private trader is a partnership and not a separate legal entity from the entrepreneur. True or false?

Correct! Wrong!

Private trader is a partnership and its not obliged to pay corporate taxes, since taxes are paid by the entrepreneurs income tax.

What is the standard VAT rate in Finland?

Correct! Wrong!

24 percent is the standard VAT rate in Finland. This rate has been in effect from 2013.

Are small businesses obliged to keep accounts?

Correct! Wrong!

All businesses are obliged to keep accounts, regardless of the company's size or type.

My income as an entrepreneur is over 10 000 euros and i've been in business for over 4 months. Do I have to get YEL insurance?

Correct! Wrong!

YEL insurance is mandatory if you are 18-67 years old, your income is over 7958,99 euros and you've continuously been in business for over 4 months

What does the new e-invoice legislation mean?

Correct! Wrong!

This means that paper invoices will disappear in the future. For now consumer trade and businesses under 10 000 euros revenue are exempt from this law.

What is the limit for YEL income for the entrepreneur to be entitled to earnings-related allowance?

Correct! Wrong!

Your YEL income has to be at least 13 076 euros for the condition for previous employment to be fulfilled.

What are the two most common company types in finland?

Correct! Wrong!

These two make up for over 90% of all companies in Finland.

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