Minister of Finance Jyrki Katainen (Nat. Coalition Party) says that in the future, inheritance tax will be levied only on legacies of more than EUR 20,000. At present, all inheritances of more than EUR 3,500 are taxed.
Katainen is the chairman of the conservative National Coalition Party, and lower inheritance tax was a central part of his party's election platform.
In an interview with the media company Alma Media, Katainen said that the changes will take effect as of next year. He says that the move will cost the state about EUR 160 million in lost revenue.
Katainen first spoke about his plan in May, but at that time he did not specify when it might take effect.
The Ministry of Finance begins work on Tuesday on a proposal for next year's national budget.
