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Many retailers advertised price reductions on Tuesday, 5 December, the day that the Finnish Tax Administration paid a total of 2.6 billion euros in tax refunds to 3.7 million Finns.
Many retailers advertised price reductions on Tuesday, 5 December, the day that the Finnish Tax Administration paid a total of 2.6 billion euros in tax refunds to 3.7 million Finns.

 

Finns are less inclined to save their tax refunds than their peers in other countries, according to a survey conducted by Momondo, a travel fare aggregator headquartered in Copenhagen, Denmark.

Finns, the survey found, are intent on saving roughly 15–20 per cent and their peers in other countries an average of 25 per cent of their tax refunds.

“Christmas and tax refunds go so closely hand-in-hand in Finland that at least some of the money is often spent on costs associated with the shopping season. This is probably a factor behind the differences in responses from different countries,” says Miina Malkki, a spokesperson for Momondo Finland.

“In Sweden, for example, tax refunds are typically paid at Midsummer, in the Netherlands at the beginning of January, and in Denmark in April,” she adds.

Olli Kärkkäinen, an economist at Nordea, pointed out earlier this week that the larger the tax refund, the more likely some of it will be put aside for a rainy day.

“A third of people who receive a tax refund of at least one thousand euros save at least some of the refund, while one in eight are planning on purchasing shares or fund units with their refund,” he revealed.

The Finnish Tax Administration paid a total of 2.6 billion euros to roughly two-thirds of Finns on Tuesday. The average tax refund was 712 euros, representing an increase of over 50 euros from the previous year.

Aleksi Teivainen – HT
Photo: Emmi Korhonen – Lehtikuva
Source: Uusi Suomi