MPs present for Tuesday’s parliamentary sitting expected to discuss government’s contentious securities legislation, but the bill was pulled from the agenda and a vote scheduled for Wednesday was also indefinitely postponed.
Among other things, the measure would make it possible for Finns to transfer ownership of securities to an overseas nominee register that does not show the names of actual share owners. Critics of the bill have included police, tax authorities and prosecutors, who have expressed concern that it would increase the possibility of tax evasion and facilitate insider trading.
The Finns Party has also been critical of the measure since it was previously tabled in 2015, under the stewardship of then-Finance Minister Alexander Stubb. However Juha Sipilä's then-fledgling government later scrapped the legislation in the face of broad opposition.
On Tuesday, the government coalition partner once more expressed opposition to the bill and blocked its progress following an extraordinary meeting of MPs.
"Under the current circumstances, we police MPs will not approve the bill," said Finns Party MP Veera Ruoho following the meeting.
Tax penalty for witholding share ownership info
Finns Party lawmaker and chair of the parliament’s Finance Committee Kaj Turunen declined to comment on the matter. He had reportedly been one of the bill’s staunchest opponents; however after the government’s mid-term review in April, he reversed his position and he and his fellow MPs voted in committee to proceed with the legislation.
At the time, Finns Party MPs agreed to the addition of a binding statement to the bill, according to which government would increase the withholding tax on individuals who do not voluntarily disclose their share ownership holdings to tax authorities.
Newly-installed chair of the Finns Party’s parliamentary group Toimi Kankaanniemi said that the situation had become complicated.
"Legislating withholding tax is not as simple as it originally seemed after all," Kankaanniemi said.
Finns Party MPs hope that lawmakers will decide on the withholding tax penalty at the same time that they consider legislation facilitating the nominee register.
Social and healthcare reform moves forward
Meanwhile, government has submitted a bill to Parliament aimed at increasing freedom of choice in health and social services.
The move is part of a broader reform of health and social services and regional administrations, commonly known as 'sote'.
The government says that the bill will allow individuals to choose themselves where to get health and social services, which would be provided by public, private and third-sector operators, including organisations and foundations.
It wants the law to take effect at the beginning of 2019. This is the second bill presented to Parliament including elements of the massive reform of social and healthcare.
