The first quarter of 2025 has been challenging for businesses, with the number of bankruptcies shooting up.
According to figures from the Tax Administration, applications for bankruptcy rose by 57 percent compared to the first quarter of 2024.
That comes after figures from Statistics Finland were released this week showing a record number of bankruptcies were filed in 2024.
The bankruptcies in the first quarter of this year were concentrated in small businesses and single trader outfits. Construction and retail were particularly badly affected.
According to the Tax Administration, similar waves of bankruptcies have not been seen in decades.
Their statistics show that tax debts are increasing among businesses and individuals, in all taxation classes.
