(MENAFN) The Finnish parliament passed sweeping inheritance and gift tax reforms Wednesday, dramatically elevating minimum thresholds in a compromise move that stops short of full abolition.

Under the newly approved legislation, the inheritance tax floor will surge from €20,000 ($23,333) to €30,000 ($35,000), while the gift tax baseline jumps from €5,000 ($5,832) to €7,500 ($8,750), a broadcaster confirmed.

When the revised law takes effect at the beginning of next year, any inheritance falling below the updated threshold will escape taxation entirely.

Finland is modernizing an inheritance tax structure frozen since 2009, following intense pressure from Prime Minister Petteri Orpo's National Coalition Party, which had advocated for complete elimination of the levy but ultimately determined total abolition remains unfeasible at present, the government concluded.

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