ISTANBUL

The Finnish parliament on Wednesday approved reforms to the country's inheritance and gift tax legislation, raising the minimum threshold.

The revised legislation will raise the minimum inheritance tax threshold from €20,000 ($23,333) to €30,000 ($35,000), and the gift tax threshold from €5,000 ($5,832) to €7,500 ($8,750), according to the broadcaster Yle.

Once the new legislation takes effect at the start of next year, inheritances below the new threshold will be exempt from tax.

Finland is moving to ease an inheritance tax that has remained unchanged since 2009, after the government —pushed by Prime Minister Petteri Orpo’s National Coalition Party, which ultimately wanted the tax abolished — concluded that fully scrapping it is not currently feasible.