if you use all your raised capital on business expenses you can't write off corporate taxes in Finland?
I don't see why or how we would use all our raised capital on business expenses during the first or any financial term. Sounds impossible and stupid. HEAT is not a finanically inefficient socialist community where you've got to spend all your funds before the year is over, to get a new grant from government or whatnot. We're business and need to do sound financial planning. Rather than trying to find holes to burn investor capital to, we do the opposite of aiming for lower burn rates and use capital only where necessary.
You have to pay tax before expenses??
Yes indeed that's the case on some classes of expenses as unbelievable as it is, however the bulk of the load in business expenses comes from 24% VAT on all services rendered by us, or those we contract work / services from, and the 30% to 50% expenses they have to pay to be able to spend the money we pay for their services. In high bureaucracy cost environment you only have to chain a couple of operators to see the bulk of the money gone to the state, well that's unfortunately the case in most western countries anyway these days although a few % points can make a big difference in many circumstances.
Additionally, we pay capital gains tax on all profits incurred by rise in BTC value between the time it was obtained and the time it was sold / used, without the possibility to deduct similar losses in capital gains.
That's not nearly all. Running business and even being aware of all the multiple aspects involved in accounting, budgeting etc. actually isn't the investors' business nor is it possible to teach the investors all the particularities. It's our business which we do as well as we can, with financial professionals using their knowledge to take care of the details.
How the hell could any company survive this?
You've got to practice financial prowess - which we do - and then in fresh regulatory environments such as cryptocurrency legislation you can benefit greatly when compared to the old school business. That's why we set up shop over here instead of striving for environments that may have an impression of lower tax % etc.
Or are you saying you are paying yourselves nice salaries and have personal income tax requirements?
Expenses on salaries are high, not only the tax. Yes we of course do pay salaries and compensations from seed funds as required.