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Tuesday, September 19, 2023

Millionaire Hit with €121,000 speeding fine in Finland

In Finland, fines for traffic violations are based on the seriousness of the offense and the offender's income.

Finland millionaire faces one of the world’s heaviest traffic fine worth €121,000 (£104,000) for driving km/h (18.6mph) over the limit in Finland. In Finland, fines for speeding are based on a percentage of the offender’s income.

The businessman, Anders Wiklöf, who is 76 years old, said he regrets what happened. He explained that he was starting to slow down when caught speeding. The speed limit suddenly changed from 70km/h to 50km/h, and he was caught driving at 82km/h.

In Finland, fines for traffic violations are based on the seriousness of the offense and the offender’s income. The police can instantly check a person’s income by using smartphones to connect to a central taxpayer database. They then calculate a “day fine” based on the offender’s daily disposable income, usually half of their daily net income. The more a driver exceeds the speed limit, the higher the day fines they receive.

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In Wiklöf’s case, he had been fined for speeding twice before, which worsened the situation. He also had his driving license suspended for ten days.

Anders Wiklöf is a wealthy businessman and the chairman and founder of a company that earns €350 million per year. His name is even on the primary sports stadium in the region where he lives, called the Wiklöf Holding Arena. In 2018, he was fined €63,680 for speeding, and five years earlier, he received a €95,000 ticket for the same offense.

The businessman, Anders Wiklöf, mentioned that he hoped the €121,000 fine, half his disposable income for 14 days, would be put to good use. He stated that he had heard the government in Finland wants to save €1.5 billion on healthcare, so he hopes his money can contribute to filling that gap.

In Finland, the punishment for various offenses, such as shoplifting and violating financial trading laws, is determined based on a sliding scale. This means that the fines increase as a person’s income increases. The idea behind this approach is that just like taxes are higher for those who earn more, fines should also be proportionate to one’s income.