The deadlines for corrections to the individuals tax return in Finland

All pre-completed tax returns are available already in the Finnish Tax Administration's e-service MyTax (OmaVero). They will arrive by post by the end of April at the latest. If you have started using the Suomi.fi messaging service, the paper tax return form will not be sent to your home, i.e. information can be seen only in MyTax (OmaVero).

Check your income and deductions information on the pre-completed tax return. You can see the final result of the tax assessment in the tax decision or the preliminary tax decision. The tax decision pre-calculates the final tax result, taking into account information received from employers, banks, etc.

The tax decision will tell you if you have to pay the tax or get a refund. If you have to pay a residual tax, you will receive payment information at this stage. However, this is just an estimate. Taxation will change if you provide the information on additional income or deductions, i.e., make corrections to your tax return. In this case, you will receive a new tax decision and information on the payment date of your tax refund or the due dates of your back taxes. The new decision is likely to come in the summer.

NOTE: A living abroad must also file a tax return in Finland if he or she receives income from Finland other than withholding tax-at-source. Such a person is regarded as a non-resident taxpayer. Income to be reported includes, for example, capital gains from the sale of a property in Finland and rental income.

Deadlines for the tax return

There are three tax return deadlines. You can check the deadline date on your pre-completed tax return and in MyTax (OmaVero). The deadline is one of the following: 4.5., 11.5. or 18.5.2021. For the spouses, it’s always the same day.

If there is no need to correct or make additions in the tax return, you do not have to do anything.

The tax return must be filed by the due date. If you file a tax return late, you will have to pay a late fee of € 50. In practice, the fee is usually charged only if the notice is more than three days late.

If you declare your income late and only after taxation has already been completed, a tax increase may be imposed instead of a late fee. The amount of the tax increase is usually 2% of the increase in taxable income.

However, no late fee or tax increase is charged if the deductions or other important information you file late decrease the amount of your taxes or taxable income.

YOU HAVE TO CHECK:

• Personal information
• Account number (especially if you are receiving a tax refund)
• Earned income such as wages
• Dividend income
• Capital gain or capital loss
• Trade union membership fees (Ay-jäsenmaksut)
• Pension contributions
• Payments for voluntary pension insurance and long-term savings accounts (Ps-tili, pitkäaikaissäästötili)
• Interest on debt
• Tax withholding, tax prepayments and additional prepayments
• Assets and liabilities

YOU HAVE TO ANNOUNCE:

• Missing earned income (Omavero or Form 50A)
• Rental income (Omavero or forms 7H, 7K, 7L)
• Capital gain or capital loss (Omavero or forms 9 and 9A)
• Capital income and deductions (Omavero or form 50B)
• Capital income from foreign sources (Omavero or form 16B)

YOU CAN REQUEST:

• Deductions for travel expenses, Matkakustannukset (Omavero or Form 1A - 1D)
• Deductions for expenses for the production of income relating to wages, Tulonhankkimiskulut (Omavero or Form 50A)
• Tax credit for household costs, Kotitalousvähennys (Omavero or Form 14A, 14B or 14C)
• Deduction for a second home for work, Työasuntovähennys (Omavero or form 19)
• Tax credit based on child support payments, Elatusmaksut (Omavero or form 50A)
• Special tax deduction for reduced capacity to pay taxes, Veronmaksukyvyn alentumisvähennys (Omavero or Form 50A)
• Transfers of deductions to the spouse, Puolisosiirrot (Omavero or Form 50B)
• Income spreading, Tulontasaus (Omavero or Form 50A)

Retention period for documentation

Recommended retention period for receipts and documentation is 6 years after the close of the taxable year. If you have purchased of property or paid for capital improvements, it may be useful to retain the receipts and documentation for a longer time.

More detailed information can be found at Finnish Tax Administration website

The full information and the source text can be found at Veronmaksajat website