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How to Submit the Pre-Completed Tax Return

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How to Submit the Pre-Completed Tax Return How to submit the pre-completed tax return Robert Kääriäinen, verosihteeri 15.4.2021 Taxation in Finland General information ▪ Under the provisions of the Income Tax Act you may either be resident taxpayers or non-resident taxpayers. – Resident taxpayers, having unlimited tax liability, are people living in Finland. – Non-resident taxpayers, with limited tax liability, are people living in other countries. ▪ You are treated as a resident in Finland if you have main abode and home in Finland, or you are constantly present in Finland for a period of more than 6 months. Despite of temporary absence. – The point of law does not state how long an absence may still be considered temporary (case by case basis). – In tax assessment practice, an absence of more than two months from Finland has usually led to the residency being no longer considered continuous. Taxation of residents 1/2 ▪ As a resident you are subject to taxes in Finland from global earned income and capital income. – However, country of your origin and Finland may have signed a tax treaty that prevent Finland from imposing tax on the income receive from overseas. ▪ Earned income is subject to state income tax, municipal income tax, church tax, Public Broadcasting tax and usually health care contribution. ▪ Earned income is taxed progressively, income is generally computed in the same manner for each taxes listed above, yet the deductions and credits allowed for each tax differ slightly. ▪ Spouses are taxed separately. Taxation of residents 2/2 ▪ For a Finnish or foreign employer who has a permanent establishment in Finland, you will need a tax card with estimation of your annual gross income. ▪ If the employer is domiciled in a foreign country and does not have permanent establishment, you should contact the Tax Administration and ask for an income- tax prepayment. ▪ Investment income or capital income is subject to partial flat rate (standard 30 % up to 30000€ for exceeding part 34%) – Capital income is the income generated through the possession of wealth. Taxation of nonresidents ▪ Nonresidents pay Finnish taxes on their Finnish-sourced income only. – Whether you work for a Finnish or for a foreign employer, and whether the location where you work is in Finland or outside Finland are important factors. ▪ Under Act on the Taxation of Nonresidents, the Finnish payer withholds a final tax at source, rate of 35 %. – Payments are subject to exemption 510€/month, or 17€/day pay periods shorter than one month. (Deduction is applicable only if the local tax office has recorded it in the tax-at-source card). ▪ Nonresidents can apply for progressive taxation on the condition that they are a residents of a country within the EEA or of a country that has a tax treaty with Finland. – Finland only taxes income from Finnish sources, but taxable income from country of tax residence has an increasing effect on taxation in Finland. ▪ Nonresidents are normally not expected to submit an income tax return in Finland. Tax Return Tax return 1/2 ▪ In March or April, you will receive a pre-completed tax return. ▪ The tax return is a list showing your income and deductions for the entire year. ▪ Most individual taxpayers receive their decision and certificate of tax assessment enclosed with the return. ▪ Tax return contents are different for those taxpayers for whom the Tax Administration does not have all the necessary information available. – For examples self-employed individuals, people who receive rental income or capital gains. ▪ If you want to make corrections, the deadline for them is 4 May, 11 May or 18 May 2021. You can check personal deadline date on your tax return and in MyTax. – If there is no need for corrections or additions in your return, you do not have to do anything. – If you have not made any changes by the deadline date, we will consider that you have submitted your return with the contents that were pre-completed in it. Tax return 2/2 ▪ Please note that a late fee may be imposed on you if you fail to report your income on time (50€ for individuals). – If you refer to a valid reason, requests for extensions of time can be granted. – The request for such an extension must be submitted well in advance. ▪ MyTax or, ▪ Application for extension of time to submit tax return (form3200e). ▪ Furthermore, a tax increase (minimum of €75) will be imposed on you if: – Your tax return or other required information is incomplete or has errors and you have not voluntarily corrected them before the end of your tax assessment. ▪ Every individual has their own end date for the tax assessment process. The end date is shown on your tax decision. ▪ In most cases, you do not have to pay the late fee or tax increase, if the deductions or other important information you file late decrease the amount of your taxes or taxable income. MyTax (OmaVero) ▪ In MyTax you can see all your tax details in English. The printout of your pre-completed tax return that arrives by post is only in Finnish. ▪ In MyTax you don´t need numbered enclosure forms for different kinds of income, you just enter the amounts under the appropriate sections in your tax return. Choose language To sign in, you need a Finnish bank account with e-identification or a mobile certificate Chat Open mon-fri 9 - 16.15 How to submit a Tax Return in MyTax service ▪ Check your tax return by clicking the link under “Note” or by selecting “Tax returns and tax information” under Activities. ▪ Select the year 2020 ▪ Select “Pre-completed tax return” under “Income tax”. How to give a Tax Return in MyTax See Go through Click Submit In the first stage, you will Go through If you want to make If you have corrected or see your own details. stages 2, 3 and 4 and additions to the details on added any details, submit Proceed to stage 2. Pre- check the details that have income or deductions, click the tax return. completed income and already been entered in “Yes” for the detail you •You will receive a confirmation of deductions. your tax return. If the want to file. receipt. details are correct and no details are missing, you do not need to send back the tax return. You can navigate in MyTax by selecting “Next” or “Previous” or, alternatively, by clicking an item of your choice in the stage path. How to submit a Tax Return in old fashion way (paper forms) ▪ Please do not enter corrections directly on the return form. ▪ You are no longer expected to send back the return form to the Tax Administration. ▪ You can make the corrections, on the specific forms, marked on a tax return next to each pre-completed entry. – Use required forms to claim deductions or report income you have received. How to submit a Tax Return in old fashion way (paper forms) ▪ Make sure you have the necessary forms. – Download at tax.fi or call phone service. – The written entries will be read optically. Make sure your entries stay inside each field of the form. – Do not fasten the paper forms together with a stapler. – Use forms printed out on tax.fi. Do not use photocopies. – Remember to enter your name and personal ID on all pages. ▪ Send the completed forms to their return address (Finnish Tax Administration, P.O. Box 700, 00052 Vero). – You can ask for a return envelope together with the forms by phone. You can also use your own envelope. In that case, remember to buy a postal stamp. ▪ Send the forms well in advance of the due date! – Make sure to get the correction forms early and allow enough time for their postal delivery back to the Tax Administration. Contents of the tax return First page ▪ How much you must pay as back taxes, or how much you will receive as a refund, including dates of payment. – Dates may be postponed if you or your spouse make corrections to your tax returns. – The dates may also be postponed if the Tax Administration receives information from outside sources that have an impact on your assessment. ▪ The due date for making corrections. ▪ The bank account where the Tax Administration will transfer your tax refund. Information serving as the basis for your taxation ▪ Please check the information and amounts that affect your taxation. ▪ If you notice errors or omissions, report any necessary corrections to Tax Administration. ▪ Your return may indicate that you must send us further details. – These are listed under the sub- heading “Täydennettävät tiedot” Tax decision ▪ The assessment decision contains the result of your taxation for the year and, – The end date of your tax assessment process. ▪ If you make corrections to your return, or if the Tax Administration receives information from other sources (for example, from an employer) that has an impact on your taxes, you will receive a new, revised decision. ▪ The new decision contains a new refund amount and its payment date, or your new outstanding taxes and their due dates. Tax decision for 2020 Tax decision for 2020 Notice of assessment (verotustodistus) ▪ We recommend that you save this document for further use. However, electronically provided copies of the decision and the notice of assessment are also available in MyTax. The refund and due dates for outstanding tax depends on the end date of your tax assessment. Tax refunds Outstanding taxes ▪ If you or your spouse made changes to your ▪ The earliest day when an outstanding tax can tax returns, the refund date can be fall due is one month after the end date of tax postponed.
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