Refunding taxes

This guidance is for corporate taxpayers and the self-employed. 

Correct bank account number ensures a fast refund


If you have provided your bank account details, refunds will be paid to that bank account. You can do this online or by giving the number to a tax office in writing.


•    Online Bank Account Notice (www.vero.fi/tilinumero)

Refund payment date, by taxpayer

Self-employed operators of a trade or business, general partnerships, limited partnerships, taxpayers with agricultural operations including farm and forestry operators or owners

Date when refunds are transferred to bank accounts is 29 Nov 2016. 
For the period from 1 Feb to 31 Oct 2016, refunds earn interest at the rate of 0.5% per annum.


Limited-liability company (Oy), association, foundation

The end date of assessment is 10 months after the last day of the calendar month when the corporate taxpayer's accounting period ended. Refunds are paid on the 7th of the second calendar month that comes after the end date of assessment. If that date falls on a day when banks are closed, the refund is transferred to the taxpayer's account on the next banking day. 


Example: The corporate accounting year ends 31 Dec 2015. Assessment process ends on 31 Oct 2016, and the date of refund payment is 7 Dec 2016. 
The interest on refunds (rate: 0.5%) starts accruing on the day after the deadline of tax return filing and ends on the final day of the last calendar month before payment.

Interest on refunds

Refunds are credited with interest.  The rate of interest is the official Reference Rate of the Bank of Finland reduced by 2 percentage points.  However, it cannot be less than 0.5%. It is reviewed every year. In 2016, the rate of interest is 0.5%.

When a Tax Account balance is positive, it also is credited with interest. The rate is the official Reference Rate of the Bank of Finland reduced by 2 percentage points.  However, it cannot be less than 0.5%. In 2015 and 2016, it is 0.5%. There is no difference between the rate paid on a refund and the rate paid on a positive Tax Account balance.   

Why did my refund not arrive to the bank?

Your bank acc. number is not on file at the Administration.

If you have not given us your account number, we pay you the refund through a paper-printed payment order via the OP Bank.We will send you a letter informing you of the payment order using your address in our records. Payment orders cannot be sent to a taxpayer who does not have an address in Finland.  After receiving the letter, you can cash the refund at a branch of OP Group (a bank office with cashier services) in Finland within 28 days of the date printed on it. For more instructions, refer to the contents of the letter or payment order.
A refund paid to your bank account will reach you sooner than a refund via a payment order. 

The lowest amount to be refunded is €5.00.  

A tax refund is payable if it amounts to at least 5 euros. For taxpayers with a Tax Account, no refund is made if the refundable sum stays below 20 euros. Instead, the money stays on the Account and is applied against the taxpayer's upcoming taxes. However, if the sum grows and reaches 20 euros, we refund it fully. 

Refund reduced due to offset or distraint 

If you are going to get a refund but you haven't made your tax payments on time, the Tax Administration will offset the refund; in other words, apply it against the unpaid taxes. We can also use a refund for covering any third-party tax debts an individual taxpayer may be liable for. If such an offset is decided upon, we always notify the taxpayer who is the original recipient of the refund. Similarly, we also notify the party who receives the offset.

In some circumstances, the Enforcement Agency may impose a distraint on a refund. If the Agency decides to do so, they notify the taxpayer.

The Tax Administration does not cooperate with "quick loan" companies

If you give an account number to the Tax Administration that belongs to a loan company, it will stay on our files until you send us a new bank account notice informing us of your own account number.

The Tax Administration's data system allows only one bank account number per taxpayer.

Information on other types of refunds 

The Tax Administration also pays out refunds to those whose tax assessment has changed because of an appeal process or readjustment. Changes may have been made on the taxpayer's request, or because of an internal readjustment made by the tax office. We inform the taxpayer by letter, indicating the amount to be refunded. These refunds are usually paid within a week of the date of such a letter. We use the bank account number on file. 

 

 

Bank account numbers - companies and corporations

Correct bank account details enable fast payment of tax refunds.


Glossary

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Last Update: 11/23/2016