Public information on changes to assessment of corporate income tax
Any adjustments made to income taxes of corporate entities after the end of the tax assessment process are public as of tax year 2022. The changes are published after the 20th day of the month following the adjustment. Public information on changes to assessment of corporate income tax is released annually as open data on vero.fi: Open data.
Public information on changes to tax assessment of corporate entities and benefits under joint administration includes
- name, municipality of domicile, Business ID
- taxable income after tax adjustment
- imposed tax in total after tax adjustment
- additional tax to be paid due to a decision on changes to tax assessment (back taxes)
- tax to be refunded due to a decision on changes to tax assessment (tax refund)
The contents of the public information are defined by law.
Taxable income
Taxable income for the tax year after tax adjustment. The taxable income of corporate entities and benefits under joint administration is calculated by subtracting the amount of deductible expenses from the total amount of taxable income.
Total of tax imposed
The total amount of taxes after tax adjustment. The total of tax imposed means the total amount of taxes that the corporate entity has to pay. The amount includes corporate income tax along with any late-filing penalty and punitive tax increase, and the public broadcasting tax or the Åland Islands media fee. Tax paid to another country and tax paid to another country and deductible from tax paid on income from controlled foreign companies have been subtracted from the tax payable in Finland.
Tax refunds
The amount of tax refunded to the taxpayer based on a decision on changes to tax assessment (does not include interest paid on the refund).
Example: The tax imposed on the taxpayer in regular tax assessment was €10,000, and the tax has been paid. Based on a claim for adjustment, additional deductions are approved for the taxpayer and the amount of tax for the tax year decreases to €8,000. Based on the decision on changes to tax assessment, €2,000 is refunded to the taxpayer, and the amount is recorded as a refund in the public information on changes to tax assessment.
Back taxes
The amount of additional tax that the taxpayer has to pay based on a decision on changes to tax assessment (does not include interest on the taxes to be paid).
Example: The tax imposed on the taxpayer in regular tax assessment was €5,000. After the regular tax assessment, it is discovered that the taxpayer has failed to report some of their income. The Tax Administration adjusts the tax to the taxpayer’s detriment. The unreported amount of income is added to the taxpayer’s total income and a tax increase is imposed. On account of this, the amount of tax for the tax year rises to €8,000. Based on the decision on changes to tax assessment, the taxpayer has to pay an additional amount of €3,000, and the amount is recorded as back taxes in the public information on changes to tax assessment.
The amounts of taxes, tax refunds or back taxes do not include late-payment interest with relief, late-payment interest or refund interest. Late-payment interest with relief must be paid in addition to back taxes, and refund interest will be added to a tax refund paid to the taxpayer.
A corporate entity’s tax assessment may be adjusted for various reasons
Thousands of tax decisions on corporate income tax are reviewed and tax adjusted every year.
The tax assessment may be adjusted for reasons such as the following.
- A corporate entity discovers an unintentional mistake on their tax return, such as a miscalculation, and requests that it should be corrected. The miscalculation may have been made to the benefit or the detriment of the corporate entity.
- In a tax audit or in some other way, the Tax Administration discovers untaxed income or unjustified deductions and adjusts the tax assessment to the taxpayer’s detriment.
- The share of income from corporate entities, such as limited partnerships, may be specified after the end of the tax assessment, in which case the amended amount of income will also affect the tax assessment of a limited liability company that is a shareholder of the corporate entity.
- The tax may also be adjusted by a decision of an appeal instance (Adjustment Board, Administrative Court, Supreme Administrative Court) in the case of an interpretative issue. Additional information may also be received and the taxation adjusted because of that.
- A corporate entity’s tax assessment for a particular tax year has been adjusted, and on account of that, the tax assessment for another tax year also has to be adjusted. This may happen when the amount of deductible loss or tax to be credited has been adjusted or when income or expenses have been periodised so that an adjustment made for one year has an effect on several years’ tax assessment.
The public information does not disclose why a corporate entity’s taxes have been adjusted and, due to confidentiality of taxation, the Tax Administration cannot give any further information on the matter.
Generally, the tax assessment can be adjusted within three years from the end of the tax year and, in the case of appeals, even after that. The number of decisions on changes to tax assessment for a particular tax year therefore increses over the years.
Public information on changes to assessment of corporate income tax is released as open data
Public information on changes to corporate taxpayers’ income taxes is published as CSV files on the vero.fi website. This information does not include housing companies, mutual real estate holding companies, and estates of non-resident deceased persons.
Download a list of public information on changes to income tax assessment of corporate taxpayers and benefits under joint administration: Open data
Public information on changes to tax assessment can be browsed on tax office workstations and requested by telephone Read more: How to search the public information on income taxes and real estate taxes
Why does it seem that nothing has changed (for example, both the taxable income and the amount of tax are €0 in the public information on regular tax assessment, and the amounts are the same in the public information after tax adjustment)?
In many cases, the income tax assessment of corporate entities may have been adjusted but the adjustment does not have any effect on the taxpayer’s public information.
Examples of cases where a corporate entity’s result for the tax year showed a loss in the regular tax assessment and also shows a loss or null after tax adjustment:
- In regular tax assessment, a corporate entity’s allowable loss was €800,000. A tax audit shows that expenses totalling €250,000 have been deducted from the entity’s income for the tax year without a valid reason. Because of this, the Tax Administration reviews the tax decision and adjusts the allowable loss to €550,000.
- A corporate entity has reported a loss of €400,000 for the tax year on its tax return. In regular tax assessment, the Tax Administration adds €300,000 to the company’s income because part of the declared expenses is regarded as undeductible, and the allowable loss for the tax year is thus €100,000. The corporate entity files a claim for adjustment, requesting that the expenses should be treated as being deductible. The Assessment Adjustment Board approves the claim. Because of this, the corporate entity’s tax assessment is adjusted in such a way that the loss for the tax year is €400,000.
- In regular tax assessment, a corporate entity did not have any taxable income after its losses from previous years had been deducted. A decision on changes to the tax assessment for the tax year is made because the losses deductible for the year have changed on account of a tax adjustment for another tax year. Even after the tax adjustment, the corporate entity has no taxable income.
- A corporate entity’s result for tax year 2022 was €600,000. The entity’s allowable loss for tax year 2020 was €200,000 and for tax year 2021, €1,000,000. In regular tax assessment for tax year 2022, a loss of €200,000 for 2020 and a loss of €400,000 for 2021 are deducted from the result for 2022, which was €600,000. In other words, no taxable income remains and no tax is imposed. A loss of €600,000 for 2021 remains to be deducted in the following years. €150,000 is later added to the corporate entity’s income for tax year 2020 by a decision on changes to tax assessment, and so the allowable loss for tax year 2020 decreases to €50,000. Owing to the change in the amount of losses, a decision on changes to tax assessment is made for tax year 2022: an allowable loss of €50,000 for tax year 2020 and €550,000 for tax year 2021 are deducted from the corporate entity’s result for 2022. After the decision on changes to tax assessment, a loss of €450,000 for 2021 remains to be deducted in the following years’ tax assessment.
- Taxes paid to other countries have been deducted from a corporate entity’s income tax, and no tax has therefore been imposed in regular tax assessment. After the regular tax assessment, the amount of taxes paid to other countries and credited in Finnish tax assessment changes, but even after the change, the amount of tax to be credited is greater than the amount of tax imposed on the corporate entity.
- A housing company has filed a tax return only after the end of the regular tax assessment, and its taxable result shows a loss.
- The mathematical value of the corporate entity’s share is recalculated.
Why is there information on a corporate entity’s taxes after tax adjustment but no information on regular tax assessment?
No tax has been imposed on the corporate entity in regular tax assessment. After the regular tax assessment, however, it has been discovered that the entity is liable for tax and tax has then been imposed by a decision on changes to tax assessment.
Why does the data show multiple changes regarding the same corporate entity in a single tax year?
If adjustments have been made to the company’s taxes by various decisions, they are shown as separate tax adjustments on the list. For example, the company may have submitted multiple claims for adjustment regarding the same tax year and received separate decisions on them, and they are shown as separate adjustments on the list.
Decisions on taxes can be appealed to various instances of appeal. The first instance to which a Tax Administration decision can be appealed is the Assessment Adjustment Board. The Adjustment Board decision can then be appealed to the Administrative Court, and the Administrative Court decision can be appealed to the Supreme Administrative Court, provided that the Supreme Administrative Court grants a leave to appeal. The decisions issued by different instances of appeal can also be shown as new adjustments on the list regarding the tax year, in which case multiple changes are shown.
Which corporate entities and benefits under joint administration are included in the open data and which are not?
| Yes | No |
|---|---|
| state and state institutions municipalities and joint municipal authorities parishes and other religious communities limited liability companies cooperatives savings banks investment funds universities mutual insurance companies parish granaries non-profit associations or economic associations foundations and institutions jointly owned forests road maintenance associations fishery associations and joint ownership associations other real estate holding companies |
housing companies mutual real estate holding companies estates of non-resident deceased persons |
Public information on the above corporate entities can be browsed on tax office workstations.