FATCA, CRS and DAC2

Based on international commitments, Finland is involved in the automatic exchange of information to other countries, and receives such information in return. Exchange of information enhances tax surveillance and combats tax evasion.

Finland has made the following agreements on the exchange of information:

  • The Foreign Account Tax Compliance Act (FATCA) - between the United States and Finland
  • CRS - the reporting standard for OECD countries
  • DAC2 - European Union directive.

Obligations of financial institutions' clients

Clients of financial institutions must provide information on themselves to financial institutions, so that their country of tax residence can be determined. The Finnish Tax Administration in turn provides this information to countries with which it has an agreement or other commitment.

Conversely, Finland receives such information from other countries on Finnish residents' assets abroad.

Obligations of financial institutions

Finnish financial institutions, such as credit institutions, investment firms and fund management companies

  • must identify the client's country of tax residence
  • give annual information returns to the Finnish Tax Administration on their clients' assets and income.

FATCA – annual information returns

Finland has signed an agreement with the United States of America called the FATCA agreement. Finnish financial institutions must provide information as per the agreement to the Finnish Tax Administration; this is done in the form of an annual information return.

Annual information returns are submitted on the Ilmoitin.fi portal, and are submitted by the end of January regarding income for the previous calendar year.

Further guidance is currently only available in Finnish and Swedish:

CRS and DAC2 – give a combined annual information return

The OECD reporting standard CRS, and the amended directive on automatic exchange of information DAC2 are also included within the responsibility of financial institutions giving annual information returns.

Annual information returns are submitted on the Ilmoitin.fi portal, and are submitted by the end of January regarding income for the previous calendar year.

Give your annual information return on the Ilmoitin.fi portal

  • Give both FATCA and CRS-DAC2 annual information returns from the previous calendar year as xml files on the Ilmoitin.fi portal.
  • You must provide an annual information return regardless of whether the financial institution has anything report.
  • To log in to the Ilmoitin.fi portal you need a Katso ID or some other identification credentials. You can provide returns for several clients with the same Katso ID. For more information on the Katso ID, pleaset visit Population Register Centre's page.

Give your annual information return on the ilmoitin.fi portal