Monthly transaction summary
If you have regular business activities, you will receive a monthly transaction summary in MyTax. The transaction summary contains all transactions you have had during the month, ordered by record date from oldest to newest. The summary is generated at the end of each calendar month, and you will be able to see it at the beginning of the following month. The summary is only available in MyTax. The transaction summary is generated even if there have been no transactions during the month.
The transaction summary is not a reminder of unpaid taxes. If you have unpaid taxes, you will receive a payment reminder in your monthly tax summary. Your transaction summary is a list of all transactions in the past month, regardless of whether you have paid too much, too little, or just enough. The transaction summary is meant to help you keep track of your transactions during the month. You can see your current balance and tax summaries in MyTax.
If there are errors on your transaction summary or some details are missing, you can make the necessary corrections in MyTax. If the errors concern employer's contributions, make the corrections to the Incomes Register.
Current transactions and transaction history
In addition to the transactions that are currently relevant, the transaction summary shows history information in cursive and grey text. The history information may include the following:
- adjusted amount of tax
- reduction of tax amount
- recalculation of interest
- change to prepayments.
If you still have not paid an overdue tax on the last day of the month, late-payment interest will be calculated on the tax up until that date. If your late-payment interest has been recalculated, your transaction summary may show some history information for the late-payment interest in grey text. Late-payment interest is calculated every day. When you are paying an overdue tax, check the current amount of late-payment interest that must be added to it in MyTax.
Example 1: A limited company has been imposed €4,000 in monthly tax prepayments, €48,000 in total. Halfway through the year, the company sees that its profits for the accounting period have been lower than expected. The company requests an adjustment of its prepayments in MyTax. The company’s prepayments are then reduced as requested. The cancelled prepayment instalments can be seen in the company’s transaction summary as history information. If the company has already paid instalments that have since been reduced, the details of the income tax period in question will include the cancelled prepayment instalments as well as the refunds of unnecessary payments.
See transaction details in MyTax
The transaction summary provides an overall view of a single month’s transactions. You can find more details on the transactions and your current balance in MyTax. For example, you can see a list of transactions relevant to a certain tax period and a specification of how late-payment interest is formed.
If you have taxes that are overdue at the end of the month, you can see them in the monthly summary of your tax payment status. The tax summary also includes a specification of how payments and refunds have been used during the month as well as any decisions concerning late-filing penalties for self-assessed taxes. Read more about the tax summary.
Credit interest and late-payment interest
Late-payment interest is recorded if, for example, a payment or refund is used to pay a tax that is overdue or that is still unpaid on the last day of the month. If your late-payment interest has been recalculated, your transaction summary may show some history information for the late-payment interest in grey text. Read more about interest and consequences of late payment.
Example 2: A company has filed €5,000 in VAT payable for March with a due date of 12 May. The company pays €1,000 in VAT on 18 May. The rest of the tax remains unpaid. The transaction summary for May records late-payment interest first for the entire amount up to the payment of €1,000 and then for the remaining amount up to the last day of the month. If the company still does not pay the rest of the tax in June, the transaction summary for June will show the cancellation of the previous late-payment interest calculated for May and the recalculation of interest up to the last day of June.
Credit interest is calculated when a payment is used to pay a tax after the payment date. Credit interest is added to refunds when they are returned to the taxpayer’s account or used to pay a tax.
Example 3: A limited company pays its self-assessed taxes for the month in advance, on the 3rd of the month. Because the company does not have any overdue taxes at the time, the payment is kept waiting for upcoming taxes. The payment is shown in MyTax as an unused payment. When VAT and employer's contributions fall due on the general due date of the 12th of the month, credit interest is recorded as follows:
- for the VAT period
- for the employer’s withholding period
- for the employer's health insurance contribution period.
Since the company has paid its self-assessed taxes for the month exactly as they filed them, no credit interest is needed to pay the taxes. The amounts of credit interest recorded for the three periods mentioned above are removed from the tax periods, after which they can be seen in the company’s MyTax as unused payments and refunds.
Example 4: A company’s income tax assessment for the tax year ends in August in the year following the end of the company’s accounting period. The company receives an income tax refund of €1,500 for the tax year. The Tax Administration uses €1,000 of the refund for the company’s self-assessed taxes that are due 12 September. The remaining refund is paid to the company at the beginning of October. Credit interest is recorded on 12 September for the €1,000 used on overdue taxes. For the remaining refund, credit interest is recorded on 18 September, the date when the refund was generated. The credit interest calculated for the tax refund is shown on the transaction summary as two separate items, one recorded for 12 September and another recorded for 18 September.
Transaction amount and balance
Liabilities that must be paid – such as taxes, late-payment interest and late-filing penalties – are marked on the transaction summary with a plus sign. Payments you have made, credit interest, negative VAT and other credits and refunds are marked with a minus sign, since they reduce the overall amount you will have to pay.
The total balance of all the transactions in the summary is displayed on the summary’s last page. Note that the balance includes all transactions recorded during the month, including taxes that have not yet fallen due. Taxes recorded for previous months are only shown for the month in which the tax amount was recorded. This means that the sum in the amount column does not necessarily match the current balance.
Example 5: A company has received a decision on prepayments in November. The company has 12 instalments of prepayments in the coming year, one for each month. The company pays the first instalment on 23 January and the payment is shown on January’s transaction summary. January’s prepayment instalment is not shown on the summary, since the instalment was imposed in November.
The company also files VAT for December on 28 January, well in advance of the filing deadline of 12 February. The filed amount of VAT is shown on January’s transaction summary instead of February’s, since the VAT filing was recorded in January.
The transaction amount shows the full amount of the transaction, such as the amount of tax filed or the amount paid. The transaction balance shows the remaining amount of the transaction, such as the amount of tax that still remains unpaid or the payment amount that has not yet been used. If the tax has been paid in full or the entire payment has been used on taxes, the balance is zero.
Example 6: A limited company has filed €500 in VAT and paid €600 on the due date.
This is shown on the transaction summary as follows:
- €500 recorded for VAT amount for the period
- €0 recorded for VAT balance for the period
- €600 recorded for payment amount
- €100 recorded for payment balance.
In other words, the VAT of €500 that the company filed has been paid in full. The payment to the Tax Administration was €600. A portion of the payment was not used for VAT, so the balance is €100.