Gift tax – instructions for filing and payment
You must file a gift tax return and pay gift tax if:
- you receive a gift worth €5,000 or more
- you receive several gifts from the same donor within a period of 3 years and their total value is €5,000 or more.
If you get a gift with a lower value, you do not have to file a return.
CHECK THE GIFT’S VALUE
If you receive a gift that is other than money – for example, securities, a share in a housing company or a real estate unit – check the gift’s fair market value and enter it in the gift tax return. Read more about determining the fair market value
SUBMIT A GIFT TAX RETURN
Do this before 3 months have elapsed from the date when you received the gift.
To fill in the return form, you must have the following information on hand:
- donor’s personal ID
- your family relationship to the donor
- value of the gift
- date when you received the gift.
If it is more convenient, you can use the paper form to file the return.
Fill in the gift tax return carefully. If the return is inaccurate, if something is missing or if you file the return late, you may have to pay a late-filing penalty or a punitive tax increase.
YOU RECEIVE THE GIFT TAX DECISION WITH INSTRUCTIONS FOR PAYMENT
After your gift tax return has been processed, you will see the decision in MyTax. If you have not activated electronic Suomi.fi messages, you will also receive the decision by post.
It takes 6 to 12 months on average to process a gift tax return, but in some cases you may receive a decision in a few days or weeks. You can use the calculator to estimate the amount.
After you have received the decision, you can pay the tax in MyTax, where the details needed for payment have been pre-completed. Enclosed with the decision you will also receive a bank form with the necessary payment details.
If you received the forms but you have misplaced them, you can log in to MyTax to find the details you need for paying.
When is the due date for gift tax?
The first due date will be approximately 3 months after the date when you receive the gift tax decision.
If the tax is below €500, you must pay it in one instalment. Higher amounts are split into two instalments. In this case, the second due date is two months after the first.
If the due date is a Saturday, Sunday or other holiday, you can pay on the next business day without having to pay any late-payment charges.