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 a number of gifts from one donor during a 3-year period 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.
FIND OUT THE GIFT’S TAXABLE VALUE
If you are given other assets or property than money – e.g. securities, a share in a housing company or a real estate unit – you must check the asset’s fair market value. Read more about fair market values
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:
- The donor’s personal ID
- The value of the gift you received
- The date when you received the gift
- The family relationship between the donor and you, the recipient
If it is more convenient, you can use the paper form to file the return.
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 activated electronic Suomi.fi messages and do not receive paper mail, you will receive the decision only in MyTax.
It takes 6 months on average to process a gift tax return, but in some cases you may receive a decision in 1 to 4 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 a late-payment charge.