I am a self-employed person/agricultural operator/forestry operator and transfer my corporate assets to a limited liability company I have founded. Do I have to file a transfer tax return on these assets?

Yes, you must file a transfer tax return even if the company considers the change in the form of activity to be partly or fully exempt from tax as described in § 24 of the act on income tax (Tuloverolaki 1535/1992 (TVL)).

If the company considers the transfer to be fully exempt from tax, state on the transfer tax return that the compensation is €0. Enclose a separate, free-form account of the assets that the company considers to be exempt from tax. If the transfer is partly exempt from tax, report the portion subject to tax on the transfer tax return and the portion exempt from tax in a separate free-form enclosure. This applies to both securities and real estate. The company must file a transfer tax return in MyTax.

If the income tax assessment shows that the company’s judgement about the tax exemption was incorrect, the company must correct the details by submitting a corrected return (a replacement transfer tax return). In addition, the company may have to pay penalty fees.