A number of tax credits and deductions are computer pre-populated: you can see them on your tax card specification and on your Pre-completed tax return. Check them to make sure that the details and amounts are correct.
We have entered many deductions on individuals' Pre-completed tax return forms using the facts that are at the disposal of the tax authority, received from employers, banks and insurance companies. This means that it is information originating from a third party, and we recommend that you check it thoroughly.
Tax Return on the Web (tax.fi/taxreturn)
Go to online service
The e-Service has opened 8.3.2018 for the taxpayers whose personal deadline date for filing a tax return is 3.4.2018 (self-employed traders and self-employed professionals). For other taxpayers, the opening date is at the end of March.
Similarly, you should check your tax card because we have also entered many deductions on the cards, using the facts from the previous year.
Membership dues, unemployment relief fund payments
You are entitled to full deductions for any membership dues of a trade union or similar organisation and for payments into an unemployment fund. When we assess your taxes, we deduct these expenses from your wage income and receipts of unemployment benefits or sickness allowance. However, they cannot be deducted from seafarer's income.
Checking your pay slip
Your employer sends information to the Tax Administration every year on the mandatory pension and unemployment insurance premiums that have been withheld from your pay. You see the amounts on the Pre-completed tax return as deductions against earned income. We recommend that you compare the figures with what has been reported on the last pay slip for the calendar year by your employer, in order to double-check the amounts of these insurance premiums.
Own liability of €50 for management and safekeeping of securities
You are entitled to deductions for what you pay for the management and safekeeping of securities, book-entry shares and comparable assets. The expenses are deducted against capital income. Examples include the rent of a safe deposit box, and the annual fee for maintaining a book-entry account. Enter the entire amounts of the expenses on your tax return without subtracting your 50-euro liability from them. If you have paid less than €50 in expenses, don't report them at all, because they don't reach the minimum threshold.
Interest expenses for loans – tax credit for a deficit in capital income
Your interest payments entitle you to deductions only if you have borrowed money to buy a permanent home or to finance your expenses for the production of income. Deductions are primarily made from capital income, such as any rental income or capital gains that you might have. Your repayments of loan principal do not entitle you to deductions unless a student loan is in question.
If there is no capital income, or not enough taxable capital income to claim deductions from, you may deduct the payments in the form of a tax credit for a deficit in capital income (in Finnish: alijäämähyvitys; in Swedish – underskottsgottgörelse) against your income tax on earned income. The credit is 30 percent of the amount of the interest expense – for first-time homebuyers, it is 32% – and the maximum allowable credit is €1,400 plus an additional credit for families with children.
More information on this tax credit (in Finnish and Swedish).
In the 2018 taxable year, you can deduct 35% of the interest paid on a home loan. In 2017, you can deduct 45%. If you are a first-time homebuyer, we recommend that you go over the Pre-completed tax return and the specification of your tax card to make sure that the details are correctly recorded; the 'purpose of the loan' must be 'to buy a dwelling as a first-time homebuyer'. If this is not the case, please enter the corrections as necessary.
More information on the deductibility of interest expenses (in Finnish and Swedish).
Premiums of individuals' voluntary pension insurance contracts and deposits to 'PS' individual retirement accounts
You can deduct up to €5,000 of pension insurance payments, whether they are premiums of an insurance contract or deposits into an individual retirement account (known as 'PS' for the Finnish words for long-time saving: pitkäaikainen säästäminen). This tax relief is granted to the individual taxpayer who is the beneficiary of the pension – in other words, even if your spouse had actually paid the premiums or deposits, you are the only person who can claim because you are the beneficiary of the pension.
These payments are deductible against capital income during the year when they were paid. If there is no capital income or not enough of it to deduct from, you get the tax credit for a deficit in capital income (in Finnish: alijäämähyvitys; in Swedish – underskottsgottgörelse) against your income tax on earned income. The credit is 30 percent of the amount that remains un-deducted. This tax credit is automatically transferred to your spouse if you (who are the beneficiary of the pension insurance) don't have enough earned income and taxes to be collected on it. If your spouse does not have enough taxes to be collected, either, there is not enough to deduct from. In these circumstances, part of the tax credit remains unused. However, there is no opportunity to claim an allowable loss when payments into pension contracts and 'PS' retirement accounts are involved.
Introduction to the tax deductions offered to individuals signing a voluntary pension insurance contract (in Finnish and Swedish).
Further guidance on the tax deductions for signing a voluntary pension insurance contract or opening a 'PS' individual retirement account (in Finnish and Swedish).