Finnish Tax Administration (Vero) extended the deadline for submission of annual reports and tax declarations for the fiscal
period of 1 January – 31 December by one month, the new deadline being 31 May 2020. Since 31 May is Sunday, the
documents can also be submitted on Monday, 1 June 2020. Extension of the deadline is applicable for both, Finnish and foreign
companies who have the tax obligation in Finland.
In case the annual report is not submitted on time, Tax Administration first applies a fee of 100 euros for each delayed fiscal period, followed by an increase in income tax for a previous fiscal year. To adjust the income tax, an annual report/tax declaration has to be submitted as soon as possible. Otherwise, the claimed taxes must be paid. If a company fails to submit its annual report/tax declaration despite the warning of the Finnish Tax Administration, then the local business register (PRH) might start the process of deleting the company from the registry.
More information about the Finnish annual report and tax declaration
The usual deadline for the annual report and tax declaration submission in Finland is 30 April, and it is compulsory for all the companies in Finland, even if it only has a minimal business activity (for example bank account fees). All the accounting for the previous fiscal year has to be done before submitting the annual report, and it must be filed in Finnish and in the local currency (EUR). Finnish annual report is a public document and anyone can buy it from the Statistics Finland (Tilastokeskus). Banks can also ask for the data from the annual report. Although the tax declaration of the fiscal year is not part of the annual report, the deadline for its submission is the same.
The deadline for registering the beneficial owners of the company
The deadline for registering the beneficial owner for the first time is approaching soon and has to be done by 1 July 2020. By this date, all companies are obligated to submit the data about their beneficial owners to the registry. After the initial registration, the data has to be renewed if there are any changes among the owners.
If you need assistance with composing the Finnish annual report and/or registering the beneficial owners, then contact us sales@1office.co and ask for a personal offer.
