The Finnish tax administration is returning 900 million euros to 1.9 million taxpayers on Tuesday 4 August.
Today is the day that most taxpayers receive refunds of excessive contributions withheld by the tax authority (Vero).
Tänään sataa! Nimittäin rahaa, fyrkkaa, fyffee, hilloo, massii; yhteensä 900 miljoonaa euroa 💰 💰 💰 Saitko veronpalautuksia?— Verouutiset (@Verouutiset) August 4, 2020
💰Yleisimmät syyt, miksi veronpalautusta ei maksettukaan: https://t.co/VKwxdVSWJx
💰 Lopuksi palkintopalindromi: Noilla raharalli on! pic.twitter.com/i6RyRJT69A
People entitled to a refund and who have not yet seen it reflected in their bank accounts, may have a different date assigned, between the months of September and December, explains Vero in a press release.
Taxpayers can see the end date of their tax period and the date of payment of their refunds on the Omavero (MyTax) website.
The timing of the tax refund payment depends on when the customer's payment period has ended. And it's not over yet for everyone, Vero emphasized. For those who have not finished, a new tax decision will arrive in late October, the tax authority says.
The most common reasons
Some people expecting payment today may not have received their refunds. Vero has listed the common reasons:
- You have made additions or corrections to your pre-completed tax return. If you have made additions or corrections to your pre-completed tax return, you will get a new tax decision after the new information you have filed is processed. The refund amount and refund date may change. If the date when you receive your refund has changed, this is stated on your revised tax decision or in MyTax. You will receive the new decision by the end of October.
- Your spouse has changed their tax return. The tax assessment of spouses always ends at the same time. If your spouse makes additions to their tax return, the end of their tax assessment may be delayed. This means your assessment end date and refund date may change, as well.
- The Tax Administration has received information that affects your tax assessment. Vero can receive information that affects your tax assessment from third parties, such as your employer. If they do, they will send you a notice that your tax assessment is delayed and your refund date is postponed.
- Your refund has been used for paying taxes. Your refund is used for the payment of your unpaid taxes between your assessment end date and the 4th day of the following month. Read more about how refunds are used to pay taxes.
- The Tax Administration does not have your correct bank account number. The bank account number you have given us is incorrect, the bank account is closed, or you have not given your bank account number to us. Read more about how to submit your bank account number: Which bank account is the refund paid into?
If your refund has not been credited to your bank account, the following reasons may apply:
- Your tax refund is less than €10. Refunds under €10 are not paid out.
- You have not filed all your tax returns. You have neglected to file a certain tax return (such as a VAT return) or the tax returns you have filed do not contain all the required information. You will receive your tax refund after you have filed all the required details.
- You have debts in enforcement. The enforcement authorities have used your tax refund to pay for your debts.