Information required in the limited company's tax return

A breakdown of the following items is required for a limited company’s tax return, if these are not directly reflected in the reports submitted by the company:

General information about the operation

  • Notification if the company’s industry has changed during the financial year.
  • Notification if the company has operations in Åland.
  • Statement if the financial statements comply with International Financial Reporting Standards (IFRS).
  • Notification if the company is required to prepare transfer pricing documentation.
  • Notification if the company has acquired shares through a share exchange during the financial year.
  • All shareholders must provide their name and Finnish personal identification number or business-IDs (if there are any) and the number of shares. In addition, payments made to shareholders (excluding salaries and dividends), rents, interest, transfers and shareholder loans must be reported. If the shareholding of all shareholders is less than 10%, this section does not need to be filled in.
  • Notification if the entrepreneur or his family has used a company-owned apartment or property as a dwelling.
  • Decisions made on the basis of the 2020 financial statements on dividend distribution or distribution from the unrestricted equity fund.
  • Mention if the long-term production is recorded as profit based on the stage of completion.
  • Changes in share capital during the financial year.

Business income

In addition to the information displayed in the financial statements report, the following must be reported in the tax return.

  • Production for own use
  • Gains on disposal of assets
  • Grants and subsidies received
  • Dividends and surpluses received
  • Interest income from group partners
  • Interest income from holding companies
  • Profit shares of mergers
  • Other income
  • Reversals of impairment losses
  • Group grant received
  • Deductions from provisions

Business expenses

Business expenses must be broken down as follows:

  • Purchases and changes in inventories
  • External services directly related to the business, e.g., subcontracting.
  • Wages
  • Pension expenses
  • Other personnel expenses (other personnel insurance)
  • Depreciation
  • Impairment of fixed assets
  • Other operating expenses
    • Representation expenses
    • Donations made
    • Losses on disposal of fixed assets
    • Leasing payments
    • Impairment of trade receivables
    • Other deductible expenses

Financial expenses

The following must be specified for financial expenses for the tax return:

  • Interest expenses for group companies
  • Interest expenses for associates
  • Other interest expenses
  • Group support and impairment of receivables
  • Other financial expenses (loan management, collection costs, exchange rate losses)

Other expenses relevant to the tax return

  • Group grants received
  • Additions to provisions
  • Impairment of assets
  • Losses on disposal of other fixed assets

Assets

  • Receivables from owners, group companies and holding companies must be reported separately

Liabilities

  • Liabilities to owners, group companies and associated companies must each be reported separately.
  • Bonds, convertible bonds and bank loans must be separately itemized.

Other information to be provided

  • If more than half of the owners have changed during the financial year, or in stages over several years, this should be reported on the tax return.

Our experts

Tuokko-Meri-Väinölä

Meri Väinölä

Head of Accounting & Outsourcing Services, APA (HT), Partner

+358 40 834 0066
Tuokko-Noora-Nikkilä

Noora Nikkilä

Team Manager
Accounting & Payroll

+358 40 455 3446