Verovuosien

Verovuosien is the genitive form of verovuosi, a Finnish term used in taxation to refer to a specific tax year. The concept denotes the annual period for which income and deductions are assessed for tax purposes. In Finnish tax practice, verovuosi forms the basis for calculating an individual’s or a business’s tax liability for that calendar year.

For individuals, verovuosi is typically the calendar year, from January 1 to December 31. During this period, wages, pensions, capital income, and other taxable earnings are accumulated, and eligible deductions are noted. In the following year, the Finnish Tax Administration (Verohallinto) assesses the tax for that verovuosi. Taxpayers usually receive a pre-filled tax return and can review, modify, or supplement the information before the final tax decision is issued. The resulting tax liability or refund is then settled according to the administration’s assessment.

For businesses, verovuosi often aligns with the company’s financial year (tilikausi), which may be the calendar year or another 12-month period chosen by the entity. Corporate taxation is based on the income earned during that verovuosi/tilikausi, and reporting is conducted in accordance with corporate tax regulations. The specifics of deduction, credits, and withholding depend on the taxpayer’s category and the applicable tax laws.

Key features of verovuosi include its role as the reference period for income, deductions, and credits, and its linkage to annual tax administration procedures. While the general principle is uniform, practical details such as filing deadlines and pre-filled returns are determined by the Tax Administration and can vary from year to year.