Earnings data collected by the Tax Administration's between January and August suggests that almost one million employees have a withholding rate that is too low as the year draws to a close.
If the income limit on the tax card is lower than actual income, Vero recommends getting a new tax card with a new tax rate for the remainder of the year.
Päivi Ylitalo, Chief Inspector at Vero, urged everyone to check whether the income limit on their tax card is about to be exceeded and, if necessary, to apply for a new tax card as soon as possible.
"If you change your tax card in good time, your income will be taxed at a potentially higher basic rate for several months instead of only in December," Ylitalo told Yle.
She added that those who have had multiple employers during the year should be particularly careful.
Still possible to add in deductions
In addition to correcting the income limit, it is also possible to add additional deductions onto a new tax card, which could result in a greater overall reduction in the tax rate.
"When you make a new tax card now, deductions also affect how much you pay in taxes for the rest of the year," Ylitalo explained.
The maximum amount that can be deducted for commuting expenses this year is 8,400 euros. The deductible remains unchanged at 750 euros.
Deductions for some electricity costs can meanwhile be sought as of 2023.
"The initial idea is that these changes could be made on the tax card in February," Ylitalo noted.