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Declaration applicants were paid record high PIT returns last year

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Baltic news, News from Latvia, BNN.LV, BNN-NEWS.COM, BNN-NEWS.RUStarting from 1 March, Latvian residents will be able to start submitting income declarations in order to receive back a portion of PIT from the State Revenue Service in three months’ time. According to results of a survey by Swedbank Private Finance Institutive, 53% of Latvian residents had used the opportunity to return a portion of PIT last year.

SRS data states that the average amount paid back to declaration applicants last year was EUR 117.72, which is 5% larger than a year before. SRS received nearly 583,000 declarations last year – significantly more than was received in previous years. The total size of PIT paid back to residents was also record large, reaching EUR 68.6 million last year. According to data from SRS, residents most often declare expenditure for education and healthcare. Nearly half of all declarations submitted in 2015 included information on expenditure of that kind. Nevertheless, the amounts stated in those categories are usually the smallest – the average size of expenses in this category is usually EUR 166, which is due to a specific restriction (EUR 213.43 per person). The largest amounts stated in declarations are usually payments to private pension funds and life insurance. Every fifth resident submitting declarations states expenses of this category. The average amount per applicant is EUR 665.

«Tax return option is provided by the law. This option to increase the family’s budget should be as self-evident as taking the change while shopping. In addition, I would like to remind residents can still submit declarations for 2014, 2013 and even 2012,» – says Swedbank Finance Institute expert Evija Kropa.

According to SRS data, 48% of declarations were submitted through SRS’ electronic declaration system last year. Declarations are also often submitted in person at SRS Customer Service Centre. Data of Swedbank’s survey also shows that young people (aged 18 to 29) most often prefer to submit declarations in person. Residents who use EDS to submit declarations say the process is simple and improved (42%). Residents who send their declarations by post or submit them in person say this process is very time-consuming (29%), petty (28%) and complex (24%). This information points to the large potential of EDS.

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