The individual property declaration registration rates are gradually calming down, as the data of the State Revenue Service (SRS) shows.

According to the information from the SRS Public relation department, there were 130 611 property declarations registered as of July 17. 291 declarations were registered within one week. Previously, The SRS once received 6000 «zero» declarations within one day.

124 424 declarations were handed in to the SRS within the designated window – before June 1 -, 6 187 more declarations were handed in after.

In total, 84 people handed in declaration about previously unpaid PIT amounts. A 415 376 large PIT was issued for 2 770 895 LVL large income, 371 800 LVL of which were paid in the State budget.

The SRS notes that declaration registration will continue, as well as those residents that did not hand in their declarations because of legitimate reasons continue to hand in their declarations. Therefore, the SRS cannot yet say when this procedure will end, but the SRS hopes to finish it by the end of July. Then the exact number of «zero» declarations can be accounted for.

The SRS plans to inform a wider range of the population on the contents of the individual’s property declaration no sooner than in August or even September.

The SRS reminds that an individual has the right to clarify the information stated in the property declaration within three months after handing in the declaration by handing in a new declaration and stating in it what exactly needs to be clarified.

Even of the person did not have an opportunity to hand in the declaration within the established time period – by June 1, 2012 inclusive – like seamen that were away at the time. The person still has an obligation to hand in the declaration within three months after the end of the mentioned period, adding information about legitimate reasons that explain the person’s inability to hand in the declaration in time.

The Physical Personal Property and Undeclared Income Reporting Law became in force on December 15, 2011, which provides that residents falling in a specific category are obligated to hand in a personal property declaration to the SRS within the period from March 1 to June 1. This declaration should include information on a person’s financial situation as of December 31, 2011.

The «zero» declaration was to be handed in if a person purchased real-estate in Latvia the value of which exceeds 10 000 LVL and which does not have any ownership claims on it, this also applies for real-estate that was purchased abroad. Cash savings, capital shares in Latvia and abroad, bonds, loans, indebtedness and other property the value of which exceeds 10 000 LVL should also be declared.

The only property that is not supposed to be declared are those that are already listed within state registries.

Violations in declaring one’s financial situation is punishable with a fine up to 250 LVL for not handing in a declaration, not following content and submission of the declaration or stating knowingly false information in the declaration.

In the question regarding declaring illegal income, the SRS notes that if a person has declared illegal income received in the time period between January 1, 1991 and December 31, 2007, then this income is subject for 15% PIT rate in accordance with the Law on PIT Requirements. Only then will it be considered that the person has completed the necessary normative regulations regarding the declaration of income and payments related to it.

The SRS adds that in situations when a person’s expenses exceed declared illegal income the institution will consider the registration of the «zero» declaration to be complete and no repressive measures will, most likely, not follow.

Ref: 103.109.109.2849