Annual Tax Return for 2024:Submission Begins in March

The annual tax return submission period for 2024 begins in March. According to the State Revenue Service (SRS), individuals required to submit a tax return must do so by June 2, 2025, or by July 1, 2025, if their total income in the previous year exceeded €78,100.

Mandatory Submission

The tax return must be submitted by individuals whose personal income tax has not been fully paid. This includes those engaged in economic activities or those who earned income abroad. Additionally, individuals who received a lower tax-exempt minimum throughout the year but had higher total annual income must also submit a tax return, as they may need to repay part of the tax relief received.

Voluntary Submission

Individuals can voluntarily submit an income tax return to claim a tax refund for justified expenses within three years. Anyone whose income is subject to personal income tax may submit the tax return to recover overpaid tax for eligible expenses, including:

• Medical services and health insurance payments to insurance companies,

• Higher education and professional qualification courses,

• Children's extracurricular education (hobby groups),

• Contributions to private pension funds and life insurance with savings,

• Donations and gifts to public benefit organizations and political parties.

Additionally, family members can include justified expenses of their relatives in their own tax return. Eligible expenses may include medical and education costs for parents, grandparents, children, grandchildren, spouses, as well as siblings with a designated disability of Group 1 or 2.

By submitting a tax return, taxpayers can also claim any unreceived tax reliefs from the previous year. Tax returns for 2024, 2023, and 2022 can be submitted this year, and tax returns for 2021 can be submitted until June 23, 2025.

Tax Refund Processing

The SRS will refund any overpaid tax within three months of submission. Individuals who registered for automatic refunds without filling out a tax return will receive their overpaid tax between October 1 and December 31. However, even those who opted for automatic refunds can still submit a tax return to claim justified expenses or receive the refund earlier than October 1.

Submission

Income tax returns can be submitted electronically through the Electronic Declaration System (EDS) of the SRS, where all available data will be automatically pre-filled. Access to EDS is available through online banking, SRS assigned credentials, SmartID, eID, eParaksts or eParaksts mobile.

By submitting the annual income tax return correctly and on time, taxpayers can ensure they receive all entitled tax benefits and refunds efficiently.

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