Get your money back!

By Klinta Dzene

Latvia law allows refunds for money paid for taxes or overpaid in taxes, including money invested in higher education. To apply for refunds for education costs contact State Revenue Service (SRS).

This year it is possible to retrieve up to 300 lats from overpaid taxes. For calculation of retrievable sum take 23% from the money paid for education + money paid for medical services. The declaration as well as a copy of the payment check is required, so if you are a student, who has just started studies – remember to save the payment checks as proof of transaction.

While this is not a common knowledge – economic students at University of Latvia hear about it in the lectures Karīna Tarasenkova, student in the Faculty of Economics and Management says: “After having a lecture course about tax systems, there are no difficulties for me filling out the declaration before that I asked a work colleague – accountant for help.” She thinks that SRS doesn’t publish enough information about the option to return overpaid tax money yet Tarasenkova encourages students to take this step, “You can never have too much money, especially if we’re talking about students.”

This is not only an option for working students – if the money for education is paid by your parents, they can retrieve money by handing in their income declaration. (More information – http://www.vid.gov.lv/default.aspx?tabid=8&id=4475&hl=1&mod=33)

Steps to take for handling in the declaration:

1) Print out the form of income declaration. You can download it here http://www.vid.gov.lv/default.aspx?tabid=8&id=39&hl=1 (Declaration form has seven enclosures – you don’t have to fill all of them. Read here about the ones you need, as well read about required documents you need to handle in along with the declaration http://www.vid.gov.lv/default.aspx?tabid=8&id=4482&hl=1&mod=33 )

2) Find out your SRS department – http://www.vid.gov.lv/default.aspx?tabid=12&id=478&hl=1
3) Go to the department, fill the declaration and hand it in. If you have any questions consult with local staff.

This year checks for the last three years – 2007, 2008 and 2009 are eligible for refunds. The deadline for the submission of the income declaration is the end of the year, so there is no need to rush. For additional questions call SRS at 1896.

Photo by Klinta Dzene