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Business owners able to declare pay in LHV internet bank

The World Bank ranked Estonia 14th in the world for ease of paying taxes.
The World Bank ranked Estonia 14th in the world for ease of paying taxes. Source: (Postimees/Scanpix)

Estonian business owners will now be able to pay out and declare salaries as well as pay taxes in LHV Bank's internet bank without having to go to the Estonian Tax and Customs Board (MTA) thanks to a payment service developed by the two.

According to Evelyn Liivamägi, head of the Tax Department at the MTA, many small-business owners have said that declaring taxes is complicated. "The whole e-Tax service needs updating as well as the kind of solutions that businesses expect these days — the kind of solutions that technology can offer," Liivamägi told journalists at a press briefing on Monday.

"Step-by-step we are heading in the direction of seeing whether in the future we will be able to abandon confirmed declaration forms," she said. "We could do without the formal steps of submitting and confirming a declaration."

The new e-Tax service is expected to be finished by the end of 2018. At the same time, the MTA has already begun developing new services and comfortable payment solutions, Liivamägi noted.

According to the tax board official, the new services to be introduced this year regulate those liable for VAT payment, the information system of tax stamps as well as sending information from the bank. At the moment, no other banks offer this service, but Liivamägi hopes that they will soon follow suit.

The development of the service was funded by the European Regional Development Fund.

When using the service, LHV customers will be able to specify markers like salary payment, duration of work or taking into consideration income not subject to tax when making a transfer. The bank will send the preliminary taxation information to the MTA, which will in turn automatically and on a personal basis calculate the information of tax amounts to be paid, which the customer can see when making a transfer. The tax can be paid alongside with other payments or later.

Editor: Aili Vahtla

Source: BNS

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