A total of €141 million in tax over-payments is due back to taxpayers for the preceding tax year, according to Tax and Customs Board (MTA) preliminary data.
MTA taxation department head Evelyn Liivamägi stated in a press release that this estimated sum will be stated more clearly following the submission of income tax returns.
The MTA will need to take into account deductions and declared income such as that from rentals or real estate sales.
Filing tax returns for the preceding tax year begins on 15 February, with the first payments starting on 26 February.
Up to €200 million is likely to be repaid to taxpayers in all, for 2019, the MTA says. This figure is made up of the €141 million estimated from unused tax-free income, plus general tax incentives which can be deducted from income, the MTA says.
The basic tax exemption was met by 42% of earners over the last tax year, the MTA reports. It was not reached by 52% of earners, or around 519,000 people (ie. the pool owed the €141,000 noted above), and was exceeded by 6% of earners, according to the MTA.
Those who exceeded the tax exemption threshold together must pay an extra €12 million, the MTA says. This translates as payments of up to €200 for the bulk (around 70%) of those who exceeded the limit, though use of further deductions allowances can reduce this figure, the MTA advises.
Editor: Andrew Whyte