Monday, July 1, marks the final day in Estonia when both additional income tax and refunds of overpaid income tax for "natural persons", i.e. private individuals' income, as opposed to business or property sales income, can be paid, Baltic News Service reports.
Based on income tax returns submitted to the Tax and Customs Board (MTA) for the previous year, a total of 41,616 people are required to pay an additional income tax, totaling €11.4 million, an increase on the previous year, the tax authority said.
Based on tax returns for the past year, tax refunds total €180 million, over 50 per cent more than last year's total.
According to Hannes Udde, MTA service manager, both sums have increased on year following the imposition of a new basic exemption system.
"We advise people to adhere to the deadline for the payment of additional income tax, as late payments entail interest, which significantly increases the amount payable," Udde said.
"If paying owed sums to deadline proves impossible, the debt can be paid in installments, reducing the interest rate by half. The easiest way to apply for payment by installments is to go via the e-customs or e-tax services," he added.
The deadline for payments of due income tax or refunded income tax for businesses, foreign income, and capital gains from property sales, is Oct. 1, BNS reports. At present, 17,186 individuals are required to pay an additional amount of income tax totaling €37.9 million, by that date.
Editor: Andrew Whyte