Income Tax Refund Payments Begin

By , 11 Aug 2017, 14:29 PM Business
Income Tax Refund Payments Begin Source: Pixabay

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The Tax Administration says that all income tax refunds will be paid by the end of August.

The first tax refunds based on the annual income tax calculations for 2016 were paid to taxpayers' accounts at the end of last week. More than 320,000 citizens have so far received a total of around 320 million kunas of income tax refunds, based on annual tax returns for 2016, according to the data from the Tax Administration, which also show that the largest income from employment last year amounted to just over eight million kunas, reports Poslovni.hr on 11 August 2017.

“The refunds will be paid during August, every day, by counties, in the order in which final calculations were issued. All payments will be made by the end of August,” stated the Tax Administration.

They also point out that, according to the provisions of the Law on Income Tax, on 31 July the deadline for the submission of complaints expired, which enabled the Tax Administration to start with the process of paying tax refunds on the basis of tax returns for 2016, for those citizens who have not filed a complaint.

This year, just like the last year, most citizens did not have to file their own annual income tax returns. The tax calculations for them were done automatically by the Tax Administration. However, some taxpayers did have to submit an annual tax return by 28 February. This group included citizens who generated income from self-employment, such as craftsmen, freelancers and other taxpayers whose income is established based on business books, taxpayers for whose income the Tax Administration does not have data, etc.

Most of the taxpayers, or 1.015.153, are scheduled to receive a tax refund in the total amount of 1.05 billion kunas, while 65,544 taxpayers will have to pay additional taxes and surcharges in a total amount of 127.51 million kunas.

The largest income on the basis of employment in the last year amounted to slightly more than eight million kunas, followed by a taxpayer who in 2016 earned almost 6.76 million kunas, according to the statistical report on processed annual income tax returns for 2016. There are also three taxpayers with incomes over four million kuna, and five taxpayers who earned between three and four million kunas.

Translated from Poslovni.hr.

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