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Tax benefits

Tax benefits

You can get your personal income tax refund in the amount of 23%

  • For contributions into savings with life insurance
  • For contributions to the 3rd Pension Pillar

What tax benefits are available?

For contributions in 3rd Pension Pillar You can get your personal income tax refund in the amount of 23% from the contributions made in 3rd Pension Pillar not exceeding 10% of your gross annual income (salary before taxes).
For contributions in life insurance with savings You can get your personal income tax refund in the amount of 23% of the contributions made in life insurance with savings (minimum contract term - 5 years) not exceeding 10% of your gross annual income (salary before taxes).

Important! To receive tax benefits, you must be an employed person who pays personal income tax in the amount of 23 % of your income.

Calculate the prospective tax refund in the Tax benefit calculator

How to receive tax benefit?

As of March 1, submit the annual income declaration:
  • In Electronic Declaration System (EDS) of the State Revenue Service (SRS) or
  • Customer service centre of SRS.

Specify the total amount of contributions in 3rd pension pillar and/or life insurance on the 9th line of declaration’s form D.

If you choose to submit the declaration electronically, the aggregate amount of your contributions will be visible as SEB pension fund and SEB life insurance send information about your contributions in 3rd pension pillar or life insurance in previous year electronically to SRS until February 1 of each year.

In the declaration you will have to specify the account to which you want to receive the individual income tax refund.

Find out more about tax benefits (LAT)

Can I get tax incentives if the savings are built by my employer in my favour?

You cannot recover personal income tax from contributions in 3rd pension pillar or life insurance made by an employer on behalf of an employee because tax benefits are already applied when making the transfer from the work place.

However, the employer's contributions must be taken into account if you make also individual contributions to 3rd pension pillar or life insurance, because tax benefit amounting to 10% of gross salary applies to contributions made by both the employer and you.

If the employer makes contributions on your behalf and you wish to supplement your savings with additional contributions and take advantage of tax benefit, you must:

  1. find out the percentage of your gross annual salary paid in 3rd pension pillar and/or life insurance with savings by your employer;
  2. calculate the amount you can contribute to get a full advantage of tax benefits: the limit for personal income tax benefit plus employer’s contributions is 10% of your gross annual salary. For example, if your employer pays 5% of your gross salary on your behalf, you can pay additional 5% and recover the personal income tax allowance.

You can supplement the savings in internet bank or at any SEB branch.

Find out more about contributions

 

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