You can get a personal income tax refund of up to 20% of your contributions under:
- a savings life insurance contract
- a borrower’s life insurance contract with savings provision
- a third pillar pension individual membership agreement
In accordance with the Personal Income Tax Law of the Republic of Latvia, you may receive a tax refund of up to 10% of your annual taxable income, however, not exceeding a maximum of EUR 4,000.
To qualify for a tax refund, a number of conditions must be met:
- The savings insurance contract must be for a minimum of 10 years; do not terminate it earlier and do not withdraw the savings amount before the due date.
- Conditions of Accumulated Life insurance state that the accumulated amount is paid out to the insured person, who is also policyholder and beneficiary owner at the end of the contract.
- Contributions to the 3rd pillar pension scheme shall not be withdrawn for at least 1 full calendar year. (Please consider, that you can apply for the saving payout not earlier than after your 55th birthday).
For easy calculation, use the Tax Calculator to calculate your personal income tax refund .
Please note that the tax information provided is general, subject to change, and tax refunds may be tailored to each individual situation.
For complete information on personal income tax refunds, please contact the State Revenue Service or consult a professional tax consultant.