Depositing of money in the bank and using different deposit products will enable you not only to accumulate your spare cash and get interest profit but also to receive a tax rebate guaranteed by the State.
In order to enhance saving culture of the population of Latvia, 25% of the income tax will be repaid according to the legislation of Latvia to people who use saving and depositing facilities of banks. The law „On Individual Income Tax” provides the way to return income tax from the investments which do not exceed 20% of your annual gross income provided that the investments into investment funds and private pension funds have been made for at least five years or an agreement on life insurance savings has been concluded for at least five years.
This is an example, if your salary is LVL 1200 per month and you pay LVL 20 in the pension fund on a monthly basis, your annual investments amount to LVL 240. Next year you will get back from the State LVL 60 (25% of LVL 240). Seize this opportunity and take advantage of your investments!
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