According to the State Tax Inspectorate (VMI), over 471,000 residents of Lithuania have submitted their income tax declarations as of today. VMI Deputy Director Martynas Endrijaitis noted that refunds for overpaid income taxes usually start in March, and last year they began on March 12. The timing for this year's refunds will be determined based on quality data from third parties, which helps in assessing the validity of the declared income figures.

Taxpayers who have overpaid their personal income tax (PIT) for the previous year are eligible to receive refunds by submitting their annual income tax declaration via the Electronic Declaration System (EDS). It is important for residents to file their declarations accurately and on time, as this will enable the automatic processing of their refunds. The ability to reclaim overpaid taxes reinforces the importance of tax compliance and diligence among taxpayers in Lithuania.

This announcement comes amidst discussions about financial awareness among Lithuanians, as highlighted by economist N. Mačiulis, who pointed out that many citizens tend to overlook the importance of planning for their financial future. As such, the timely provision of information about income tax refunds will likely be of significant interest to many individuals looking to improve their financial situations, especially in the wake of previous economic challenges.