The year 2023 has just begun, and against the background of the many rising prices in the economy, every saving and every refund is more critical than ever.
Salaried workers, self-employed and many business owners are not aware that there are quite a few steps they can take, and with a fairly simple check find out that they deserve money due to tax refunds.
In order to check if refunds are coming, we asked attorneys Eli Doron and Doron Peso, taxation experts from the Doron, Tykotsky, Kantor, Gutman, Ness, Amit Gross & Co. attorneys, who can ask the state for funds and what needs to be done for this.
Photo: Police spokesmen // Cash,
I am an employee, am I entitled to receive tax refunds?
In general, tax on income from work is paid according to the amount of income generated in the tax year, and for the purpose of collection efficiency, the employer is obliged to deduct the tax from the salary paid each month and transfer it to the income tax.
The amount of the deducted tax is determined according to the monthly salary paid to the employee on the assumption that the amount of salary will not change during the rest of the year, that is, the tax deducted from the salary for the month of January assumes payment of salary in the same amount for the rest of the year.
However, in the event of a change in the employee's circumstances during the year, for example a move to an area that qualifies for tax benefits or the birth of a child, a situation may arise in which tax is deducted in an amount higher than the tax the employee must pay.
For this purpose, every taxpayer is entitled to apply for a tax refund.
What do I need to do to get the refund?
A tax refund request can be submitted in one of two ways, manually or online.
Until when can I submit the documents and to whom?
A request for a tax refund can be submitted after the end of the tax year and up to 6 years after the end of the tax year for which the refund is requested.
How much refund can I get?
Upon approval of the application, a refund will be paid for the excess tax paid during the tax year, to which will be added linkage differences and interest at the rate of 4%.
It is understood that the amount of the refund cannot exceed the amount of tax actually deducted and paid during the year.
When will I receive my tax refunds?
Requests for a tax refund are mostly approved within a fairly short period of time, up to 90 days from the date of submission.
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