Often, residents of most countries of the world, after submitting an annual income declaration, get the opportunity to return previously paid taxes. Find out what a tax refund is and when an expat can be eligible for a refund
Expats who work abroad and pay taxes are entitled to a tax refund, however, in order to receive money, you must file a declaration and fulfill a number of requirements.
Read on to find out what features the tax refund has and what amount can be received in 2024.
What is a tax refund?
A tax refund is a refund of money that has been overpaid as tax to the Government of the host country. This most often happens when employers withhold too much money from an employee’s salary.
Taxes vary depending on the country. However, in most states, employers pay taxes in advance. The employer transfers these advance payments to the local tax office on a monthly basis on behalf of the person. At the same time, there are many factors that can reduce taxes for foreigners, and each country has its own peculiarities.
When does an expat become eligible for a tax refund?
To find out if there is an overpayment and what its amount is, you need to file a tax return for the country in which You worked to declare all earned income and determine whether you should get a tax refund.
It should be noted that you can fill out a tax return and claim a tax refund, even if you have already left the country and returned home.