Income tax return data

• 15 February Submission of income tax returns through the e-tax available. Service bureaus start to issue printouts of the pre-completed income tax returns.
• 25 February Commencement of refund of income tax to customers who submitted their tax returns through the e-tax.
• 18 March Commencement of refund of income tax to customers who submitted their tax returns on paper.

• 2 May Deadline for submission of income tax returns.
• 3 October Term for payment of additional income tax and refund of overpaid amount of income tax.

From 15th of February loan interest paid for year 2021 will be visible in Internet Bank.

You must request the statement if:

• the loan interest is not visible in the Internet Bank from the 15th of February;
• the borrowers have been amended in the loan agreement in 2021;
• you would like to have a statement of the interest paid in 2020 and earlier.

You can order a statement:

• from the Internet Bank;
• from your nearest Swedbank branch;
• in Estonian or English.

Request statement of interest paid

The amounts paid into a supplementary funded pension insurance contract and as contributions to third pillar funds can be subtracted from taxable income to an extent that does not exceed 15% of your gross income in 2021, 6,000 euros maximum.

• The tax-free threshold on the third pillar applies to contributions made both by the employer and the person themselves, and the exemption is first applied to the contributions made by the employer.
• Movement from one savings solution of the third pillar to another (e.g. from pension funds to a pension insurance contract), whereby no monetary payouts are made, is not subject to income tax.

PLEASE NOTE: The size of the tax-free income that can be used must be taken into account when deductions are made. The size of the tax-free income depends on the person’s annual income. Read more

Voluntary pension funds

Information about contributions to voluntary pension funds is sent to the Estonian Tax and Customs Board by AS Pensionikeskus that enters the information about the third pillar pension funds in a pre-filled electronic declaration.

When you use an investment account, you must give the Tax and Customs Board an annual overview of the amounts you have transferred to and withdrawn from the account during the calendar year. For this purpose, it is most sensible to use the Investment account report.

Information about what has happened on your account must be sent to the Estonian Tax and Customs Board, even if you have not made any transactions or transfers.

All cash deposits and withdrawals must be declared in the investment account report. If withdrawals exceed contributions, income tax of 20% is payable on the excess amount.

The report must reflect all the amounts you have deposited in or withdrawn from the account during the previous calendar year. For example, if you fill in an investment account report in 2022, you will need to indicate the transactions you made during the whole of 2021.

More detailed instructions can be found here.

In this case, you only need to declare investment income if you have transferred or sold securities in the previous calendar year. This information must be included in clauses 6.1 (income received in Estonia) and 8.2 (income received abroad) of the Tax and Customs Board’s income tax return. In the Estonian Tax and Customs Board e-service, take a look at clauses 5.1, 7.1, 8.1 and 8.8 in your declaration and fill in if needed.

If your securities account has simply been dormant for a whole year and you have not sold any securities, you have no obligation to declare.

If you have transferred (sold) securities in the previous calendar year, you must present the acquisition price and cost of the transferred securities (e.g., shares, fund units, bonds) and the transfer price and cost in the declaration. The difference between the acquisition price (plus acquisition cost) and the transfer price (minus disposal cost) is either the gain or loss on the transfer of the securities. You can find the acquisition price in the securities account statement or in the realised profit report.

More detailed instructions can be found here.

The part of a payout received under a unit-linked life insurance contract, which exceeds the insurance premiums paid on the basis of the same contract:

• is not subject to taxation if the contract was entered into before 1 January 2001;
• is subject to taxation if the contract was entered into from 1 January 2001 to 31 July 2010 and the payouts were made before twelve years had passed from the entry into the insurance contract;
• is subject to taxation if the contract was entered into as of 1 August 2010.
• All unit-linked life insurance payouts, which exceed contributions, will be subject to income tax as of 1 January 2024 irrespective of when the contract was entered into or how long the contract term is.

An overview of the unit-linked life insurance payouts can be found here. Swedbank Life Insurance SE will send the information about the payouts to the pre-completed electronic tax return.

If you would like to submit a paper version of the statement of payouts made under a unit-linked life insurance contract to the Tax and Customs Board, please inform Swedbank’s Investment Support about this by sending an e-mail to investeerimistugi@swedbank.ee or calling us on 613 1606, and the statement will be sent to you by post.

The interest paid out on the deposits (incl. current accounts) of all private Estonian residents is subject to income tax as of 1 January 2018.

The taxation obligation also extends to the contracts entered into before 1 January 2018, but in the case of which payouts are made in 2018 or later.

The bank withholds the income tax and transfers it to the Tax and Customs Board.

The interest earned on an investment deposit set up as of 1 January 2011 is subject to income tax. The interest paid on investment deposits set up before 1 January 2011 is not subject to tax.