Do I need to pay tax on the interest?
Do I need to pay tax on the interest earned in my Savings Account?
As required by the Lithuanian law, we'll make a 15% tax deduction or withholding on any interest before it is credited to your Savings Account. This includes any payment required in connection with that tax deduction or withholding. In the case of very small savings account balances, and owing to the need to round withholding tax, there may be instances where the withholding tax percentage appears greater than the statutory rate. We won't be required to increase any payment for such a deduction or withholding, or otherwise compensate you for that deduction or withholding.
You have sole responsibility for the management of your legal obligations and tax affairs, including making any applicable filings and tax payments, and complying with any applicable laws and regulations. These may depend on your personal tax status and the tax rules and regulations in force that may change from time to time. In particular, you'll be responsible for deciding and making any tax-related claims for reduction or exemption from withholding taxes. You should seek independent advice from a professionally qualified tax adviser if you have any questions in this regard.
For more information, please refer to our T&Cs page.
How can I determine the tax I have to pay?
To simplify the process, you can download your Savings Account statement. This statement provides an overview of earned interest, which can help in reporting your income.
To download your Savings Account statement, please follow the steps outlined in this article.