Tax on Savings
As required by Lithuanian law, we'll make a 15% tax deduction on any interest before it's credited to your savings account.
In the case of very small Savings account balances, and due to the need to round withholding tax, sometimes the withholding tax percentage may be greater than the statutory rate of tax. We won't be required to increase payment or otherwise compensate you for that deduction or withholding.
How can I determine the tax I have to pay?
You have sole responsibility for the management of your legal obligation, tax affairs, making any applicable filings, tax payments, and complying with laws and regulations. Your personal tax status and local rules and regulations will impact what you are required to declare.
In particular, you'll be responsible for any reduction or exemption claims regarding withholding taxes. If you have any questions, you should seek independent advice from a professionally qualified tax adviser.
You can download your Savings accounts statement in-app. This statement provides an overview of earned interest, which can help you report your income.
Changes since Revolut's Hungarian branch launch
Revolut has opened a Hungarian branch, with customer account migrations continuing over the coming weeks. Savings accounts are now handled by the Hungarian branch instead of the Lithuanian entity.
For existing Savings accounts, some changes to taxation apply as a result of this migration. Accounts that haven't been migrated yet have 15% tax deducted on savings interest as mandated by Lithuanian law, with taxes reported and remitted to Lithuanian authorities.
However, after your account is migrated, this will change to a 28% tax deduction on any interest before it is credited to your Savings account, as required by Hungarian law. This includes a 15% withholding tax (PIT) and a 13% social tax, which we will report and remit to Hungarian tax authorities.