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Do I have to pay tax on the Savings Account interest?

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.

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. Your personal tax status and local rules and regulations (which can change from time to time) will impact what you are required to declare. 

In particular, you'll be responsible for any reduction or exemption claims regarding 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.