Withholding tax

Withholding tax

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Exemption capped at 250 EUR.
 

The law provides for exemption on taxable interest received up to the amount of EUR 250 per person and per paying agent (exemption applicable to savings deposits only). 
 

In practice:

  • you receive income on products affected by this law and the bank automatically deducts a withholding tax eliminating tax liabilities on income, on the gross interest amount 
  • the taxes collected are then sent by the bank to the tax authorities as a total sum, without naming the beneficiaries of this income (banking secrecy) 
  • interest payments that are credited only once per year on savings deposits and that do not exceed EUR 250 per person and per paying agent are exempt from the withholding tax 
  • interest payments and exempt interest payments not exceeding EUR 250 per person and per paying agent do not have to be declared as taxable income
     

 

We would like to stress that this exemption concerns only savings deposits and that it is an individual entitlement.

 

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