Saving and investmentAmendments to the Income Tax Act

Amendments to the Income Tax Act

Amendments to the Income Tax Act will come into force on 1 January 2018, according to which income tax (20%) is imposed on the interest accrued from a deposit of the resident private person.

Bank is obligated to withhold income tax. It means that as of January 1st 2018 the Bank will declare to the Tax and Customs Board and withhold income tax from the interest accrued from a deposit at receipt of the sum of interest into your settlement account.

The changes to the law can be found here

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