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On 1 August, 2014 the Law "On Amendments to the Tax Code of Ukraine and some other acts of Ukraine concerning the taxation of passive income" has come into force

Online calculator to estimate the net profit after the taxation on deposits is posted at Piraeus Bank as of the press service of the bank.

According to the press service, the online calculator allows you to estimate the amount of income from all current types of deposits in the bank before tax and after the calculation and payment of tax on income from deposits received after 1 August 2014.

As stressed by the Deputy Director of Retail Banking of Piraeus Bank Catherine Vinnytska: "According to the new law, the bank acts as the fiscal agent for the payment of tax on deposits. Thus, the bank will calculate and pay tax at a rate of 15% of the interest income earned on the account balance or deposit. The body of the deposit itself is not subject to taxation. For the convenience of our customers on the bank’s website we placed calculator to estimate how much tax on the interest income will be reduced, and how much customers will get net."

Also K. Vinnytsia stressed, that this mechanism - calculation and payment of tax on income from deposits by the bank, allows to keep bank’s secrecy, as the tax calculation will not include information on the amount of individual deposits or current accounts, as well as information about the individual-taxpayer.

A list of questions/answers about the new Act is available on the Bank's website:


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