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Amendments to the law "On Personal Income Tax" (additional information)

Dear Customer,

 

Amendments to the law "On Personal Income Tax" (hereinafter referred to as the Law), are in force starting from January 01, 2010, providing an obligation for banks to withhold 10% tax from earned interest income.

 

AS "UniCredit Bank" (hereinafter referred to as the Bank) previously has informed You that the Bank by February 28, 2010 will retain the right not to withhold the tax from the taxpayer received interest income according to the transition period stipulated by the Law. According to the Law the tax from earned interest income for this period shall be paid by you. 

 

However, the Bank hereby would like to inform You that the Bank will start to withhold the tax starting from February 01 of this year (instead of March 01 of this year as it was mentioned before). Wherewith You will be released from obligations set by the Law with regard to the earned interest income after February 01, 2010 in the Bank to complete declaration, to submit it to the State Revenue Service (hereinafter referred to as the SRS) and to transfer the tax payment by yourself – the Bank will withhold and transfer the tax by itself.

 

Beside above mentioned, we would like to remind You that in case You have earned interest in the Bank during time period starting form January 01, 2010 till January 31, 2010 You are obliged to pay the tax for this period by yourself. Specialists of the Customer Service Unit of the Bank are ready to explain to You the Bank’s obligations set by the Law.

 

We would like to remind you that:
1) If during the period from January 1, 2010 to February 28, 2010 You have received interest income from which tax is not withheld at place of payout and the total amount of such tax exceeds LVL 5:

- You should submit to the SRS by March 31, 2010 the declaration DK part II on earned income from capital;
- You should pay in the budged calculated amount of the tax by April 15, 2010.

2) If during the period from January 1, 2010 to February 28, 2010 You have received interest income from which tax is not withheld at place of payout and the total amount of such tax doesn’t exceed LVL 5:
- You should submit to the SRS by April 01, 2011 the annual income declaration where inter alia earned interest income is indicated;
- within 15 days after submission of the aforesaid declaration,  You should pay in the budged calculated amount of the tax.
 

Sincerely Yours,
AS „UniCredit Bank”