Tax Encashment

• The very depositor is liable for payment of tax on income from the growth of capital, i.e. for profit from transactions with shares, investment funds, debt securities according to the law "On Personal Income Tax". Any person who gains income from the growth of capital once in a quarter (if the gained profit is from 100,01 to LVL 500), once in a month (if the gained profit is above LVL 500) or till 15th of January of next taxation year (if the gained profit is less than LVL 100) should declare the gained income to the SRS. The calculated tax should be paid to the budget within 15 days from the day of submission of the declaration.
• The liability for tax encashment on income from capital, which is not a growth of capital, i.e. for interest from deposit and account balances, dividends (paid by public stock companies), the gained profit from accruals in the private pension funds or life insurance contract is borne by the payer of the respective income, i.e. the bank, pension funds or life insurance company.