K&H: tax-free saving has become more popular

By: Trademagazin Date: 2023. 11. 06. 11:36

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The social contribution tax (socho), which was introduced in July, reduces the yield of many savings, so the long-term investment account (tbsz) is an even more attractive solution than before, which provides tax-free savings over a longer period of time – 5 years.

This favorable condition explains why the number of permanent investment accounts at K&H increased by 13 percent in the first eight months of the year, and the amount on them increased by 29 percent. The number of permanent investment accounts belonging to private bank customers increased even more markedly, by 43 percent, and the total value of savings by 45 percent.

As of July this year, the tax rules for investments have changed: in addition to the 15 percent interest tax, the 13 percent social contribution (socho) is also applicable to the returns achieved. However, there are solutions that can be used to reduce the tax burden on investments. One of these is the permanent investment account (tbsz), which is an even more popular form of savings since the rule change, especially among private bank clients with large assets, according to K&H’s compilation.