Do members collect an interest statement from their bank?

[neku]

Many investors have term or fixed deposits with their bank. Do they collect an interest statement from the bank to find out how much interest they have received to file their tax returns accordingly or rely on their accountant to do so?

 

[Starmix]

I do not have any idea about that. It might be possible in some countries. Each country might have different banking protocols.

 

[Suba]

I have a deposit at a bank, and I receive monthly interest receipt notifications via mobile banking, detailing the amount. However, I no longer need to file a tax return, as the bank has directly deducted income tax from the interest I earn from the deposit.

 

[neku]

Do you verify the interest amount and tax deducted manually? In some cases, the tax system software is not accurate, it is reporting deposits which the customer has not opened.

 

[Suba]

Do you verify the interest amount and tax deducted manually? In some cases, the tax system software is not accurate, it is reporting deposits which the customer has not opened.

In my country, taxpayers don't need to report interest taxes deducted by banks from their interest income. Similarly, when employees receive their salaries from the office, personal income tax is deducted. Furthermore, taxes are deducted directly from stock and cryptocurrency exchanges. So, we don't need to worry about tax reporting.