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Interest deduction
In accordance with the Interest Deduction Act, a 30% deduction has been applied to all interest income since January 1, 1993. This amount is deducted from the interest by the credit institutions and passed on directly to the tax office. This deduction can be prevented if the interest beneficiary issues an exemption order to the credit institution. However, interest on building society savings is exempt from the interest deduction even without an exemption order if the saver is granted an employee savings allowance or a housing subsidy in the calendar year in which the investment income for building society contributions is credited.