OREANDA-NEWS. March 06, 2012. Every third investment account owner in SEB has already used the assistant in declaring investment income. The assistant helps to map the client’s assets which can be carried over to the new taxation system, and to put together the information entered into the tax return, reported the press-centre of SEB.

When declaring their income for 2011, an active investor needs to decide which financial assets they wish to carry over to the new investment account system and whether they also wish to carry over the losses for previous periods into the new system. As only certain types of financial assets can be transferred into the investment account system, an application has been opened for clients in the SEB Internet Bank. The application helps map the client’s financial assets and thereby make the client’s tax-related decisions.

“SEB’s Internet Bank assistant for the declaration of investment income facilitates the use of the investment account scheme in declaring one’s income. This special application will help sort the investment products, define the investment accounts and formulate the entries of the tax return. The tool can be used by all those who wish to declare their income via SEB,” said Eerika Vaikmae-Koit, head of SEB’s retail banking and technology.

A regular scheme or the investment accounts system may be employed in taxing investment income from 2011. Under the regular system, any profits from the transfer of assets are subject to tax and the tax liability is calculated as the difference between the sales price and the acquisition cost of the assets. Under the investment account scheme, the profit from taxable investments is taxed similarly; however, the income tax need not be paid immediately but may be rolled over to the following years.

As of 28 February, the Tax and Customs Board will begin refunding income tax to those who submitted their income tax return via the e-tax board. The due date for submitting an income tax return is 2 April 2012.