Yes, you may. Interest on debt is deducted from taxable income in the tax return. You will receive the tax certificate by post, simply enclose it with your tax return - it's that simple.
Many do not know that the cost of credit can be deducted on taxes.
The tax certificate is issued once a year by the credit institution, you can attach this to the tax return. In the case of loans, you can only deduct the interest on the debt from your taxes.
Note that in the case of leasing, the interest on the debt as well as the reduction in the value of the object cannot be taxed.
That is why we always recommend car loans as a financing solution to private individuals.
You can find further information in our blog "Car loan - the favourable alternative«.
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