Before-tax nominal APR

Gross nominal annual interest rate. Annual rate of return on a financial investment. It is a nominal rate because it does not take inflation into account. It is a simple interest rate, since it does not take into account capitalization of interest that paid over the period of the deposit. It is a gross rate, since it does not yet deduct the income tax levied on the interest.

Source: Glossary of Banco de Portugal, letter G (consulted on 2022-11-18)