Income tax withholding on interest increased: Published in the Official Gazette
According to the decision published in the Official Gazette, the income tax withholding on interest has been increased from 7.5 percent to 10 percent.
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The Presidential Decree No. 9075, dated November 1, 2024, has been published in the Official Gazette. The Decision Regarding Withholding Rates Included in the Provisional Article 67 of the Income Tax Law No. 193 was published in the Official Gazette.
With Presidential Decree No. 9075, withholding taxes on deposit interest have been increased from 7.5% to 10% for demand and notice accounts and accounts with a maturity of up to 6 months (including 6 months), from 5% to 7.5% for accounts with a maturity of up to 1 year (including 1 year), and from 2.5% to 5% for accounts with a maturity longer than 1 year.