Withholding tax rate on deposits and investment funds increased to 15 percent
With Presidential Decree No. 9487 published in the Official Gazette, the withholding tax rates specified in the temporary Article 67 of the Income Tax Law No. 193 have been amended.
In line with the Ministry of Treasury and Finance's principle of "taxing those who earn more," a regulation has been introduced for the taxation of financial investment instruments, increasing the withholding tax rate applied to earnings from investment fund participation shares to 15 percent.
Accordingly, income tax withholding rates applied to deposit interest income have been increased. A withholding tax of 15 percent has been introduced for demand, notice, and special current accounts as well as deposit accounts with maturities of up to 6 months (including 6 months), 12 percent for deposit accounts with maturities of up to 1 year (including 1 year), and 10 percent for deposit accounts with maturities longer than 1 year.
Furthermore, the withholding tax rate for other investment funds, primarily Money Market Funds, excluding equity-intensive funds, has been raised from 10 percent to 15 percent.
News Source: AA
Most Read
Historic words from Özgür Özel at the CHP group meeting
Air Force Academy student Veli Bilgin has died
Striking picture for Özgür Özel's 'New Party'
How did the newspapers view Özgür Özel's farewell to the CHP?
The PKK opening and Özgür Özel’s path!..
He killed his wife by slitting her throat: Their children witnessed the moments
Tuncer Bakırhan calls for a framework law
Here are the names that will be in Özgür Özel's new party!
AKP mayor held responsible
Kılıçdaroğlu's 'controlled' shopkeeper visit