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
