Through the Presidential Decision no.1015 published in the Official Gazette dated 1 May 2019, withholding tax rate on interest obtained from floating-rate (based on inflation rates) deposits with maturity over 1-year has been set as 0% (zero).
The aforementioned rate applies to the interest payable on time deposits to be opened as of 1 May 2019.
The table indicating the withholding rates on deposits (TL) applicable as of the date of this circular and including the above change is provided below:
withholding tax rate
demand deposits, notice deposits and time deposits with maturity term up to 6 months (including 6 months)
% 15
time deposits with maturity up to 1 year (including 1 year)
% 12
time deposits with maturity over 1 year
% 10
floating-rate (based on inflation rates) deposits with maturity over 1-year
% 0
Our explanations provided above include general information on the issue. No responsibility can be claimed against EY and/or Kuzey YMM ve Bağımsız Denetim A.Ş. due to the implications arising from the context of this document or emerging with respect to its context.
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