28.04.2025 09:01
Withholding taxes are of great importance for investors and millions of people with investment capital. The countdown has begun for the withholding tax rates on deposits and funds, which are expected to be published in the Official Gazette on April 30.
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The withholding tax rates on deposits and funds are causing significant cost increases or decreases due to minor changes. In anticipation of the possibility of these rates changing, eyes are turned to the Official Gazette to be published on April 30. It is expected that the decision regarding the withholding tax rates on deposits and funds will be implemented after it is published in the Official Gazette.
After the Central Bank of the Republic of Turkey's decision to raise overnight interest rates and then the policy interest rate, investors are on high alert. According to Hürriyet's news; the possibility of an increase in withholding tax rates is expected to indicate a slight decrease in deposit interest rates. This situation may also affect the Central Bank's interest rate hike move.
WITH LONGER MATURITIES, WITHHOLDING TAX RATE DECREASES
For maturities up to 6 months, the withholding tax on deposits is 15%, for maturities up to 1 year it is 12%, and for maturities longer than 1 year, the withholding tax is increased to 10%. The withholding tax rate for funds is 0% for equity-intensive, participation equity-intensive, and free equity-intensive funds, 15% for variable funds, fund basket funds, other participation funds, debt instruments funds, precious metals funds, money market funds, and other free funds, and 0% for variable funds holding more than 50% domestic equities if held for over one year.
There has been no change in the withholding tax rate of 0% applied to the participation shares of equity-intensive funds and the gains obtained from venture capital investment funds and real estate investment fund participation shares held for more than two years. The withholding tax rate on income derived from debt instruments issued domestically by banks will be 15% for maturities shorter than 1 year and 10% for others.
MAY DEEPLY AFFECT INVESTORS
The new withholding tax rates will apply to the deposit accounts and funds that investors will open. There will be no change in the withholding tax rates of existing deposits and funds, but for those who have a fund and will add a new fund, the current withholding tax rate will apply to both the previous and new funds. Therefore, those who will add to their existing fund will retain their old funds at the old withholding tax rate if they add to their funds through another intermediary institution. Since the withholding tax has increased for newly opened deposits, less interest income will be obtained.
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