Changes were made to the withholding tax rates applied to Turkish Lira deposits. Accordingly, the withholding tax rate for deposits with a maturity of up to 6 months increased from 7.5 percent to 10 percent, while for deposits with a maturity of up to 1 year, it was increased from 5 percent to 7.5 percent.
For deposits longer than 1 year, the rate will be 5 percent. The effective period of the regulation was determined as January 31, 2025. So, how will deposit interest rates be affected after the decision?
Speaking to Milliyet, Certified Public Accountant Ahmet Kurtuluş said, “I do not think that this decision will affect banks’ deposit interest rates. As a result, there will be no change in the deposit interest paid by banks. “There will be a 2.5 percent loss in the net amounts received by depositors,” he said. Kurtuluş continued his statement as follows:
“To give an example, while the bank was previously making an interest payment of 100 thousand TL, depositing 7 thousand 500 TL of it to the Treasury on behalf of the depositor and paying the remaining 92 thousand 500 TL to the customer, with this decision it will deposit 10 thousand TL to the Treasury on behalf of the depositor and “He will pay the remaining 90 thousand TL to his customer.”
