The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Extended-I
Through the promulgation of the President Decision No.4561 published in the Official Gazette dated 1st October 2021 and numbered 31615, the period of the application of the low withholding rates on the interest obtained from Turkish Lira deposit accounts and the dividends paid to participation accounts by participation banks has been extended until 31 December 2021.
Through the Decision, withholding is applied at the rates of 0%, 3% and 5%, depending on the term, on the TL deposit interests and the dividends paid by participation banks in return for a TL participation account until December 31,2021.
New withholding rates are applied to interests and dividends to be paid to checking and private current accounts until December 31, 2021 (including this date) and interest and dividends to be paid to accounts opened between September 30, 2020 and December 31, 2021 (including this date) or whose maturity is renewed between these dates.
The Decree enters into force on the date of its publication.
You may find the full text of the Decision here (Turkish).
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