CBRT: Principles of practice regarding interest on foreign exchange-protected deposits, non-residents and companies

Güncel


According to the decision published in the Official Gazette, the authority to determine the maximum interest rate to be applied to foreign currency indexed lira accounts will belong to the Central Bank of the Republic of Turkey. According to another decision in the newspaper, Turks living abroad will be able to open a foreign currency-indexed lira time deposit account. The government also published the law in the Official Gazette on Saturday, which provides tax exemption to firms that exchange their assets in foreign currency. Under the program, participating companies will not have to pay income tax on their earnings when they fund FX-indexed lira deposits promoted by the government. According to the principles of the communiqués;

 

·        The Central Bank is authorized to determine the maximum interest rate to be applied to the bank’s deposit account.

·        Within the scope of supporting the conversion of Turkish Lira deposits and participation accounts converted into Turkish Lira at an exchange rate; In case the institutions convert the foreign currencies in their balance sheets dated 31/12/2021 into Turkish Lira until the application date of the fourth provisional tax period and the Turkish Lira assets obtained in this way are used in Turkish Lira deposits and participation accounts opened, the profits are exempt from corporate tax.

·        Foreign currency deposit account and foreign exchange participation fund account balances of citizens residing abroad in US Dollars, Euros and British Pounds are converted into Turkish Lira at the exchange rate and YUVAM account is opened if the account holder requests it.

·        YUVAM accounts can be opened with maturities of 3, 6, 12 and 24 months.

·        The deposit and participation fund holder will be paid a higher rate and equal to the sum of the additional income when the interest/profit share accrued to YUVAM accounts is compared with the exchange rate at the account opening and at the end of maturity.

·        In case the maturity rate is lower than the conversion rate, the bank pays principal + interest/profit share to the account holder.

·        While the Central Bank will provide foreign currency protection to YUVAM account holders, additional returns may be provided at varying rates depending on the maturity of the accounts.

o   3 Months Maturity: 0%

o   6 Months Maturity: 1%


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