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Private Pensions to Charge 15% Withholding Tax, Milliyet Reports

Sept. 7 (Bloomberg) -- Private pension companies will charge a 15 percent withholding tax on returns, instead of capital, from people who leave the plan before 10 years, Milliyet newspaper reported, citing a decree published in the Official Gazette yesterday.

According to the decree, people leaving the plan after 10 years but before retirement will pay 10 percent withholding tax and those who retire will pay 5 percent tax, Milliyet said. The new legislation was part of a law the government recently implemented to increase Turkey’s savings rate, the Istanbul-based newspaper said.

To contact the reporter on this story: Sibel Akbay in Istanbul at sakbay@bloomberg.net

To contact the editor responsible for this story: Dale Crofts at dcrofts@bloomberg.net

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