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tax on savings

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petlovers


Joined: 30/10/2008 16:32:56
Posts: 52


Message Posted:
19/11/2008 17:27
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Message 1 of 4 in Discussion

can you get tax free savings in north cyprus,if you are not working here?



newscoop


Joined: 23/12/2007
Posts: 149


Message Posted:
19/11/2008 17:52
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Message 2 of 4 in Discussion

Savings tax = 8%



petlovers


Joined: 30/10/2008 16:32:56
Posts: 52


Message Posted:
19/11/2008 18:12
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Message 3 of 4 in Discussion

what about non tax payers???



Groucho



Joined: 26/04/2008
Posts: 2369


Message Posted:
19/11/2008 18:15
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Message 4 of 4 in Discussion

No, all interest is taxed at 8% but this is good value...



If you have 100 YTL and get 19% (quite common) you get 19 YTL interest minus 8% = 1.52 tax = 117.48 or 17.48% net of tax.....



Weigh the risks up carefully though.



If you hedge your bets and put half in YTL and half in Euros you will be safer although the Euro is expensive and low interest.



Sterling.... up to you



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