The Act Governing Savings Accounts for Future Education and Development of Children and Youth Article 14

The child and youth savings account interest shall be calculated at the floating board rate for one-year time savings deposits, as set by the account handling institution, and shall be exempt from individual income tax. The account handling institution is not required to withhold and declare income tax.The savings interest incurred from the 18th birthday of the account applicant until the day when the account is settled and savings are withdrawn shall be calculated at the floating board rate for demand savings deposits, as set by the account handling institution, and shall be subject to individual income tax. The account handling institution shall withhold and declare income tax when paying such interest.