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Turkey Extends Reduced Withholding for TRY Denominated Accounts and Other Instruments — Orbitax Tax News & Alerts

Turkey's Revenue Administration has announced the publication of Presidential Decision No. 4027, which provides for an extension of the reduced withholding tax rates applicable to interest on deposit accounts denominated in Turkish lira (TRY). Previously scheduled to expire on 31 May 2021, the reduced rates now apply until 31 July 2021. Decision No. 4027 also extends to 31 July 2021 the reduced withholding tax rates on income from bank bonds, and bills and lease certificates issued by asset leasing companies for which the fund user is a bank.