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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. 6618 of 28 December 2022, which provides for a further extension of the reduced withholding tax rates applicable to interest on deposit accounts denominated in Turkish lira (TRY). Previously extended to 31 December 2022, the reduced rates now apply until 30 June 2023. Decision No. 6618 also extends to 30 June 2023 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. Lastly, Decision No. 6618 extends the reduced withholding tax rate on income from qualifying asset-backed securities and mortgage-backed securities issued by mortgage finance institutions from 31 December 2022 to 30 June 2023.