Turkey’s Revenue Administration has announced the publication of Presidential Decree No. 1015 of 30 April 2019, which sets withholding tax rates applicable to interest on deposit account denominated in Turkish lira (TRY), including a new 0% rate for TRY deposit accounts with a variable interest rate based on inflation. The decree sets out the rates as follows:

• TRY deposit accounts with a maturity of up to 6 months and current call accounts - 15%
• TRY deposit accounts with a maturity of up to 1 year - 12%
• TRY deposit accounts with a maturity exceeding 1 year - 10%
• TRY deposit accounts with a variable rate based on inflation with a maturity exceeding 1 year - 0%

The decree entered into force and is effective from 1 May 2019.