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Turkey Introduces 0% Withholding Tax Rate on Turkish Lira Deposit and Participation Accounts — Orbitax Tax News & Alerts

Turkey's Revenue Administration has announced the publication of Presidential Decision No. 4970 of 24 December 2021, providing for a 0% withholding tax rate on income from Turkish lira (TRY) deposit accounts and participation accounts. The 0% rate applies on income from foreign currency indexed (protected) TRY deposit accounts and TRY participation accounts opened as from 21 December 2021 and income from deposit and participation accounts converted from foreign currency accounts to TRY accounts from 21 December 2021.