On 31 August 2018, Turkey published Decision No. 53 in the Official Gazette, which provides for a temporary three-month reduction of withholding tax rates on lira-denominated time deposit and participation accounts and a temporary increase on foreign currency deposit and participation accounts.
Depending on the length of maturity, the rates for lira-denominated accounts are adjusted as follows:
For foreign currency accounts, the rates are adjusted as follows:
The temporary adjustment in rates applies for deposit accounts for the three-month period 31 August to 30 November and on interest to be paid on accounts opened or renewed during that period.