Turkey's Revenue Administration has announced the publication of Decision No. 3031 and Decision No. 3032 in the Official Gazette on 30 September 2020.

Decision No. 3031 provides for a reduction in the banking and insurance transactions tax on foreign exchange transactions from 1.0% to 0.2%.

Decision No. 3032 provides for an overall reduction in the withholding tax rates applicable to interest on deposit accounts denominated in Turkish lira (TRY), with the rates set as follows:

• TRY deposit accounts with a maturity of up to 6 months and current call accounts - 5% (down from 15%)
• TRY deposit accounts with a maturity of up to 1 year - 3% (down from 12%)
• TRY deposit accounts with a maturity exceeding 1 year - 0% (down from 10%)
• TRY deposit accounts with a variable rate based on inflation with a maturity exceeding 1 year - 0% (unchanged)

Both decisions entered into force on 30 September 2020.