Turkey Increases Withholding Tax on TRY Denominated Accounts and Mutual Funds

Turkey's Revenue Administration has announced the publication of Presidential Decision No. 10041, which increases the withholding tax rates applicable to income from deposit and participation accounts denominated in Turkish lira (TRY) as follows:

• Accounts with a maturity of up to 6 months - 17.5% (up from 15.0%)
• Accounts with a maturity of over 6 months up to 1 year - 15.0% (up from 12.0%)

The changes apply for accounts opened and renewed from 9 July 2025. The withholding tax on income fr…