Withholding Tax Rates on Deposits and Funds Increased

Forex - The withholding tax rates applied to Turkish lira deposits, participation accounts, and funds have been increased. The presidential decision regarding this matter was published in the Official Gazette. Accordingly, the withholding tax rate for demand and notice accounts, as well as for time deposits up to 6 months (including 6 months), has been raised from 7.5% to 10%. For deposits with maturities up to 1 year, the rate increased from 5% to 7.5%, while for maturities exceeding 1 year, it rose from 2.5% to 5%. This regulation will remain in effect until January 31, 2025.