On 6 June 2008, an amendment the Corporate Income Tax Law (CITL) was published in the Official Gazette. It entered into force on 7 June 2008. The most important changes are summarized below.
Exemption from withholding tax on interest
Previously, the exemption from withholding tax on outbound interest payments applied only to inter-bank interest. As a result of the amendment, the scope of the exemption was extended to any interest paid by a bank (includin…