Turkey's Revenue Administration has announced the publication of Presidential Decision No. 8434, which extends and adjusts the reduced withholding tax rates applicable to income from deposit accounts denominated in Turkish lira (TRY). Previously scheduled to expire on 30 April 2024, the reduced rates now apply until 31 July 2024 but are adjusted as follows:
- TRY deposit accounts with a maturity of up to 6 months and current call accounts - 7.5% (up from 5.0%)
- TRY deposit accounts with a matu…