On 31 August 2018, Turkey published Decision No. 53 in the Official Gazette, which provides for a temporary three-month reduction of withholding tax rates on lira-denominated time deposit and participation accounts and a temporary increase on foreign currency deposit and participation accounts.
Depending on the length of maturity, the rates for lira-denominated accounts are adjusted as follows:
- Maturity less than six months – Reduced from 15% to 5%
- Maturity up to one year – Reduced from 1…