On 7 April 2016, the Turkish Revenue Administration issued Corporate Tax Circular No. 40, which sets the rate for the notional interest deduction for 2015 at 14.6%. The law introducing the notional interest deduction was enacted in April 2015, and applies from 1 July 2015. Under the rules, companies are allowed a deduction of up to 50% of their deemed interest expense on cash capital increases registered with the Turkish Trade Registry. However, companies operating in the insurance, finance a…