The Period of the Application of Low Withholding Rates on Deposit Interest and Dividends Paid by Participation Banks are Re-Extended
Through the promulgation of the President Decision No. 5752 published in the Official Gazette dated 28th June 2022 and no. 31880 (“Decision”), the period of the application of the low withholding rates on the interest obtained from Turkish Lira deposit accounts and the dividends paid to participation accounts by participation banks has been extended until 31st December 2022.
Through the Decision, the withholding tax rate to be applied on TRY deposit interests and dividends paid by participation banks in return for a TL participation account would vary between 0%, 3%, and 5% depending on the term until 31st December 2022.
The Decision enters into force on the date of its publication.
You may find the full text of the Decision here.
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