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The Presidential Decision regarding the withholding tax rates specified in Article 67 of the Income Tax Law has been published in the Official Gazette. With this regulation, the withholding tax rates on Turkish lira deposits and funds have been increased. Accordingly, the withholding tax on 6-month deposits, which was previously 7.5%, has been increased to 10%, and for 1-year deposits, it has been raised from 5% to 7.5%. For deposits with a maturity of more than 1 year, which were previously at a level of 2.5%, the withholding tax will be applied at 5%. The regulation will be valid until January 31, 2025.
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