Turkey's Revenue Administration has announced the publication of Decision No. 3031 and Decision No. 3032 in the Official Gazette on 30 September 2020.
Decision No. 3031 provides for a reduction in the banking and insurance transactions tax on foreign exchange transactions from 1.0% to 0.2%.
Decision No. 3032 provides for an overall reduction in the withholding tax rates applicable to interest on deposit accounts denominated in Turkish lira (TRY), with the rates set as follows:
Both decisions entered into force on 30 September 2020.
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