Withholding tax rate on foreign currency deposit accounts increased to 25%

According to the Presidential Decree published in the Official Gazette with the signature of President Recep Tayyip Erdoğan, the withholding tax exemption for TRY Foreign Exchange Protected Deposit Account has been extended until the end of the year.

Treasury and Finance Minister Mehmet Şimşek stated on his social media account recently that net international reserves recorded the largest weekly increase in history with 8.5 billion dollars two weeks ago.

"The return to rational policies will continue gradually," Şimşek said, and announced that the withholding tax support in KKM will be extended until the end of the year.