With a Presidential Decree published in the Official Gazette, the withholding tax rate applied to foreign currency deposit accounts was increased to 25 percent, while the withholding tax exemption applied to Currency Protected Deposit (KKM) accounts was extended until the end of the year.
Minister of Treasury and Finance Mehmet Simsek, in a statement on its social media account yesterday, stated that last week, net international reserves recorded the largest weekly increase in history with $ 8.5 billion. Şimşek stated that “The return to rational policies will continue gradually” and announced that the withholding tax support in KKM will be extended until the end of the year. After Şimşek’s statement on his social media account, the decision to extend the withholding tax support for KKM was announced in the Official Gazette published at night.
In addition, we will continue to make TL instruments attractive. In this context, we are extending the withholding support in Currency Protected Deposits until the end of the year.
Mehmet Şimşek, Minister of Treasury and Finance
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