The Turkish Revenue Administration has issued Presidential Decision No. 9075, extending and revising the withholding tax (WHT) rates on income from Turkish lira (TRY) deposit accounts.
Initially set to expire on 31 October 2024, these rates will now be in effect until 31 January 2025.
Income Type | Previous WHT Rate (%) | New WHT Rate (%) |
TRY deposit accounts with a maturity up to six months and current call accounts | 7.5 | 10.0 |
TRY deposit accounts with a maturity over six months up to one year | 5.0 | 7.5 |
TRY deposit accounts with a maturity exceeding one year | 2.5 | 5.0 |
TRY deposit accounts with a variable rate based on inflation exceeding one year | 0.0 | 0.0 |
The Presidential Decision updates the WHT rates for income derived from bank bonds, bills, and lease certificates issued by asset leasing companies where the fund user is a bank.
Asset Type | Previous WHT Rate (%) | New WHT Rate (%) |
Bank bonds, bills, and lease certificates with a maturity up to six months | 7.5 | 10.0 |
Bank bonds, bills, and lease certificates with a maturity up to one year | 5.0 | 7.5 |
Bank bonds, bills, and lease certificates with a maturity exceeding one year | 2.5 | 5.0 |
The decision also continues the 0.0% WHT rate on earnings from TRY deposit and participation accounts that are converted from foreign currency or gold-denominated accounts.
Presidential Decision No. 9075 came into effect on 1 November 2024.