On 27 October 2022, Turkey published Presidential Decision No. 6297 in Official Gazette. Accordingly, Turkey provides an exemption from corporate income tax (CIT) for income derived from Turkish lira (TRY) deposit and participation accounts converted from foreign currency. Companies that deposit their foreign currency assets in their balance sheets dated 30 September 2022 in TRY deposit accounts and participation accounts until the end of 2022 and use them in these accounts with a maturity of at least three months are exempt from corporate income tax.
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