On 9 November 2022, the Turkish Revenue Administration published Law No. 7420 in the Official Gazette amending various tax related legislation. Accordingly, the application period for the corporate tax exemption provided to taxpayers who convert their foreign currency and gold account balances into Turkish lira (TRY) deposit and participation accounts, such as interest and dividends, has been extended from 31 December 2022 to 31 December 2023. Moreover, the Law introduces the treatment of the reduction of share capital.