Page 8 - 2021-01-AK-MFK

Period extension in reduced withholding on interest

Tax (withholding) rates on the interest paid on Turkish lira
deposits and the profit share paid to participation accounts
by participation banks were lowered until the end of the year.
Through the Presidential Decision dated 23 December, the
period of these reductions have been extended until 31 May
2021.

Reduced withholding rate on rentals

Tax (withholding) rates on real estate rents from real
persons, associations or foundations were reduced from 20
percent to 10 percent until the end of the year. Period of this
rate reduction has been extended until 31 May 2021 with
the Presidential Decision dated 23 December.

This is the summary of the article published in the
Ekonomist magazine’s issue 34, dated 27.12.2020.

Explanations in this article reflect the writer's personal view on the matter. EY and/or Kuzey YMM ve Bağımsız Denetim A.Ş. disclaim any responsibility
in respect of the information and explanations in the article. Please be advised to first receive professional assistance from the related experts before
initiating an application regarding a specific matter, since the legislation is changed frequently and is open to different interpretations.

8 January 2021 Ocak 2021