Number: 37

Date: 01/04/2022


Period of deposit interest and reduced rate withholding applicable to dividends paid by participation banks has been extended to June 30, 2022.

In accordance with the Presidency Decree numbered 3032 (OG: 30.09.2020), withholding rates made on interests received from Turkish Lira deposit accounts and dividends paid to participation accounts by participation banks were temporarily reduced. Afterwards, the period of this implementation was extended several times.

According to Presidency Decree numbered 5360 published on Official Gazette dated April 1, 2022, implementation period of such rate reductions has been extended until June 30, 2022.

In this framework, 5%, 3%, and 0% of withholding shall be applied according to its maturity in terms of TL deposit interests and dividends paid by participation banks in return for TL participation accounts.

The above withholding rates shall be applied in terms of interests and dividends payable to deposit and special current accounts until June 30, 2022 (including this date) and interest and dividends to be paid in terms of accounts opened or whose maturity is renewed between September 30, 2020 and June 30, 2022 (including this date).

Our explanations provided above include general information on the issue. No responsibility can be claimed against EY and/or Kuzey YMM ve Bağımsız Denetim A.Ş. due to the implications arising from the context of this document or emerging with respect to its context.

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