Period of reduced rate withholding applied in terms of investment fund income except for foreign currency fonds and issued bond yields has been extended until October 31, 2024.

In accordance with the Presidency Decree numbered 8434 (OG: 01.05.2024), rates of withholding to be made from the income and profits from bonds and bills acquired between May 1, 2024 and July 31, 2024 and issued by banks and the income and profits from lease certificates issued by asset leasing companies where the fund user is banks had been redetermined.

This time, according to Presidency Decree numbered 8775 published on Official Gazette dated August 01, 2024, implementation period of such rates has been extended until October 31, 2024.

In this framework, 7,5%, 5%, and 2,5% of withholding shall be made based on income and revenues obtained from above bills and bonds and lease certificates depending upon maturity or keeping period of bonds and lease certificates.

On the other hand, according to the Decree in question, withholding rate to be applied based on income and profits gained from investment funds (except for variable, mixed, eurobond, external borrowing, foreign, free funds and investment fund having foreign currency statement in its title) acquired between May 1, 2024 and October 31, 2024 shall continue to be applied as 7,5%.