Turkey lowers foreign exchange tax rate

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Turkey has lowered the tax on foreign currency transactions to 0.2 percent from 1 percent, according to a Presidential Decree published in the Official Gazette today (September 30).

The government raised the tax to 1 percent on May 24.

The withholding tax from deposit accounts was also reduced until the end of the year.

It was reduced to 5 percent for a maturity of up to 6 months, 3 percent for a maturity up to 1 year, and zero for a maturity longer than 1 year. (HA/VK)