Turkey extends lira deposit tax support to end-June

ISTANBUL: Turkey has extended its lira bank deposits’ withholding tax support until the end of June next year, the Official Gazette showed on Thursday.

The measure, first announced in September 2020, lowered the withholding tax on deposits up to six months to 5% from 15%, that on deposits of up to a year to 3% from 12% and those on deposits longer than a year were cut to zero from 10%.

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The measure was due to end at the end of this year.