August 31, 2018 / 4:46 AM / 7 months ago

Turkey lowers withholding tax on lira deposits, raises tax on forex deposits

ISTANBUL, Aug 31 (Reuters) - Turkey has lowered the level of withholding tax on lira bank deposits of more than one year to zero from 10 percent, while raising the tax level on foreign currency deposits of up to one year, the Official Gazette said on Friday.

It said the withholding tax on deposits of up to one year was cut to 3 percent from 12 percent and the tax on deposits of up to six months was cut to 5 percent from 15 percent.

The tax on forex deposits of up to one year was raised to 16 percent from 15 percent. The changes will be in effect for three months, it said.

Reporting by Can Sezer; Editing by Daren Butler

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