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Lira Tool Tax Exemption Extended to Year-End

TURKEY
  • Bloomberg report that Turkey will extend withholding tax exemption for FX-protected lira deposits to end of 2023, according to people with the knowledge of the matter.
  • FX-protected lira deposits tool will be gradually phased out if authorities can attract foreign capital to Turkey until the year-end, the people said.
  • In another step, the government will increase withholding tax rate on FX deposits to 25% regardless of maturities from current levels of 18% and 20%, they said.

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