“With the Omnibus Bill, tax rates applied to foreign currency funds and interest income are changing

The new omnibus bill proposal has been submitted to the Grand National Assembly of Turkey (TBMM), and it envisages granting President Erdoğan the authority to increase tax rates on foreign currency funds and interest income by up to 40 percent.

With the Omnibus Bill, tax rates applied to foreign currency funds and interest income are changing

The economic management had imposed additional burdens on banks, such as increasing mandatory reserves, to curb the demand for foreign currency by savers. Following these steps, preparations are being made regarding the taxation of interest income in foreign currency that savers earn.”

The new omnibus bill proposal has been submitted to the Grand National Assembly of Turkey (TBMM), and it envisages granting President Erdoğan the authority to increase tax rates on foreign currency funds and interest income by up to 40 percent.