Corporate Tax Exemption is Envisaged for The Gains Derived from the Conversion into Turkish Lira as per to the Balance Sheet Dated 31th March 2022
Through the promulgation of Law No. 7407 Amending the Banking Law, Some Laws and the Decree Law No. 655 (“Law No. 7407”), published in the Official Gazette dated 28th May 2022 and No. 31849, corporate tax exemption envisaged for incomes gained through currency protected TRY deposit accounts.
In this context, provided that foreign currencies recorded in the balance sheet dated 31 May 2022 (i) are converted into TRY at the conversion rate until the end of 2022 and (ii) the relevant TRY assets are remained in TRY term deposit and participation account for at least three months; the interests, dividends and other incomes will be exempt from corporate tax.
Exemption within the scope of this article is also applied to accounts renewed at maturity until the end of 2022.
The President is authorized to enforce the said exception for foreign currencies figured in the balance sheets dated 30 June 2022 and/or 30 September 2022.
Law No. 7407 entered into force on the date of its publication (28th May 2022).
You may find the full text of Law No. 7407 here.
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