Withholding Rate of Long-term Construction and Repair Business was increased
Through the promulgation of the President Decision No. 3491 (“Decision”), published in the Official Gazette dated February 4, 2021 and numbered 31385, the withholding rate of long-term construction and repair business was increased.
Through the Decision, the withholding rate of revenues payments to be rendered in long-term construction and repair business is increased from 3% to 5% as per Article 94 of Income Tax Law No. 193 and Article 15 and 30 of Corporate Tax Law No. 5520.
- You may find the full text of the Decision here.
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