September 18, 2020
Turkey extends dividend distribution limitations until 31 December 2020
Turkey implemented, in April 2020, a temporary partial ban on the payment of dividends to shareholders.1
On 18 September 2020, President Decision No. 2948 (the Decision) was published in the Official Gazette. The Decision extends the date of this temporary ban to 31 December 2020. The ban was originally set to expire on 30 September 2020.
Under the Decision, the limitations will be applied as follows:
1. See EY Global Tax Alert, Turkey postpones deadlines for 2019 corporation tax and enacts law to amend tax and legal provisions due to COVID-19, dated 17 April 2020.
For additional information with respect to this Alert, please contact the following:
Kuzey Yeminli Mali Müsavirlik A.S., Istanbul