Stabilisation of foreign exchange rates on custom duties and taxes and application of reduced witholding tax rates on rent income ended on 30 November 2018.

Stabilising foreign exchange rates at a fixed rate in the calculation of taxes and funds payable on imports in accordance with the TRNC Council of Ministers’ decision on 31 st August 2018 for a period of three months commencing 1 st September 2018 ended as from 31 November 2018.In addition to this the application of 7% (seven per cent) witholding tax rate on the rental income based on agreements drawn in TL currency and 13% (thirteen percent) witholding tax rate on rental income based on agreements drawn in foreign exchange currency ended as from 30 November 2018.As from 1 December 2018 10% (ten percent) witholding tax rate will be applied to rental income based on agreements drawn in TL or foreign currencies without any exemption.