Rule
Dividends paid by a TRNC company carry 15% withholding tax, which is FINAL (non-creditable, non-refundable) for a non-resident individual or a foreign corporation without a TRNC place of business or permanent representative.[1]
Exceptions
- The exact sub-paragraph numeral of the final-withholding sentence could not be pinned against an official Resmi Gazete pagination (the converted document's own numbering is slightly ambiguous around paragraphs (4)-(7)) — the wording itself is exact, but an editor citing to sub-paragraph level should verify against a Gazette-paginated copy.
- The commonly-quoted ~23.5% combined effective rate (10% corporate + 15% withholding on the untaxed remainder) is NCR's own derived arithmetic, not a figure stated anywhere in the law itself, and is not asserted by this Rule.