The Council of Ministers Decree No. 2010/1182 (published in the Official Gazette dated 29 December 2010 and numbered 27800) (“Decree No. 2010/1182”) has proved to be another breakthrough in terms of further encouraging cross-border private debt issues (bonds) by Turkey-resident corporates. The Decree No. 2010/1182 has introduced reduced rates (up to a zero rate) for withholding tax on cross-border corporate bond issues applicable to both resident and non-resident investors based on a band of a one- to five-year maturity.