On June 29, 2011 the Council of Ministers passed a decree (dated April 26, 2011 and No. 2011/1854) (published in the Official Gazette dated June 29, 2011 and No. 27979) (the “Decree”)  in connection with different tax laws in order to amend the withholding rates imposed on lease certificates issued abroad by asset lease companies resident in Turkey and lease certificates issued by asset lease companies within the scope of the Communiqué on Principles regarding Lease Certificates and Asset Lease Companies (Communiqué Serial No. III/43) (published on the Official Gazette dated April 1, 2010 and No. 27539) (the “Communiqué”) issued by the CMB. Specifically, the Decree envisages (i) 10% withholding tax over lease certificates issued by asset lease companies with a maturity of less than one year; (ii) 7% withholding tax over lease certificates issued by asset lease companies with a maturity from one to three years; (iii) 3% withholding tax over lease certificates issued by asset lease companies with a maturity from three to five years and (iv) 0% withholding tax over the lease certificates issued by asset lease companies with a maturity of more than five years. Thus, the Decree provides the non-resident certificate holders with an opportunity to pay reduced tax for their income derived from these securities.