In a decision last week, the Turkish Constitutional Court ruled that domestic investors purchasing securities should receive the same tax treatment as foreign investors, who were exempted from tax under a bill introduced in 2006.
Following the publication of the court’s decision in the official gazette, the government will have nine months to react to the ruling and set an equal tax rate on both groups of investors.
The government has not yet indicated what action it will take: whether it will bring the lower rate up, the higher rate down, or introduce an entirely new rate.
The case stems from the Turkish government’s decision in 2006 to exempt foreigners investing in shares and bonds from withholding tax. Under the same bill, the withholding tax levied on domestic investors was also reduced.
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