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Turkey To Eliminate Withholding Tax On Government Bills

by Lorys Charalambous, Tax-News.com, Cyprus

27 October 2008


The Turkish government announced on Thursday that it is planning to abolish the current withholding tax on treasury bonds for domestic investors.

The move is designed to put the country's local investors, who are currently subject to the 10% withholding tax on treasury bills, on an equal footing with foreign investors, who have been exempt from the tax since last year.

The government removed the withholding tax on government bonds for foreign investors in the summer of 2006 after the Turkish lira hit a record-low against the US dollar.

The proposal to abolish the withholding tax for domestic investors was announced by Finance Minister Kemal Unakitan as he unveiled the country's draft budget for 2009 to the Planning and Budget Committee of Parliament.

In the coming days, Unakitan is also expected to announce new measures to assist small- and medium-sized firms in the current financial climate.


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