10/22/2008

Turkish government plans to remove withholding tax on local investors

Hurriyet English - The Turkish government plans to remove a 10-percent withholding tax on bond investments for local investors amid global economic turmoil, the finance minister said. Under the existing arrangements, foreigners do not pay withholding tax on their government bond investments. The tax is zero for them. However, Turkish citizens have to pay a 10 percent withholding tax. We are planning to remove this unfair practice," Kemal Unakitan told a group of journalists.