Turkey to reduce deduction rate in bonds sold abroad

Turkey's finance minister said that Turkey would zero the deduction rate in bonds sold abroad in case the bonds had 5-year and longer maturities.

Turkey to reduce deduction rate in bonds sold abroad

Turkey's finance minister said on Thursday that Turkey would zero the deduction rate in bonds sold abroad in case the bonds had 5-year and longer maturities.

Mehmet Simsek said his ministry had prepared a draft regulation to reduce the deduction rate of five-year and longer bonds sold abroad from 10 percent to zero.

"The government is also planning to reduce the bank and insurance tax rate on TL-bonds issued in Turkey from 5 percent to 1 percent," Simsek told AA correspondent in Ankara.

Simsek said the deduction rate of bonds with up to three-year maturity would be 10 percent, and it would be 5 percent for bonds with maturities between three and five years.

The minister said his ministry had sent the draft to the Prime Ministry.


AA

Last Mod: 16 Aralık 2010, 15:29
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