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of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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Free AccessLira Jumps as Corporate Tax Break Provides Boost
- The lira strengthened the most among its emerging market peers, boosted by a new tax break for companies that convert their assets into the currency.
- government published the law that provides tax exemptions for firms that switch assets out of foreign currencies in its official gazette on Saturday.
- Under the program, participating companies won’t have to pay income tax on gains when they move funds into FX-linked lira deposits being promoted by the government.
- The incentive is likely to attract strong interest from companies as it brings them a tax advantage without causing any loss in liquidity, according to Virtus Glocal Consulting’s chief strategist Inanc Sozer. “It will also strengthen central bank’s reserves. We’re at the beginning of a rally that will likely lift the lira to its highest levels of 2022,” he said.
- Turkey’s Treasury and Finance Minister Nureddin Nebati expects the measures could result in $10 billion in corporate assets being converted to lira, according to people who attended a meeting between the minister and economists on Jan. 22.
To read the full story
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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.