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Turkey Considers Extending Tax Incentives to Support Lira

TURKEY
  • Government will likely extend a tax incentive offered on lira deposit accounts to support the currency, according to people with direct knowledge of the matter.
  • The Treasury and Finance Ministry last year reduced the so-called withholding tax to encourage savings in the local currency.
  • But consumer inflation has gradually climbed above Turkey's benchmark interest rate, pushing depositor returns below zero once adjusted for price increases.
  • The proposal, currently being considered by the finance ministry, would extend the tax advantages until the end of 2021.
  • The ministry said no decision had yet been made on whether the tax breaks would remain until the end of the year - bbg
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage
MNI London Bureau | +44 020-3983-7894 | murray.nichol@marketnews.com
BulletEM BulletEmerging Market NewsHomepage

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