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Turkey Considers Extending Tax Incentives to Support Lira
Turkey’s 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. Turkey Cuts Tax on Individual FX Purchases, Lira Deposits (1) The proposal, currently being considered by the finance ministry, would extend the tax advantages until ... (full story)