Turkey
February 02, 2005
| By Keith Martin in Washington, DC
TURKEY reduced its withholding taxes on interest payments by Turkish companies to foreigners and on capital gains earned by foreigners on the sale of Turkish shares to 15% from current rates that reach as high as 24%. The change will take effect next January 1. The government also said that it expects this year to cut the corporate income tax rate from 33% to 30% retroactively to last January 1.