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Turkish Firms to Ask Iran to Drop $400 Million Tax, Sabah Says

May 16 (Bloomberg) -- Turkish businesses will ask Iran to drop transit taxes that cost $400 million last year, seeking to lift obstacles to double trade between the countries, Sabah reported.

Iran is taxing only Turkish trucks and selling them fuel at four times the local price, Ali Osman Ulusoy, the co-head of the Turkey-Iran Business Council at the Foreign Economic Relations Board, an Istanbul-based trade advocacy group, according to the newspaper. Ulusoy is leading a delegation to Turkey’s eastern neighbor May 21-23 to discuss the matters.

U.S. embargoes against Iran are helping smugglers because they restricts money transfers, Ulusoy said, Sabah reported. Iranian companies in Turkey are interested in building an auto-related factory in the Black Sea province of Trabzon and investing in hotels, the newspaper said, citing Ulusoy.

To contact the reporter on this story: Emre Peker in Ankara at epeker2@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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