Turkey Plans to Limit Tax Exemption REITs Enjoyed for Decades
- Tax change is set to impact dozens of listed companies
- Measure is part of the government’s fiscal tightening drive
Office buildings in the Istanbul Finance Centre, in Istanbul.
Photographer: Moe Zoyari/BloombergThis article is for subscribers only.
The Turkish government is preparing to limit a corporate tax exemption enjoyed for decades by real estate investment trusts as part of an extensive proposal geared at fiscal tightening.
The trusts, known as REITs, and other real estate investment funds would have to pay a minimum corporate tax on profits made from property sales or rentals, according to a person with direct knowledge of the matter, who asked not to be identified because the matter is private. The Treasury and Finance Ministry declined to comment.