"Turkey cuts tax rates to attract foreign investors
By Vincent Boland in Ankara
Published: November 30 2005 02:00 | Last updated: November 30 2005 02:00
Turkey is to slash corporate and personal tax rates in an effort to attract foreign direct investment.
Recep Tayyip Erdogan, prime minister, said yesterday the standard rate of corporate tax would be cut from 30 per cent to 20 per cent to allow Turkey to compete for investment against the new European Union member states. The overall tax burden for all companies would fall to 28 per cent from 37 per cent, while the top rate of personal income tax would fall to 35 per cent."
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