ISTANBUL, Feb 14 (Reuters) - The Turkish Treasury is
planning to provide tax exemptions in order to increase share
buybacks of companies listed on the Borsa Istanbul stock
exchange, state-owned Anadolu agency reported on Tuesday.
When Borsa Istanbul reopens for trading after a shutdown of
five days due to a devastating earthquake, the authorities will
announce the tax relief to encourage share buybacks of
companies, Anadolu said, without citing a source.
The decision was taken at a meeting of Finance Minister
Nureddin Nebati with the officials from the central bank,
capital markets board and the Borsa Istanbul.
Anadolu said, according to the decision, the listed
companies will be able to buy back shares without paying a
retention tax of 15%.
Borsa Istanbul had decided on Feb. 8 to suspend trading for
five days in the wake of the earthquakes that struck Turkey and
Syria.
(Reporting Ebru Tuncay and Zeynep Berkem; Editing by
Muralikumar Anantharaman)
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