Foreign issuers lobby Turkish government to change structured products regulation
Different tax treatment is placing foreign banks at a disadvantage, they say
Turkey's two-tier structured products market is placing foreign banks at a disadvantage, and these banks are now putting pressure on the country's government to change the regulations so they can compete on an equal footing.
Turkish law divides structured products into two categories depending on the domicile of the issuer and the type of product. The first category incorporates structured notes issued abroad, which, once classified, are subject to income tax at a rate of 35%. The second
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