- Finance Minister Nebati decided on waivers to boost equities
- Türkiye halted trading at Istanbul bourse due to quake disaster
According to Bloomberg article published on February 14, 2023, Türkiye is planning tax waivers for share buybacks as regulators prepare for a resumption of equities trading following last week’s halt due to two massive earthquakes in the country’s southeast.
Treasury and Finance Minister Nureddin Nebati decided to temporarily revoke the so-called withholding tax — currently 15% — that listed companies need to pay when they buy back their shares, according to an official with direct knowledge of the matter.
The decision was made Monday at a meeting between the minister and regulators, including the central bank, banking watchdog, capital markets board and heads of state owned commercial lenders, the official said, asking not to be identified because the decision hasn’t been made public.
It’s the boldest step yet by authorities to boost equities after two massive earthquakes Feb. 6 spurred a rout in Turkish stocks, erasing tens of billions of dollars in companies’ market value. The nation’s capital markets board on Feb. 8 announced a five-day halt in trading on the Borsa Istanbul stock exchange and regulators are still weighing an extension to the trading halt.
