June 3, 2020 / 12:49 PM / a month ago

Turkey raises withholding tax to 15% for hedge funds, bans establishment of new ones

ISTANBUL, June 3 (Reuters) - Turkey has raised the withholding tax on hedge funds’ transactions to 15%, a statement on the Official Gazette showed on Wednesday, while the capital markets watchdog indefinitely banned the establishment of new foreign currency hedge funds.

Foreign currency debt instruments and sukuks issued abroad by the Turkish Treasury or domestic issuers cannot exceed 30% of the fund’s value and can only be purchased during primary issuance, the Capital Markets Board said.

It added that the maximum amount of foreign assets and transactions included in the fund was set at 3% of the fund’s value. (Reporting by Ezgi Erkoyun and Can Sezer; Writing by Ali Kucukgocmen; Editing by Daren Butler)

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