US-Turkish citizens hit with sticker shock over new tax law
Turks with US citizenship making profits from the stock market and interest in Turkey are now liable for taxes going back six years.
During the US economic crisis at the end of 2008 that affected the entire world, many countries including Turkey took measures to protect their stock markets.
Turkey's Council of Ministers abolished the 10% tax on income from stock shares with decisions on Oct. 27, 2008, and Sept. 30, 2010, preventing the stock market from crashing. After a rough 2008, the market quickly recovered. Those who bought stock during the crisis and risked investing in long-term equities made tremendous profits.
