Turkey just announced that all foreign investors or nonresidents are exempt from the withholding tax in the shares and bonds. Read the excerpt from the article below.
The changes, which include the abolition of a 15% withholding tax for nonresidents investing in shares and bonds, triggered a sharp recovery in Turkish asset prices and the lira currency.
I am sure Dr. Shabibi is aware of this tax break, and what a way to invest in Turkey, while living in Iraq and all the profit is tax free. What a concept. This is what we all need in Iraq Stock Exchange.
On another note.
The word on haffa street is the Iraqi government is looking forward to next years new budget, which is just a little over 90 days on 1 October. The rumor is that an influx of cash is on the horizon.
Could this be the new business foreign investment law that will be enacted then…we shall wait and see. It seems the Kurds in the north are not worried about the investment laws the way they have signed up several oil companies not as big as my favorite, ExxonMobil but it’s a start.
How long do you think it will take for the new amendments to take place on the Iraq constitution concerning the oil? If 90% of Iraq revenue is from the sales of discounted oil on the world market, I would be working on the new amendments to the Constitution quickly. I see no new developments on this at all it doesn’t mean that something is not going on behind closed doors, but I just wish they would hurry up and get the agreements made about the oil assets and revenue.
Do you still think we are close to an rv?