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### Viewing cable 05ANKARA4494, FOREIGN PORTFOLIO INVESTORS FIGHT WITHHOLDING TAX

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Reference ID | Created | Released | Classification | Origin
--- | --- | --- | --- | ---
05ANKARA4494 | 2005-08-03 08:19 | 2011-08-24 01:00 | UNCLASSIFIED | Embassy Ankara

`

    This record is a partial extract of the original cable. The full text of the original cable is not available.

    030819Z Aug 05

` `

    UNCLAS SECTION 01 OF 04 ANKARA 004494

    SIPDIS

    DEPT FOR EB/OMA AND EUR/SE
    TREASURY FOR CPLANTIER

    SENSITIVE BUT UNCLASSIFIED

    E.O. 12958: N/A
    TAGS: EFIN EINV BEXP TU
    SUBJECT: FOREIGN PORTFOLIO INVESTORS FIGHT WITHHOLDING TAX
    ON FINANCIAL INSTRUMENTS

    1.(U)Summary: The Turkish Parliament approved a tax bill at
    the end of 2004, which introduced a withholding tax of 15
    percent on all gains on all financial instruments, including
    equities and fixed income securities.  The law comes into
    effect as of January 1, 2006. The law is designed to
    increase tax revenue and both to level the playing field
    between foreign and domestic investors and between different
    types of financial instruments.  As the implementation date
    approaches, with some uncertainty over the law's
    application, it has become increasingly controversial, with
    major international investment banks, many of them U.S.-
    headquartered, trying to convince the GOT that the law as
    written discriminates against foreign investors, will damage
    the derivatives market, is unworkable, and could disrupt the
    market.  Turkish Treasury seems to be sympathetic to some--
    but not all-- the investors' complaints but needs to
    convince a recalcitrant Finance Ministry.  Investors have
    tried to draw in the IMF, but the Fund seems disinclined to
    get heavily involved.  End Summary.

    International Investment Banks Press the GOT:
    ---------------------------------------------

    ¶2. (SBU) The Turkish Parliament adopted a bill in December
    2004 to introduce a 15 percent withholding tax on income
    from all financial instruments.  For the first time,
    government securities will be taxed.  The tax will become
    effective as of January 1, 2006. The law's passage was not
    widely-noticed at first-there was negligible press coverage
    and Embassy Ankara only began to hear about the issue in
    June from visiting foreign bankers.  According to London-
    based investment bankers such as Credit Suisse First Boston,
    Lehman Brothers and Merrill Lynch, the GOT consulted the
    financial community at an early stage but relied on banks
    with a local presence.  Though foreign banks with local
    presence, such as Citigroup, were included, the interests of
    the other major international banks, who represent the bulk
    of the foreign portfolio investors were not taken into
    consideration.  The visiting international bankers claim
    that Citibank, as the leading custodian bank, was mainly
    interested in avoiding having  responsibility for collection
    of the tax being placed on the custodial institution.

    ¶3. (SBU) Since June, the major international banks, many of
    them with headquarters in the U.S., have been visiting
    Ankara frequently and pressing the GOT to take their
    concerns into account, even while trying to enlist IMF and
    U.S. Government support.   The CSFB and Lehman Brothers
    bankers pointed out to econoff that out of some $20 billion
    of foreign investor holdings in Turkish financial markets,
    they estimate that 40 or 50% ultimately come from U.S.
    investors, whether wealthy individuals, pension funds, hedge
    funds, or financial institutions.

    Treasury Listening to Investors:
    ------------------------------

    ¶4. (SBU) To the GOT's credit, when the foreign banks
    ratcheted up their complaints, Turkish Treasury and the Tax
    Administration (under the Ministry of Finance) met with the
    bankers and allowed them to make their case.  Though the Tax
    Administration proposed the tax and has the lead on tax
    policy, Turkish Treasury has long been careful not to have
    the GOT take actions that could disrupt the market.  Though
    Turkey's financial vulnerabilities have come down
    substantially over the past two years, Treasury still has to
    roll over billions of dollars of short-dated securities
    every month. The Tax Administration, on the other hand, is
    driven by a desire to capture more tax revenue, and to have
    a coherent tax policy that taxes all financial instruments
    equally.  As such, it reportedly has not been sympathetic to
    the bankers' arguments.

    Is the Tax Discriminatory?
    -------------------------

    ¶5. (SBU) The international bankers assert that the law will
    have a greater impact on foreign investors than on local
    investors. If the law will be put into application as
    currently drafted, it requires a retrospective taxing on the
    gains of fixed income securities issued prior to January 1,
    2006 for foreigners and/or foreign investment banks.
    Accordingly, the tax will be levied on fixed income
    securities with no offsets for losses, funding or
    administrative costs.

    ¶6. (SBU) The foreign banks also claim that even if the new
    legislation avoids double taxation of foreign investment in
    equities, there is a risk of double taxation of fixed income
    securities.  Some press reports claim that the Finance
    Ministry (MoF) opposes exempting foreign investors from the
    withholding tax, but there have been repeated press reports
    that the GOT might decrease the rate to 10 percent from 15
    percent for all investors as the 2006 draft Budget is
    finalized on October 17.  On August 2, however, the
    financial daily Referans reported that Minister Unakitan has
    rejected any lowering of the tax rate.  Turkish Treasury
    Deputy Director General Volkan Taskin told econoff and econ
    specialist that the GOT was also working on an amendment to
    prevent discriminatory application against foreign investors
    and may decide to apply the withholding tax only on the
    instruments issued as of January 1, 2006 for all investors.
    The MoF is expected to reach at a decision on the issue this
    week.

    ¶7. (SBU) The allegation of discriminatory treatment relies
    principally on the question of the applicability of double
    taxation agreements. The new law will actually replace the
    financial instruments tax law adopted in 1999, and aims at
    bringing a single tax rate to all financial instruments,
    including bank deposits, in Turkey.  Turkey has double
    taxation agreement with 60 countries, including Netherlands,
    Britain, France, Germany, Italy, and the U.S.  The agreement
    already regulates taxing of gains on securities in the
    source state. The agreed rates range from 10 to 25 percent
    depending on the country. For example the rate is 10 percent
    on interest gains with the U.S. and 15 percent with the U.K.

    ¶8. (SBU) London's leading investment banks submitted a joint
    report to Minister State Babacan on July 6 explaining the
    concerns of foreigners on these developments. In the report,
    bankers highlighted the following aspects of the law:

    -- Differentiation in the treatment between local and
    foreign participants.  Local investors would appear to have
    greater scope to deduct the new tax, whereas in certain
    situations-such as when there is a group loss-foreign
    investors might not be able to deduct the tax.  Moreover,
    according to the foreign bankers, there is a considerable
    confusion and misunderstanding with respect to the different
    tax treatment of securities issued earlier and held as of
    December 31, 2005 with respect to different classes of
    investors.

    -- Availability of Double Tax Treaty benefits: The law
    causes uncertainty regarding the applicability of Double Tax
    Treaties to foreign investors holding t-bills.  In most
    markets, Double Tax Treaties would exempt relevant foreign
    investors from local tax, which is not always the case under
    Turkey's double taxation treaties.  One key issue is whether
    government securities are considered "listed securities,"
    which is necessary for them to be covered by double-taxation
    treaties. Currently, there are different interpretations:
    with Treasury asserting government securities are listed and
    MoF disagreeing.

    -- Risk of Limiting development of the derivatives market:
    Uncertainty of withholdings on underlying instruments will
    limit the development of the derivatives market.

    --   Application of the new law: Neither investors,
    intermediaries nor custodians will be able to administer the
    draft law effectively, and the market will be affected by
    uncertainty and excessive compliance cost.

    -- For all these reasons, the banks assert there is a risk
    of market disruption, as foreign investors reduce their
    holdings. They also point out that foreign investors played
    a critical role in Turkish Treasury's recent success in
    issuing longer-dated securities, extending the yield curve
    with three- and five-year issues.

    Treasury Generally Sympathetic:
    ------------------------------

    ¶9. (SBU) Econoff and Econ specialist met with Volkan Taskin,
    DDG of the Public Finance Department of the Turkish
    Treasury, which is the office managing the Turkish state's
    domestic borrowing. According to Taskin, Treasury never
    favored taxing any financial instruments, but it the MoF had
    insisted on the law to increase its revenue collection.
    Capital Markets Board Chairman Dogan Cansizlar also told us
    he had opposed the new law, preferring a smaller transaction
    tax, an idea the foreign bankers told us they would be more
    amenable to.  The business daily Referans reports that the
    MoF estimates it will collect an additional 5.7 billion YTL
    (about $4.2 billion).  Taskin also noted that this law will
    enable Turkish authorities to track the investors who are
    investing in Turkish securities. According to Taskin, the
    new law actually brings benefits to custodians since it will
    reduce the 30 percent tax rate on their gains to 15 percent,
    but will be negative for foreign investors and
    intermediaries.  Taskin agrees that current double taxation
    treaties do not adequately address the issue.  Taskin also
    expects some sell-offs towards end of the year because of
    the tax's effect on government securities, but could not
    estimate the real impact and how much rates may increase as
    a result of this tax.  He also agrees that the new
    arrangement will require banks, intermediaries to rearrange
    their accounting systems, and will bring an additional IT
    cost.

    ¶10. (SBU) Econoff also heard through an IFI official that
    Treasury Under Secretary Ibrahim Canakci, who sat through
    several long meetings with the foreign bankers, is
    sympathetic to some-but not all-of the foreign bankers'
    complaints.  For example, he is unsympathetic to the
    bankers' allegations that tracking and administering the tax
    is impossibly expensive, an allegation that one Turkish
    investment banker also made to econoff.  Taskin and,
    reportedly, Canakci, see the need to make government
    securities unambiguously subject to double-taxation treaties
    by specifying that they are "listed securities." Taskin even
    asserted Treasury would and could do this with or without
    the Tax Adminstration's agreement.   The IMF Resrep told
    econoff that by making the securities listed, the foreign
    investors' problems would largely be solved.

    Local Banks Begin to Complain:
    -----------------------------

    ¶11. (SBU) On July 29, the local financial press began to
    report that local banks had become alarmed about the tax and
    had met with bank regulators and GOT officials to express
    their concern. According to the press reports bankers had a
    meeting with MoF officials this week, but could not convince
    the officials about negative implications of the withholding
    tax. Bankers met with e BRSA (Bank Regulation and
    Supervision Agency) July 29, and reportedly asserted that
    the 15 percent withholding tax will also lead to an increase
    in banking costs. Bankers mainly focus their complaints on
    the withholding tax to be applied on financial derivatives,
    like swaps. Turkish banks, that have recently increased
    borrowing from foreign banks through syndicated foreign
    exchange-denominated loans, hedge themselves through swap
    operations.  This complaint echoes the foreign banks' fears
    of the impact on derivatives: the foreign bankers explained
    to econoff they market complex structures such as "total
    return swaps" which could unravel if the underlying
    securities start to be taxed.

    How Disruptive?
    --------------

    ¶12. (SBU) The local bankers are also reportedly concerned
    about the potential outflow of foreign portfolio investors,
    many of whom hold Turkish bank deposits, in addition to
    government securities and equities.   In the equity market,
    foreigners are widely-considered to hold roughly 60% of the
    free float on the Istanbul Stock Exchange.  Some analysts
    comment that 21 percent of Turkey's traded domestic debt is
    held by foreign investors. According to Turkish Treasury DDG
    Volkan Taskin, this amount can go up to 55- 60 percent from
    time to time.

    ¶13. (SBU) Clearly, foreign investors play a critical, even
    dominant, role in Turkish financial markets and in financing
    Turkey's yawning current account deficit.  The key question,
    then, is whether the foreigners would really pull out if the
    tax is not made more foreign-investor friendly.  It would
    appear that efforts to list and other doable changes make a
    major market disruption unlikely.

    ¶14. (SBU) The IMF seems to be of this view, given its
    apparent reluctance to get too involved.  When econoff
    raised the issue with the Resrep he seemed disinclined for
    the Fund to get too involved, preferring to let Treasury
    work things out with investors.  The Fund has grudgingly
    agreed to have its tax mission take a look at the issue, but
    he said it will only have limited time to spend on the
    matter.

    ¶15. (SBU) If, on the other hand, the confusion over
    government securities being listed is not cleared up, and/or
    the foreign banks are correct about the tax being
    unworkable, there could be disruption, particularly if
    combined with significant market-unfriendly news flow over
    the IMF and EU, or a reduction in global liquidity.  While a
    small correction would actually be desirable, since foreign
    investors pulling out would disproportionately affect the
    foreign exchange market and correct the overvalued lira, a
    large correction would be highly disruptive.

    McEldowney

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