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Turkey Abolishes 20% Tax on Polished Diamonds
Dec 16, 2014 7:51 AM
By Avi Krawitz
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RAPAPORT... Turkey has abolished a 20 percent special consumption tax on polished diamonds, officials confirmed with Rapaport News. The new tax regime has been in effect since mid-September when the new legislation was implemented.
In addition, polished diamonds being traded in Borsa Istanbul Diamond and Precious Stone Market is exempted from an 18 percent value added tax (VAT). Diamonds traded in Turkey outside of the exchange will be subject to the VAT charge.
Ayhan Güner, the chairman of the Istanbul Precious Metals and Jewelers Association, said in a recent press statement that abolishing the taxes will enable Turkey to compete with the likes of Belgium and Israel as a diamond trading center.
Çetin Ali Dönmez, the executive vice president of the Borsa Istanbul, added that he expects membership of the exchange to increase from its current 122 company base as a result of the new tax law.
“The new arrangement will significantly encourage non-registered companies to register their operations,” Dönmez said.
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Tags:
Avi Krawitz, Borsa Istanbul, diamonds, Rapaport, Turkey
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