Turkish bank gets tax fine of $26.4 million tax fine

ISTANBUL - Reuters

Turkish lender İş Bank was handed a tax fine of 54.6 million Turkish Liras ($26.4 million) for the years 2009, 2010 and 2011.

The bank expects the total tax fine to reach 171 million liras for this period, it announced to the Public Disclosure Platform (KAP) today.

İş Bank will appeal the decision, the statement to Istanbul Stock Exchange said.

Also, YapıKredi, the Turkish lender owned by Turkey’s conglomerate Koç Holding and Italy’s UniCredit, received a tax fine of 103.2 million liras for the years 2009, 2010 and 2011, but it decreased to 25.8 million liras with a correction from the tax office, it announced to KAP on Dec. 11. When the bank received the tax fine on Nov. 11, it said it would apply to its legal rights.