ANKARA - The Capital Markets Board of Turkey, or SPK, wants to cut taxes for fund managers and introduce steps to help companies raise capital on the Istanbul Stock Exchange, said Turan Erol, the regulator's chief.

Legislation introduced Nov. 14 abolishing a 10 percent tax on profit from shares is "a step in the right direction, but not enough to help Turkey's financial markets weather the global credit crunch," Bloomberg cited Turan as saying in Ankara.
The government should reduce business and income taxes for foreign fund management companies and financial institutions that invest in Turkey. It should also abolish a tax on profits from shares levied on funds that invest 100 percent of their capital in stocks, he said.
Meanwhile, the Nov. 7 stockbrokers protest has led to positive results, reported daily Hürriyet. The SPK postponed "remote trading" system for a year.