Turkish top court annuls 1.82 billion of DMG taxes, fines

Doğan Media Group, Turkey’s biggest media group, said Turkey’s Council of State canceled back taxes, fines and interest of 1.82 billion liras ($1.1 billion.) The amount includes 1.04 billion liras of Value back taxes and fines, and 786 million liras of interest and charges. The tax demand is related to Doğan TV Holding,

The tax office can appeal the decision only once, according to the DMG. By requiring surety bonds for the total possible fine, the Turkish tax authorities financially crippled the Dogan Media Group, leading to the resignation of their owner and his decision to sell the entire asset. Annulment of taxes and fines in this magnitude will make the group much more attractive for potential buyers.

Source: Hurriyet Daily News