Court Says Returns on Banks' Investment Funds not Taxable

The Administrative Justice Court has rejected a call by the National Tax Administration for taxing interest on bank deposits of fixed investment funds, ISNA reported.
There has been ambiguity surrounding the government budget leaving investors and capital market officials in a quandary over whether or not the investment funds should pay tax.
The issue was brought up again in February when parliament discussed lifting the ban on taxing interest on bank deposits of legal and institutional organizations while debating the 2022-23 fiscal budget.