In Brief
Advance company tax payments raised at short notice Concerned with the prospect of a serious shortfall in public revenues this year, the government yesterday raised the rates of tax that companies, cooperatives and banks pay in advance when submitting their annual income statements. The rate for companies goes up from 55 percent to 65 percent and for banks from 60 percent to 80 percent. The ministry, which hopes to raise about 450 million euros this way, said that the prepaid rates of tax are much higher in other EU members. But critics said the amount is about equal to that foregone by a reduction in corporate tax rates and, what’s more, will upset firms’ financial planning when announced three months before the first installment is due. Turks’ consumer confidence slips, key interest rate left unchanged ISTANBUL – Turkey’s consumer confidence index fell 0.08 percent in December from the previous month, indicating continued pessimism, Central Bank and State Statistics Institute data showed yesterday. The index, which measures spending patterns and expectations, fell to 99.45 points, just shy of the 100-point mark which separates confidence from pessimism. Separately, the Turkish Central Bank said it left key interest rates unchanged, in line with economists’ forecasts, and said it expected rates to remain stable in the short-term. The bank, which cut rates nine times last year, left the borrowing rate at 13.50 percent and the lending rate at 16.50 percent. (Reuters) Albanian motorway Italian construction company Delma has started building a 23-million-euro key motorway in southern Albania, the Albanian government said. Work on the 22-kilometer four-lane motorway between the towns of Lushnje and Fier – part of a EU-defined transport corridor 8 linking the West Southeast Europe – began on Saturday and should be finished within 18 months. The project is jointly financed by the Albanian and Italian governments, with Italy lending 18 million euros toward its cost. (SeeNews) Holy Bread Hellenic Food Authority (EFET) said it will fine Karamolegos Bakeries for suggesting that its recently launched «Holy Bread» brand fights cholesterol. In advertising messages, the company claimed its new product could reduce cholesterol by up to 22 percent. EFET said messages referring to prevention or therapy of diseases, or suggesting such properties, are in violation of national and EU legislation. Shipping Greek-owned Star Maritime Acquisition Corp has been listed on the American Stock Exchange (AMEX), raising $188.7 million at $10 a share. The company has pledged to buy out a shipping company in the next 18 months or return the money to shareholders.
