Turkey's Dogan gets record fine over tax irregularities

Shares of stock-listed Dogan companies started the day with sharp declines up to 12 percent after ministry's penalty.

Turkey's Dogan gets record fine over tax irregularities
Turkish Finance Ministry fined Turkish publisher Dogan Yayin Holding 3.75 billion TL (2.52 billion USD) for tax irregularities in a second such penalty, Dogan said in a statement on Tuesday.

Shares of stock-listed Dogan companies started the day with sharp declines up to 12 percent after ministry's penalty.

Dogan Yayin was fined more than $500 million in February.

In its statement, Dogan denied charges and said it would use its all legal rights including appeal and reconciliation.

The ministry issued the penalty after an examination into tax reports for 2005, 2006 and 2007, Dogan said, adding that the fine includes unpaid tax of 1.87 billion TL, loss of tax of 1.87 TL and unspecified tax irregularities of a total of 342 million.

Dogan Yayin owns two of Turkey's three top-selling newspapers and two of the four most-watched television stations.

The government has denied the fines, which are considerably larger than any other company in Turkey has faced, are politically motivated.

Dogan Holding began talks with its Austrian partner OMV last month on selling its controlling stake in Petrol Ofisi, Turkey's largest fuel retailer.


Agencies
Last Mod: 08 Eylül 2009, 16:16
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