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US-Turkish citizens hit with sticker shock over new tax law

Turks with US citizenship making profits from the stock market and interest in Turkey are now liable for taxes going back six years.
Stacks of Turkey's lira coins are seen in this picture illustration taken in Istanbul July 23, 2013. Turkey's central bank raised interest rates on Tuesday and said it would, if necessary, take further steps to stop the lira from falling. The move - a rise in the overnight lending rate to 7.25 percent from 6.5 percent - was a reaction to capital outflows that have knocked the lira down as much as 9 percent against the dollar.  REUTERS/Osman Orsal (TURKEY - Tags: BUSINESS POLITICS) - RTX11W1S
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During the US economic crisis at the end of 2008 that affected the entire world, many countries including Turkey took measures to protect their stock markets.

Turkey's Council of Ministers abolished the 10% tax on income from stock shares with decisions on Oct. 27, 2008, and Sept. 30, 2010, preventing the stock market from crashing. After a rough 2008, the market quickly recovered. Those who bought stock during the crisis and risked investing in long-term equities made tremendous profits.

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