Turkey shelves stock market and cryptocurrency tax plans amid public backlash concerns.
Trading volume on Turkey’s stock exchange dropped due to initial fear of new tax proposals.
Turkey ranks as the 4th largest in the crypto market, recording $170B in trading volume.
Cevdet Yilmaz, the Vice President of Turkey, has stated the government is not planning to introduce a tax on profits from stock trading or crypto assets this year.
Speaking to Bloomberg, Yilmaz clarified that the initial tax discussions have been dropped from the government’s agenda, due to earlier public backlash and a re-evaluation of the proposals. He also stressed that the focus will be on reducing tax breaks rather than creating new fees on retail investments.
Stock Market Tax Proposals Reconsidered
Earlier this year, the Turkish government had thought about implementing taxes on gains from stock market profits. These proposals, which were seen as a safeguard against rising inflation, had put pressure on the stock market.
Treasury and Finance Minister Mehmet Simsek acknowledged these concerns in June, stating that the plan would be re-evaluated. The government has since decided aga…
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