Türkiye drops plans to tax stocks, cryptocurrencies amid fears of public backlash.

Trading volume on Türkiye's stock exchange fell on initial concerns over new tax proposals.

Türkiye ranks fourth in the cryptocurrency market, recording $170 billion in trading volume.

Turkish Vice President Cevdet Yilmaz said the government does not plan to impose a tax on profits from trading stocks or crypto assets this year.

Speaking to Bloomberg, Yilmaz explained that the initial tax discussions had been dropped from the government’s agenda due to previous public backlash and a reassessment of the proposals. He also stressed that the focus would be on reducing tax exemptions rather than imposing new fees on investments in the retail sector.

Revisiting Stock Market Tax Proposals

Earlier this year, the Turkish government considered imposing taxes on gains from stock market profits. The proposals, seen as a safeguard against rising inflation, have put pressure on the stock market.

Treasury and Finance Minister Mehmet Simsek acknowledged these concerns in June, saying the plan would be re-evaluated. The government has since decided to reconsider the restructuring plan.

The post Türkiye Abolishes Taxes on Stocks and Cryptocurrencies, Alleviating Investor Concerns was first published on Coin Edition.