Cryptocurrencies

Turkey drops crypto tax plan amid economic reforms

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Turkey has decided to halt its plans to implement a new tax on stock market and cryptocurrency gains, according to Vice President Cevdet Yilmaz.

In an interview with Bloomberg, Yilmaz clarified that the government no longer has a tax on stocks or cryptocurrencies on its agenda, despite earlier discussions.

“We don’t have a stocks tax on our agenda. It was discussed previously and fell from our agenda,” Yilmaz stated.

Instead of introducing new taxes, the government is focusing on reducing tax exemptions as part of its broader economic reform efforts.

This shift follows investor concerns earlier this year when talks of a potential tax on stock market gains led to a drop in equity trading volumes.

Turkey is currently grappling with inflation, which stands at 52%, and is prioritising reforms aimed at stabilising the economy.

Treasury and Finance Minister Mehmet Simsek had previously indicated in June that the proposed tax plan would be reconsidered.

Addressing the country’s economic challenges, Yilmaz emphasised that improving public finances remains a key priority.

He also mentioned that offshore swap regulations, which limit lira liquidity, would eventually be lifted depending on market conditions.

This change is part of Turkey’s broader efforts to stabilise the currency and reduce inflation.

As Turkey moves forward with these reforms, the government aims to focus on measures that will help strengthen the economy while addressing public concerns about inflation and the stock market.

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