Turkey Abandons Tax Plans on Stock and Crypto Gains, Easing Investor Fears

Turkey has decided against implementing taxes on gains from stock and cryptocurrency trading, as confirmed by Vice President Cevdet Yılmaz in a recent Bloomberg interview.

He emphasized that there are no plans for new tax measures in 2024, alleviating investor worries.

Yılmaz explained that the topic of a share tax has been previously discussed but is no longer on the agenda. Instead, the government plans to refine existing tax incentives as part of its economic strategy.

The initial proposal for taxing stock market profits was met with widespread criticism, especially from retail traders using stocks as an inflation hedge. Following public backlash, Treasury Minister Mehmet Şimşek mentioned in June that the matter would be reconsidered in the future.

READ MORE:

Turkey Implements New Regulations for Cryptocurrency Investor Protection

Yılmaz’s comments may provide some comfort to investors, particularly as trading volumes on Turkey’s main stock exchange have dropped significantly, from $4 billion earlier this year to $2.3 billion last month.

The government’s priority remains restructuring public finances, targeting a reduction in inflation from the current 52% to single digits within three years, amidst challenges posed by earthquake recovery costs and pre-election spending.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.