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Turkey’s Vice President Cevdet Yilmaz confirmed that there will be no additional tax package this year, ruling out any levy on profits from stock trading or cryptocurrencies. This decision offers relief to crypto and stock investors, as initial plans for taxing stock market gains were abandoned following public backlash earlier this year.
Yilmaz emphasized the government’s focus on narrowing tax exemptions rather than imposing new taxes, providing a boost to confidence among investors. His remarks are expected to stabilize the market, as trading on Turkey’s main stock exchange recently dropped to $2.3 billion from over $4 billion earlier this year.
In efforts to tackle inflation, which stands at 52%, Yilmaz highlighted a “serious improvement” in the ratio of public spending to national income. The government remains committed to balancing economic growth with inflation control, aiming for a sustainable economic shift that brings inflation down to single digits over the next three years.
