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The ruling Justice and Development Party (AK Party) has presented a legislative proposal to the Turkish Parliament that includes a provision for a ?750 ($22) deduction from credit cards with limits exceeding ?100,000 ($2.917).
As details of this controversial bill emerge, the schedule for the deductions and information regarding refunds are becoming clearer.
To generate additional funding for the defense industry, the AK Party's proposal aims to impose a "participation fee" in specific sectors, which is expected to raise approximately ?80 billion. A notable feature of the proposal is the annual ?750 ($22) deduction for credit cardholders with limits above ?100,000 ($2.917).
According to Hurriyet, the ?750 ($22) deduction will be applied to credit cardholders with limits exceeding ?100,000 on Jan. 5 of each year. Importantly, if a card is canceled, the fee will not be refunded.
Under the proposed legislation:
Additional cards issued under the limits of a primary card will not incur extra fees and no fees will apply to non-physical cards.
The legislation also specifies that a fee of ?750 ($22) will be collected from both parties involved in real estate transactions, while a fee of ?375 ($11) will apply to other transactions at the title deed office.
Payments for these fees must be made to the tax office before any transaction can be completed. If a transaction occurs without prior payment, the officials processing the transaction will be jointly liable, along with those responsible for the payment.
The fees introduced through this bill will be adjusted annually according to the re-evaluation rate.
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