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Finance Minister Simsek refutes claims on profit tax for crypto and stocks

Finance Minister Simsek refutes claims on profit tax for crypto and stocks Minister of Treasury and Finance Mehmet Simsek delivers a speech during an event, in Istanbul, Türkiye, May 29, 2024. (AA Photo)
By Newsroom
Jun 6, 2024 7:33 AM

Treasury and Finance Minister Mehmet Simsek has announced that there will not be taxes based on profits from cryptocurrency and stock investments. Instead, a limited transaction tax is being considered.

Minister Simsek attended the International Investors Association’s Global Investment Days program, where he provided insights into the ongoing work on taxation for cryptocurrency and stock market investments, clarifying that the proposed tax will not be based on profits but will involve a limited transaction tax.

Fair taxation is the ultimate goal

“We aim to ensure fairness and efficiency in taxation, leaving no area untaxed,” Simsek stated. He emphasized that the only thing they are currently considering regarding the tax package is a limited transaction tax on crypto assets and stocks, not a profit-based tax.

Inflation control efforts

Simsek also made remarks about inflation, noting that reducing it to single digits will take time and patience.

“We are on the verge of strong disinflation. From this month, we will see a slight decrease, and starting next month, a significant drop in inflation,

Tresury and Finance Minister Mehmet Simsek said.

Minister Simsek highlights the government’s commitment to fair taxation and efforts to combat inflation, with a focus on creating a stable and predictable investment climate.

“With no elections in the next four years, the investment environment will be improved. This program is designed to enhance predictability. Working in a high-inflation environment is challenging, but reducing inflation to single digits will make our lives easier,” he said.

Last Updated:  Jun 27, 2024 10:12 AM