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Additional Tax on Stock and Foreign Exchange Earnings! A significant regulation, which closely concerns the finance world in Turkey, is on the way. The tax burden of those who have a foreign currency account in the bank, who earn income from the Treasury’s foreign currency papers, and those who earn profits from stocks, can increase from the current 30% to up to 40%.
According to the claim of Sözcü newspaper, the AK Party government plans to empower the President to apply taxes of up to 40% on income from Eurobonds and dollar-denominated debt securities and interest and profit shares earned from bank accounts opened in foreign currency, with the 12th article of the Omnibus Bill presented to Turkish Grand National Assembly.
The tax currently levied at 25% can be increased to up to 30%. If the Omnibus Bill is accepted in the parliament, the authority will go up to 40%.
This regulation, which closely concerns investors, may also steer the Treasury’s preference towards Turkish Lira bonds. Together with the Omnibus Bill, the President is also given the authority to increase the tax rates applied to profits from stock transactions up to 15%.
This authority can be used at different rates depending on the issue date of the stock, the issuers, the account opening date, and the type.
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