Turkey plans to impose taxes on profits from investments in stocks and crypto assets, Bloomberg reported on Tuesday, citing sources familiar with the matter.
Treasury and Finance Minister Mehmet Simsek discussed the plans during a recent meeting with members of the ruling AK Party, officials told the news agency.
This initiative is part of a broader fiscal tightening effort. No final decisions have been made yet.
In 2008, Turkey reduced the tax rate on gains from stocks from 10% to 0%.
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The new plan may impact the stock market, but it aims to “reduce volatility, enhance the investment culture, and reduce speculation,” according to Burak Cetinceker, a money manager at Strateji Portfoy in Istanbul.
In the short term, this sounds like pain for the equity market, but in the long term, it means a huge gain,” Cetinceker added.
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