Deputy President Cevdet Yılmaz announced in an interview with Bloomberg that tax regulations will be on the agenda in the new legislative year. However, he clarified that issues such as stock transaction taxes and cryptocurrency taxes are currently not priorities for the government. Furthermore, he stated that significant changes to existing tax rates are not expected.
Cryptocurrency and Stock Tax Not on the Agenda
Yılmaz noted that previous discussions regarding stock and cryptocurrency taxes have fallen off the agenda and will not be addressed in the upcoming legislative year.
He emphasized that the government’s primary goal is not to alter overall tax rates but rather to narrow down existing exemptions and exemptions. Yılmaz also mentioned that there are no plans for a package similar to the previous one that will begin on October 1.
Inflation Accounting and PPP Projects
He touched upon the discussions surrounding the postponement of inflation accounting, which banks and financial institutions plan to adopt in 2025, suggesting that this topic will eventually fade from Turkey’s agenda. He reminded that the implementation for Small and Medium Enterprises (SMEs) has been postponed, while the decision regarding financial institutions will be finalized by the end of the year.
Yılmaz also addressed the burden of public-private partnership (PPP) projects being conducted in foreign currency on the budget, highlighting the need for these projects to be evaluated both financially and economically. He indicated that there are currently no efforts to convert contracts into Turkish Lira.
Inflation and Interest Rate Targets
In response to inquiries about how the Medium-Term Program (OVP) targets a 4% growth and 17.5% inflation for 2025, Yılmaz explained that while short-term challenges exist, long-term inflation reduction will support growth. He noted that improved predictability due to falling inflation will also bolster growth, emphasizing that investment and production-oriented growth will be insulated from inflationary effects.
Yılmaz outlined that the government continues its savings programs to meet budget deficit targets and is actively working to ensure public institutions remain within their allocations. He expressed optimism that declining global interest rates, coupled with strong performance from significant markets like the European Union, will positively impact Turkey’s growth.
Financial Stability and Swap Channels
Yılmaz commented on swap channels and the ban on short selling in the stock market, stating these processes are evaluated with financial stability in mind, and necessary steps will be taken if needed. He confirmed that discussions regarding swaps with London are ongoing, emphasizing that actions will be taken without jeopardizing Turkey’s financial stability.
