The discussions regarding the taxation of stock and cryptocurrency investors have continued for a long time. Vice President Cevdet Yılmaz announced that the efforts to impose taxes on transactions in these two markets have been shelved. Yılmaz stated, "The stock tax is not on our agenda. It was discussed for a period and has fallen off our agenda." THERE WILL BE NO CHANGE IN TAX RATESSpeaking to Bloomberg News, Vice President Cevdet Yılmaz said, "The stock tax is not on our agenda. It was discussed for a period and has fallen off our agenda." Regarding steps related to general tax rates, Yılmaz stated, "In the upcoming period, our main issue will be to narrow down exemptions and exceptions as much as possible. Therefore, we should not expect significant changes in general tax rates or legal tax rates anymore." In response to the question, "Will there be a regulation similar to the first package?" Yılmaz replied, "We do not have such a plan this year." THERE MAY BE A NEW REGULATION FOR SMEsIn response to the question of whether financial institutions will switch to inflation accounting in 2025, Yılmaz said, "After a while, this will fall off Turkey's agenda. Perhaps we will discuss this next year, but there will probably be no such discussion in 2026." Emphasizing that the implementation for SMEs with less than 50 million TL has been postponed, Yılmaz stated, "We are conducting a monitoring study on investments. To ensure that ongoing investments are not negatively affected by these processes, our Ministry of Treasury and Finance and our Revenue Administration are particularly focusing on alternatives. If necessary, we can make a legal regulation on this in the fall," he said. "MANY OF OUR PROJECTS ARE BELOW COST"Vice President Yılmaz expressed that Public-Private Partnership (PPP) projects should not be evaluated solely from a financial perspective, but their economic analyses should also be taken into account. Pointing out that Turkey has implemented many projects during periods when investment costs were much lower, Yılmaz added, "Sometimes I say, I wish we had done more." POSITIVE DEVELOPMENT SIGNALS IN CURRENT ACCOUNT BALANCEAddressing the discussions regarding the value of the TL, Yılmaz stated, "The Central Bank needs to intervene only in manipulative and speculative events. That is already its legal duty. In countries fighting inflation, the strengthening of their national currencies is a natural result. Many discussions are being held, but the figures are clear; how does this appreciation of the TL reflect on our macro balances? Our exports are increasing, our imports are decreasing, our service revenues are increasing, and our current account balance is improving. As inflation decreases, these discussions will naturally disappear," he replied. Yılmaz emphasized the Central Bank's independence in tools regarding inflation and interest rates, stating, "Both were in single digits in 2013, if you remember. Therefore, creating such a picture again is our political goal. It would not be correct for me to mention a date at this stage. However, the upcoming period will certainly be one in which both inflation and interest rates will decrease," he stated. "EXCEPT IN CASES OF NECESSITY..."In response to the question about the savings provided so far within the framework of the savings program and which budget items will be cut to reduce the budget deficit in the upcoming period, Yılmaz said, "We do not have a clear answer there. Perhaps a calculation can be made by looking at all these items when the year ends." Yılmaz noted that they have prioritized public investments in this context, emphasizing that they have not initiated any new investment projects except in cases of necessity. He also mentioned that they pay attention to ensuring that public institutions stay within their budgets and that they operate with the logic of filling the positions of reduced personnel in the personnel regime.
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