TURKEY: Officials Said to Mull Taxing Profits From Stocks, Crypto Assets

Turkey is considering taxing proceeds from investments in stocks and cryptoassets as part of a fiscal tightening push, Bloomberg report.

• Bloomberg write: "Treasury and Finance Minister Mehmet Simsek discussed the plans during a ruling-party meeting over the weekend, AK Party officials told Bloomberg, asking not to be identified as the discussions were private. Simsek emphasized the need for proper taxation of all financial income during the meeting, the people said."
• "Turkey cut the tax rate on profits from stock-market trading to 0% from 10% in 2008. Ministry officials, who requested anonymity, confirmed ongoing work on the issue but said that no final decisions have been made and declined to comment on the potential scale of the levy. The Treasury and Finance Ministry’s press office declined to comment."

In May, Dunya analysed stock exchange data to show that participation of foreign investors in Turkish stock markets is increasing "rapidly". They wrote then that foreign participation has now risen above 40%, a two-year high and a sharp recovery from a low of 27% last year. They cited the removal of Turkey from the FATF gray list and improved sovereign ratings as further drivers of foreign capital inflow ahead.