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TURKEY: Stocks Rebound After Tax on Income Gains from Equities Ruled Out

TURKEY

Turkish stocks have partially recovered some of their recent losses, with the Borsa Istanbul index up around 0.6% on the session. The banking sector index has made more substantial intraday gains, up over 3%, after Vice President Yilmaz ruled out a tax on income gains from equities.

  • Last week, Treasury and Finance Minister Simsek said the government was mulling “a very limited” transaction tax. His comments weighed on the benchmark Borsa Istanbul equity index which fell for a fifth straight day on Monday and closed under 10,000 points for the first time since April 26.
  • More recently, Vice-President Yilmaz said Turkey is studying a 0.01-0.02% tax on stock trading to encourage investors to hold positions for longer, as “very frequent entries and exits” don’t allow for stability in the market. He ruled out a tax on income gains from equities.
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