Turkey Halts Plans For Additional Tax On Stocks And Crypto

According to CoinDesk, Turkey has decided not to proceed with an additional tax package that would have imposed a levy on profits from stock trading and cryptocurrency. Vice President Cevdet Yilmaz confirmed the decision, stating that the proposal had been previously discussed but is no longer on the agenda. The focus will now shift to narrowing tax exemptions. In June, the Turkish government had already postponed plans to tax stocks following a decline in the country's equity market due to the news of potential additional taxes. Finance Minister Mehmet Simsek announced at the time that the draft tax study for the stock exchange would be re-evaluated based on feedback from relevant parties. Globally, countries like the U.K. and Japan are also considering how to effectively tax cryptocurrencies and whether reforms are needed. The Turkish Presidency did not immediately respond to CoinDesk's request for comment.