Annual 750 TL Defense Industry Contribution to be Added to Credit Cards with Limits Over 100,000 TL!

According to a new legislative proposal submitted to the Speaker of the TBMM, new resources will be created for the Defense Industry Support Fund.

Half of the stamp duty amount from tax returns, fixed amounts from title deed and cadastre and notary transactions, and a fixed 'participation fee' determined annually per card will be collected from holders of credit cards with a limit of 100,000 TL or more.

Speaking about the details of the proposal, AKP Group Chairman Abdullah Güler, like AKP President Erdoğan, suggested that Israel's next target could be Turkey:

“Israel is continuing a series of attacks targeting Lebanon and Iran. There is no guarantee that the next target will not be Turkey. While all this is happening, efforts to establish a terror corridor on our border have not ended. While we are geographically right in the middle of all these hot developments, it is essential that we make our defense industry stronger than ever.”

CONTRIBUTION WILL ALSO BE COLLECTED ON REAL ESTATE TRANSACTIONS

The other articles of the legislative proposal, which aims to transfer funds to the Defense Industry Support Fund established to ensure the modernization of the Turkish Armed Forces (TSK), are as follows:

An amount equal to the stamp duty collected from tax returns, declarations submitted to customs administrations, and declarations submitted to social security institutions, and half of the stamp duty amount from annual income tax returns.

750 lira separately from the buyer and seller in real estate transactions, and 375 lira for other transactions made at the title deed office.

3,000 lira for new vehicle registrations made at notaries, 1,500 lira for second-hand vehicle transactions, and 75 lira for other transactions.

An annual participation fee of 750 lira will be collected for the Defense Industry Support Fund from credit cards with a limit of 100,000 lira or more.

TAX ON MOTORCYCLES

A new regulation is also being made for the Motor Vehicle Tax, from which a share is allocated to the Industry Support Fund during collection. Accordingly, motorcycles with an engine cylinder volume under 100 cm³ and motorcycles with an engine power of 6 kW or less, which are currently not taxed, will also be included in the scope of the motor vehicle tax. These will be taxed at the lowest rate of the tariff.

Drones and wristwatches with a Special Consumption Tax (ÖTV) base of over 5,000 TL will be included in the scope of the tax.