Wristwatches will also be taxed!

Minister of Treasury and Finance Mehmet Şimşek has taken action for the new tax package! The AKP is bringing the tax package to the TBMM. While the introduction of a defense industry contribution fee on credit cards with limits over 100,000 TL has become a hot topic, the inclusion of wristwatches priced above 5,000 TL under the Special Consumption Tax (ÖTV) came as a surprise.

The AK Party has submitted a legislative proposal containing new tax regulations to Parliament. The proposal envisions the introduction of additional taxes in various areas. Accordingly, individuals with credit card limits exceeding 100,000 TL will pay a defense industry contribution fee. Furthermore, unmanned aerial vehicles (drones) used for non-military purposes and wristwatches with an ÖTV base of 5,000 TL and above will also be brought under the scope of the Special Consumption Tax (ÖTV).

750 TL CONTRIBUTION FEE PER CREDIT CARD

A contribution fee of 750 TL per year to the Defense Industry Support Fund will be collected from holders of credit cards with a limit of 100,000 Turkish liras or more for each card.

ATTENTION MOTORCYCLE USERS

In Article 3 of the legislative proposal, the scope of the Motor Vehicles Tax (MTV) is being expanded for motorcycles. Accordingly, motorcycles with an engine cylinder volume under 100 cm³ and small motorcycles with an engine power under 6 kW will now also be subject to MTV. This regulation specifically targets small-displacement motorcycles used for urban transportation and will affect vehicle owners in this segment.

DRONE USAGE WILL ALSO BE TAXED

The regulation is not limited to motorcycles. Unmanned aerial vehicles (drones) will also now be brought under the scope of the Special Consumption Tax (ÖTV). However, drones used for military purposes are excluded from this regulation. In other words, additional tax liabilities are coming for drones used for hobby or commercial purposes.

News Source: 12punto