Bad news for those who lowered their credit card limits

The proposal to collect a 750 TL defense industry contribution fee from credit card limits of 100,000 TL and above, which had been submitted to Parliament, has been completely canceled. Citizens who did not want to pay the tax had made headlines by lowering their credit card limits. After the legislative proposal was completely shelved, citizens wanted to increase their limits again, but it was reported that some difficulties were being experienced in doing so. Sworn-in Certified Public Accountant and Economist Muhammet Bayram made important statements.

Unable to curb the negative trend in the economy, the AKP government had taken action to deduct a 750 TL defense industry contribution fee from citizens with credit card limits of 100,000 TL and above.

The AKP took a step back on the legislative proposal in question following intense public reaction.

Following the news of the 750 TL deduction, citizens flocked to banks to lower their credit card limits.

After the legislative proposal was first postponed to 2025 and then completely shelved, citizens decided to call their banks to increase their limits.

SOME WILL NOT BE ABLE TO INCREASE THEIR LIMITS!

However, banks have started to request certain documents to increase limits. Speaking to Milliyet, Sworn-in Certified Public Accountant and Economist Muhammet Bayram stated the following:

“We had already mentioned in our previous comments that credit card limits would be reviewed in line with the tight monetary policy being implemented. With the defense industry fund, some of our citizens took action to lower their limits below 100,000 TL to avoid paying 750 TL. Aside from the regulation on old limits, those who want to revise their limits may encounter some problems. Banks are re-revising credit card limits along with income declarations. Unfortunately, many people will not be able to increase their limits again at this moment.

Emphasizing that income must be presented to the bank fully and accurately, Bayram said, "While it was easy to increase and decrease limits via mobile banking, those who lowered their limits to avoid paying the contribution to the defense industry now need to present their income to banks fully and accurately in order to raise them again, and banks need to allocate a limit based on this data. For this reason, it would be in the citizens' favor to physically go to the bank to speed up the transactions," he stated.

Stating that a new fund could be found to contribute to the defense industry, Bayram said, "I think a new fund will be found to contribute to the defense industry through credit card limits or other expenditure items. A source is already being created through title deed transactions and luxury consumption; in the coming days, canceling some existing funds without bringing additional burdens to citizens and converting them to the defense industry will ensure more voluntary compliance among the public," he said.

News Source: 12punto