Ministry of Finance responds to Yeni Şafak without delay!

In a statement made via social media, the Ministry of Finance stated that the "tax-free foreign exchange" claims by the newspaper Yeni Şafak stemmed from misunderstandings. The Ministry emphasized that foreign exchange transactions are subject to tax and that the public must be accurately informed.

In its statement, the Ministry noted that a foreign exchange tax of 0.2 percent is levied on the transaction amount for foreign currency purchases. This tax is applied regardless of whether the transaction is commercial or whether a profit is generated.

Furthermore, tax practices for foreign currency purchases and sales made by commercial organizations were clarified. The Ministry stated that gains obtained from foreign currency trading are subject to tax at rates of up to 40 percent according to the progressive tax tariff, and that audits are ongoing.

WHAT DID YENİ ŞAFAK SAY?

The newspaper Yeni Şafak had pointed to the Ministry of Finance's tax-free foreign exchange system as the main cause of the economic crisis. The newspaper had claimed that, despite the relevant articles of the Income Tax Law, individuals were not being taxed on their foreign exchange gains. It had argued that this situation led to Turkey's economic problems and increased inflation.

News Source: 12punto