112 Billion Tax Favor for Currency Hedging Traders

As if the exchange rate guarantee of 312 billion lira from the resources of the Treasury and the Central Bank was not enough for those who opened Protected Exchange Deposit (KKM) accounts in banks, it was also estimated that 112 were provided, 6 billion lira tax exemption to these accounts. Headlines. Public resources transferred to KKM account holders through exchange rate guarantee and tax exemption have already reached 424.6 billion lira. According to technical data included in the impact analysis of the general bill discussed in the Planning and Budget Commission of the Grand National Assembly of Turkey, account holders did not pay 32.6 billion TL in taxes in 2022 due to the tax exemption provided for KKM’s income. accounts. This year another 60 billion lira will be added to the exempt amount.

20 BILLION MORE

The exceptions, which normally expire at the end of this year, are extended until June 30, 2024 under the new proposal. Therefore, it is estimated that an additional exemption of 20 billion lira will be granted in the first six months of 2024. Thus, the total amount of the exemption will reach 112.6 billion lira. A total of 312 billion lira of exchange rate guarantee was transferred to KKM account holders, 152 billion lira of budget resources at the end of July and 160 billion lira of Central Bank resources at the end of June. It was also estimated that 70 billion lira in taxes will be collected from banks in 2024 and 2025 because inflation accounting will not be applied.

300 million TL from sales of 25 kuruş

It is expected that 300 million lira of revenue will be generated annually as a result of the sale of taxpayers’ personal tax information for 25 kuruş. It was reported that 100 million consultations are made monthly and 25 kuruş will be collected from each consultation. In the impact analysis it was calculated that in 2022 and 2023 228 million lira of taxes were collected from social media influencers, 83 billion lira will be transferred to contractors with the price difference decree and the debt of 1 1,879,000 people who cannot pay the general health insurance premium will have 1,000,835 million lire eliminated.