
The change comes as Turkey is pressing banks to focus on expanding credit while cutting down other sources of revenue/Bloomberg
by BloombergTurkey is working on a new regulation to allow only state banks to collect customs levies, which makes up about a fifth of the central government’s tax income.
The new measure will come into force on 12 March 2020. The change comes as Turkey is pressing banks to focus on expanding credit while cutting down other sources of revenue. Authorities have recently lowered some of the fees lenders earn on transactions, leaving banks with only a handful of commissions they can charge clients.
Before the push for lower charges began, the nation’s anti-trust authorities started a preliminary probe into more than 20 banks to determine whether they violated competition law in offering deposit, credit, foreign-exchange and brokerage services to clients.
According to the Trade Ministry, customs administrations collected TRL 11.6 billion ($1.9 billion) in taxes out of a total of TRL 67.4 billion the government collected in January 2020.
MOST READ
ECONOMY
Oman plans to raise $1 billion to plug its...ECONOMY
Refinitiv partners with Complyfin in the UAEECONOMY
Abu Dhabi plans AED 10 billion in PPP tendersECONOMY
US weighs higher tariff ceilings in a bid for...ECONOMY
GCC oil wealth could be over by 2034 without...ECONOMY
Jordan agrees $1.3 billion IMF programmeECONOMY
Expo 2020 Dubai to contribute 1.5 per cent to...