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
CPI Financial was established in Dubai in 1999 to meet the needs of an ever-expanding financial community, offering a comprehensive portfolio of market-leading products and services tailor-made for the banking and financial services sectors.
Loading More post
