Card Payments Mandatory for Purchases Over 7,000 TL in Turkey

Card Payments Mandatory for Purchases Over 7,000 TL in Turkey

Turkey is implementing new regulations to increase financial transparency and combat the underground economy. The Ministry of Treasury and Finance has prepared a draft that mandates the use of bank or credit cards for payments exceeding 7,000 TL.

Key Points of the Regulation:

• All payments of 7,000 TL and above must be made with a bank or credit card

• The regulation applies to non-taxpayers as well

• Violators will be subject to special penalties

• Everyone, including government employees, must comply with this law

Expert Opinion

Professor Dr. Şenol Babuşcu, Head of the International Finance and Banking Department at Başkent University, commented on these regulations:

"If this draft becomes a directive, everyone will be required to make payments of 7,000 TL and above using a bank or credit card. This will be an important step in combating the underground economy."

Impacts of the Regulation

1. Increased transparency in financial transactions

2. Reduction in tax evasion

3. Expansion of digital payments

4. Changes in consumer spending habits

Sample Scenarios

1. Mr. A, a government employee, must use a card to purchase a 20,000 TL refrigerator.

2. Mr. B, an academic, must pay for his 10,000 TL book purchase with a card.

Details of the Draft Regulation

According to the draft text shared by Babuşcu, the following changes will be made to the General Tax Law Circular:

• The phrase "non-taxpayers" is added to expand the scope

• Card use becomes mandatory for any receipt or payment over 7,000 TL

• Violators will be penalized

Potential Consequences of the Regulation

1. Decrease in cash usage

2. Increase in the workload of financial institutions

3. Potential increase in tax revenues

4. Ease of expense tracking for consumers

Conclusion

These new regulations are part of Turkey's efforts to modernize its financial system and combat the underground economy. While there may be some challenges in the initial implementation, it is expected to contribute to economic transparency in the long term.

For more information about these regulations, you can visit the official website of the Turkish Ministry of Treasury and Finance.

Would you like to know more about how these regulations might affect your business or personal finances?