Global Daily Tax News, Turkey Introducing New Digital Payment Rules For B2C Transactions, (Sep 19, 2024)

In a bid to reduce the size of the grey economy, Turkey has proposed extending limits on the use of cash in transactions to purchases by consumers.

Under the proposals, payment by credit or debit card will be necessary for payments of TRY7,000 (USD205) or more, including newly where the taxpayer making the purchase is an individual.

According to local media reports, penalties of not less than 10 percent of the consideration would apply to consumers who fail to comply with the obligation.

The measure was announced in a proposed revision to the Tax Procedure Law.