The newly appointed economy management took some decisions in order to balance the budget. Within the framework of these decisions, changes were made in the corporate tax rates in 2023. The changes made are confusing in Borsa Istanbul. The corporate tax rate, which was previously foreseen as 20 percent, will be applied as 25 percent. However, the corporate tax rate has been determined as 30 percent in sectors such as financial leasing, factoring, electronic payment companies, capital market institutions and insurance companies.
Important arrangements were made to encourage exports. The corporate tax deduction rate applied for earnings from exports was increased from 1 point to 5 points. With these regulations, it is aimed to support exporters besides the rapidly depreciating Turkish Lira.
The statements concerning the companies traded in Borsa Istanbul focused on two important issues. The first was the 500 basis point increase in Corporate Tax. The second was the regulation supporting the corporate tax reduction rate for exporting companies.
According to these statements, the corporate tax rate of companies operating in sectors such as financial leasing, factoring, electronic payment companies, capital market institutions and insurance companies will be 30 percent. This means that these companies pay taxes at a higher rate than the general corporate tax rate, which was increased from 20 percent to 25 percent.
After the tax regulations, losses accelerated in Borsa Istanbul. The index showed a decrease and moved in the 5889 – 6054 band during the day and decreased by 0.84 percent to 5952 points as of 14.30. While the banking index increased by 0.28 percent at the opening, the holding index increased by 0.28 percent. However, in the following hours, the banking index decreased by 2.93 percent and the holding index decreased by 1.14 percent with the announced tax regulations. Among the sector indices, the sports sector gained the most, while the banking sector was the sector that lost the most.
Turkish Airlines, Koza Gold Enterprises, Turkcell, Tüpraş and Yapı Kredi Bank were among the most traded stocks. Banking sector stocks, on the other hand, were the stocks that showed the most decline. Akbank traded at 20.34, down 3.68 percent. TSKB and Yapı Kredi Bank also showed a decline of over 3 percent.
However, it is seen that the tax regulations taken in Borsa Istanbul did not bring a mass sale. As of 14:30, 27 of the 100 companies in the BIST-100 index were on the positive side, while the decline rate of 21 companies remained below 1 percent.
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