All gold will be sold with a tax label under the Precious Metal Tracking System (KMTS) to be launched in April by the Mint, which is affiliated with the Treasury and Finance Ministry.
The attempt to monitor gold trading is part of the fight against the informal economy.
According to the Mint, the limit of 30,000 lira for cash sales of gold remains in place. Above this limit, transactions must be made through a bank. At current prices, that means people can buy up to around five grams of gold for cash.
When the KMTS comes into effect, gold purchases and sales will be fully recorded, and the era of cash payments at jewelry stores will come to an end. Additionally, invoicing will become mandatory. An invoice will be issued to the person selling gold to the jeweler, and the payment will be deposited into the bank.
