TURKEY’S Finance Minister Mehmet Şimşek noted that foreigners are renting out the summer houses they buy in Turkey to other foreigners as daily or weekly rentals.

The income from these rentals is going totally unrecorded according to a story in the Turkish daily Hürriyet.

He added that anyone involved in any kind of commercial activity must pay taxes, an issue they will try to examine and tackle.

Foreigners buying property especially in the Aegean and Mediterranean regions of Turkey and renting them out to other foreigners through the Internet or local newspapers in their own countries are not scrutinized by the government.

Şimşek stated that this is contributing to the gray economy and creating unfair competition. Şimşek announced plans for fighting any kind of illegal economic transaction by 2018, a move that will strive to decrease the gray market to 5 percent, ensuring that around TL 100 billion worth ($401.98 million) of economic activities will be taxed and monitored by the government.

As a result, TL 29 to TL 30 billion in tax income will be earned. According to the plan, a new system integrating cash register machines with POS machines will be established for fighting smuggled fuel as of 2016.