Turkey Considers $7 Billion in New Taxes Targeting Corporations

Reported 10 months ago

Turkish lawmakers are proposing new tax measures primarily aimed at companies to address last year's earthquake impact on the budget, marking the largest overhaul in a generation. The proposed changes could generate an additional $7 billion in revenue, totaling 0.7% of the GDP. Plans include introducing a minimum 15% tax on multinational firms' profits in Turkey, implementing a minimum corporate tax for real estate investment trusts, and considering a 0.03% transaction tax on cryptocurrency trading in efforts to boost government income. The proposed tax reforms are part of a broader fiscal consolidation strategy led by Treasury and Finance Minister Mehmet Simsek, attracting foreign investors back to Turkey’s debt market despite some criticism.

Source: YAHOO

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