ECONOMY

Turkey eyes new tax revenues with series of proposed changes

Turkey’s central bank. The country is getting ready to increase taxes, according to Reuters. (File photo: Reuters)

Turkey is preparing to raise tax revenues with a series of measures including higher rates for high earners and high-value properties, hotel accommodation, and digital services such as advertising, according to an outline obtained by Reuters.

The draft would also raise a sales tax on foreign exchange. If implemented, President Tayyip Erdogan would gain the authority to raise sales tax even higher, while also lowering taxes for public-listed companies.

Turkey's economy has recently been hit by US sanctions in response to its military operation in northeastern Syria.

On Wednesday, US President Donald Trump announced that US sanctions will be lifted in an address from the White House.

The US Treasury website reflected the removal of sanctions on Turkey's ministries of defense and energy, including sanctions placed on Turkey's interior, defense, and energy ministers.

- With Reuters.

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Last Update: Thursday, 24 October 2019 KSA 08:50 - GMT 05:50
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