Turkey introduces new tax policy to raise $7 billion
Turkey is looking to raise taxes as part of its efforts to recover from budget constraints stemming from earthquakes that hit the country in 2023, according to Bloomberg.
Accordingly, this proposal will bring Turkey additional revenue of about $7 billion, according to the information.
In response to these earthquakes and spending during the election, the Turkish Ministry of Finance proposed this law due to the unplanned increase in spending, which resulted in a 6,4% deficit to GDP (Gross Domestic Product).
The report outlines three main recommendations, including a 15% tax on multinational companies that earn money on the territory of Turkey; imposing a minimum corporate tax liability on profits generated by real estate investment trusts through sales or rentals and introducing a transaction tax of 0.03% on all digital asset transactions.
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BRICS: The historic move union that effectively dumps the dollarIf passed, the plan would represent Turkey's biggest tax reform since 1999.
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