Turkish Finance Minister: There will be no general increase in tax rates

Minister of Treasury and Finance Mehmet Simsek made statements. Minister Simsek said, “There will be no general increase in VAT, corporate and income tax rates. We have not even considered a new regulation regarding motor vehicle tax.”

The highlights of Minister Simsek’s statements are as follows:

No surprises regarding taxes. We will implement whatever is written in the medium-term program. We will review tax exemptions, but there will be no increase in VAT rates and no increase in corporate tax.

We didn’t even consider editing it on MTV. We will not surprise the citizens, the markets or the business world.

We will not take any steps that will increase inflation in fiscal policy.

We do not have an exchange rate target, nor will we ever have one. The Central Bank supplies foreign currency to the market within the scope of the KKM commitment.

Apart from this, there is no intervention in the market. Expectations of depreciation in TL after the election are not meaningful.

There is a policy set that supports the Turkish Lira. Why should the Turkish Lira lose more value than inflation in a period when the current account deficit and resource deficit are decreasing, inflows to Turkiye are increasing, and election uncertainties are eliminated?

When our program is successfully implemented, the Turkish Lira will not lose value in real terms.

As of now, any tax regulation that would disrupt the market, neither in the stock market nor in any other field, is on our agenda.

We have mobilized all the resources in the budget for our retirees, and we will continue to do so in the coming years. We will not subject neither minimum wage earners, retirees, nor civil servants to inflation. As the country’s opportunities increase, we will share this with all segments of society.

Source: Trthaber / Prepared by Irem Yildiz

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