According to Bloomberg, Turkey is seeking to increase tax revenue as part of its efforts to overcome budget constraints caused by the 2023 earthquake. It is understood that this proposal would bring in approximately $700 million in additional income for Turkey.
In response to spending during these earthquakes and election periods, the Turkish Ministry of Finance has proposed this law due to the increase in planned expenditures, resulting in a GDP deficit of 6.4%.
The report outlines three main proposals, including imposing a 15% tax on multinational companies earning money within Turkey; levying a minimum corporate tax on profits generated by real estate investment trusts through sales or leases, and imposing a 0.03% transaction tax on all digital asset transactions.
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If passed, the plan would be the largest tax reform in Turkey since 1999.
