No new tax exemptions: Turkish Finance Minister

No new tax exemptions: Turkish Finance Minister

No new tax exemptions: Turkish Finance Minister

Turkish Treasury and Finance Minister Berat Albayrak has signaled a simplification in tax code, saying that no further incentives or waivers are planned.

“The exemptions, waivers and discounts that are not effective will be annulled and new exemptions and waivers will not be introduced unless they are indispensable,” the minister told parliament’s budget commission on Nov. 22.

“Fiscal discipline will be our anchor. “We will continue the efforts to simplify our tax code in a bid to achieve a more plain, effective, broad-based and fair structure,” he added.

The government plans to establish a tax data analysis center, the minister said.

“We are founding a tax and risk analysis center to increase the harmonization of the tax payers [to the system], prevent unfair competition that tax payers who do not comply will benefit from and promote registered economy,” he said.

The value of the Turkish Lira faced “speculative attacks” that do not match with the macro-economic bases in August, Albayrak said, adding that the government took measures to support financial sustainability, reduce the liquidity shortage and cut down fluctuations.

“The positive effects of these measures are now seen in the financial markets,” he said.

According to the minister, preliminary indicators show that the economic slowdown in the second half of the year has started to be balanced.

Treasury and Finance Ministry, tax exemption,