Agencies
Parliament approved Saturday a legislative proposal that includes regulations regarding taxes, increase in a minimum monthly pension and the fee local passengers are required to pay before traveling abroad.
The legislation is part of a broader effort to enhance the country’s fiscal discipline and ensure a more equitable tax system. The government has already announced major spending cuts as it moves toward stricter fiscal policies.
The amendment lifted the minimum pension from TL 10,000 ($303) to TL 12,500, with over 3.7 million retirees benefiting from the hike.
At the same time, with the new law, the mulinational companies are set to be subject to 15% minimum corporate tax.
The provisions regarding the "local minimum supplementary corporate tax,” taxation period, declaration, assessment and payment, which defines the affiliated enterprises and business partnerships that are affiliated with multinational business groups and established in Türkiye, will also be regulated.
The law aims to increase income, tax security, voluntary tax compliance and the fight against the informal economy. In this context, in cases where tax loss is caused by conducting an unregistered activity without the knowledge of the tax office and without establishing a liability, the tax loss penalty will be applied with a 50% increase.
The departure tax for Turkish citizens traveling abroad, a hotly debated topic prior to its implementation, has also risen from TL 150 to TL 500.
In a written statement issued on Sunday, the Treasury and Finance Ministry asserted that the new tax regulations are designed to "tax the lesser-earning less, and the higher-earning more.”
"With this package, which will strengthen tax efficiency and justice; tax penalties will be increased, some exemptions and discounts will be removed, and the informal economy will be fought more strongly,” the ministry said in a statement.
The ministry added that with the package a domestic minimum corporate tax is being introduced for taxpayers .