17:53 - 5.07.2023

---

July 5, Fineko/abc.az. In Türkiye, it is planned to raise taxes for local banks and companies to compensate for part of the budget deficit exacerbated by the devastating earthquakes.

ABC.AZ reports that Turkish lawmakers have prepared a package of legislative initiatives to increase some taxes.

The bills have been submitted to the parliament’s presidium for further procedures.

The bill introduced by the ruling Justice & Development Party proposes to increase the corporate tax rate levied on corporate income received during the fiscal year from 25% to 30%.

This applies to companies from the fields of financial leasing, factoring, electronic payments, capital market institutions, companies providing insurance and reinsurance services, pension funds. At that, the former corporate tax discount applied to income received exclusively from exports and institutions that stimulate exports will be increased from 1% to 5%.

It is also reported that for the first time since the launch of sales of the first Turkish electric car Togg since April 2023, the prices for the models of this car have been revised. They have grown by 27%, and now the basic equipment will cost about $46,500, and the most expensive about $60,000.

On the eve of the May elections, the country's leadership increased financial expenses, raised salaries, and millions of people were offered early retirement. It is reported that the devastating earthquake on February 6 also caused additional billions of dollars of damage to the economy.