17:42 - 9.07.2025

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July 9, Fineko/abc.az. The Turkish government has raised taxes on income from deposits and investment funds, expressed in liters, in order to reduce the budget deficit.

ABC.AZ informs, referring to Bloomberg, that according to the presidential decree, the income tax on savings for up to six months has been increased from 15% to 17%, and on savings for up to one year - from 12% to 15%. Income from mutual funds (excluding equity and venture funds) is now taxed at rate of 17.5% instead of 15%.

The Turkish budget deficit in the first 5 months of 2025 grew by 38% compared with the same term of last year and reached 650 billion liras ($16 billion). Among other things, expenses increased by 44% due to increased payments on the national debt.

The government expects annual deficit of 1.93 trillion liras. In the medium term, the deficit is targeted at 3.1% of GDP.