Turkish Budget Swings to Surplus in August on Tax Collection

Sept. 15, 2021, 8:23 AM

Turkey’s budget snapped a four-month losing streak to post its biggest lira-denominated surplus since 2006 in August on the back of higher tax collection.

The government said the fiscal surplus reached 40.8 billion liras ($4.83 billion) last month, compared with 28.2 billion liras a year earlier. The government posted a record deficit of 45.8 billion liras in July.

Key Insights

  • Revenues rose 35% in August from a year earlier, driven by a 64.2% surge in corporate tax income. Overall tax revenues rose 33.2% to 131.1 billion liras
  • Spending excluding interest payments rose 34.5% to 92 billion liras during the same ...

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