International Trade News

Turkey Eyes Digital Services Tax, Debt to Cut Budget Deficit (2)

Oct. 24, 2019, 8:14 AMUpdated: Oct. 24, 2019, 4:18 PM

Turkey is looking at bolstering its coffers with a slew of tax amendments, including a 7.5% digital services tax, and a higher borrowing limit to help cover the budget deficit as the Treasury braces for a year with a heavy debt repayment schedule.

The draft bill, submitted to parliament on Oct. 24, would increase the top income tax rate to 40% from 35% for individuals with annual income of over 500,000 liras ($87,000), and introduce several new levies, a lawmaker representing the ruling AK Party, Mehmet Mus, said in Ankara.

The government is also proposed a 7.5% digital services tax...

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