International Trade News

Turkey Plans More Tax on Top Earners as Fiscal Strains Mount (1)

Oct. 11, 2019, 11:04 AMUpdated: Oct. 11, 2019, 3:20 PM

Turkey plans to raise income tax rates on top-bracket earners, the latest effort by the government to temper fiscal pressures.

Individuals who make 1 million liras ($171,000) or more will be subject to a 45% income tax rate, while those earning 500,000-to-1 million liras will pay 40%, according to a person familiar with a draft bill submitted to parliament, who asked not to be identified because it hasn’t been made public yet.

The tax rate for both income brackets is currently 35%. The Treasury and Finance Ministry’s press office didn’t comment on the plans when reached by phone.

The government...

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