Imtilak Properties
22-10-2016

The Turkish government plans to waive taxes worth 343.1 billion Turkish liras (112.4 billion dollars) over the next three years, through exceptions, exemptions, and tax cuts.

According to information issued by the Turkish Ministry of Finance, about 90 billion and 660 million Turkish liras (29.72 billion dollars) of this year's tax money will not be aggregated for the state fund, due to laws regarding exceptions, exemptions, and reductions.

The types of taxes that the Turkish Finance will waive

The Ministry of Finance plans to waive 102 billion and 216 million Turkish liras from the tax bill of the next year, including 37.7 billion Turkish liras income tax, 15.1 billion Turkish liras for institutions tax, 23.5 billion Turkish liras value-added tax, and 14.7 special consumption tax.

The Turkish government will also waive 37.463 billion dollars from the taxes of 2018, as well as waiving 41.502 billion dollars from the taxes of 2019.

Thus, Turkey has waived 112.480 billion dollars as taxes over the next three years.

And according to the report prepared by the Turkish Ministry of Finance, the rate of the tax to be waived by the State is 4.25% of GDP in 2017 and 2018, and 4.24% in 2019.