In a recent televised interview, Turkey’s Treasury and Finance Minister Mehmet Simsek discussed the country’s economic strategies and reforms, which included schemes to broaden the country’s tax base and combat tax evasion.
The government is set to introduce a minimum 15% corporate tax rate for multinational companies and is reforming domestic corporate and income taxes.
Additionally, the government plans to enhance revenue assessment methods and enforce harsher penalties for tax evasion.
Simsek addressed possible revisions to tax exemptions for specific investment funds and real estate investment trusts (REITs). Proposed changes include raising taxes to 30% for projects operating under the build-operate-transfer model and expanding taxable assets to include cryptocurrency.
Discussions are underway regarding the taxation of gains from stock market investments.
A key initiative involves deploying teams to oversee business revenues to ensure accurate income reporting. The Minister also unveiled intentions to incorporate artificial intelligence to improve tax compliance and curb evasion.
