The Finance Minister, Naci Ağbal, announced significant tax increases on September 27, 2017 during the Medium Term Program meeting (2018-2020). A new legislative proposal increasing corporate income tax from 20% to 22% for financial sector and motor vehicle tax will be raised to 40% in 2018. Capital gains exemption reduced from 75% to 50% for immovable property held for at least two years. Undistributed dividends will be subject to 1% withholding tax. Again, The third bracket in the personal income tax tariff will increase from 27% to 30% as of 2018 and tax imposed to win a lottery will be increased from 10% to 20%, while a special consumption tax will be charged on energy drinks and cigarette papers.