Economy in Turkey: Tax statement from Finance Minister Mehmet Şimşek

Speaking on the pro-government Kanal 7 television channel, Minister Şimşek commented on the current state of the economy.

Minister Mehmet Şimşek said, “Last year, we faced a significant deficit due to the earthquake. Instead of borrowing from abroad, we opted to reduce the deficit. This led to tax increases, which directly contribute to inflation. These measures will not be repeated in 2024. They are one-time effects. There will be no new inflationary taxes.”

Şimşek mentioned that they had outlined a clear framework for taxes in the Medium-Term Program (OVP). He said, “We will not increase the general VAT rate beyond 20%. We will not raise corporate taxes. We will not adjust income taxes. We are very clear on this matter. However, we will review exemptions and exceptions. We will assess their efficiency.”