Turkey’s Finance Minister draws attention to substantial increase in tax collection
Turkish economy has been having difficulties for quite a while and it goes without saying budget deficit issue is among the most vital problems for the country. In fact, Turkey’s Finance Minister has said the budget deficit was 2.8 billion TL in April. In the past year, this figure was recorded at around TL 3 billion.
Finance Minister NACI AGBAL shared important information and data with the press about the picture of Turkey’s economy, financial situation and the budget realization for April.
AGBAL said “The budget, which had a deficit of TL 3 billion in April of 2017, gave deficit of TL 2.8 billion in April of 2018. The budget deficit was realized as TL 23.2 billion in January-April period. The budget deficit was TL 17.9 billion in the same period last year.
Budget revenues increased by 21.8 percent compared to the same month of the previous year and reached TL 64.6 billion in April, while budget expenditures increased by 20.3 percent to TL 67.4 billion”.
AGBAL also mentioned that VAT collection pointed to a buoyant economy. He said an increase of 7.4 percent in VAT collection had been recorded in April and added “The increase of 25.9 percent in VAT collection points to the vitality in the economy.”
Turkey’s Finance Minister also drew attention of increase in tax collection and said “In April, tax revenues increased by 21.5 percent compared to the same month of the previous year and amounted to TL 45 billion, while income tax collections in April increased by 39.7 percent compared to the same month of the previous year and reached 11.6 billion. Especially due to the strong increase in employment, the income tax levied on wages increased by 18.9 percent”.
The Minister also added that tax revenue could go above budget forecast. He said “April tax revenues performance confirms that year-end tax revenues will exceed budget targets”.
