A parliamentary commission has reportedly approved a bill filed by Turkey's ruling Justice and Development Party (AKP) on hiking the country's 2021 corporate tax rate to 25%.
The rate, which stood at 20% throughout 2018-2020, would subsequently decline to 23% in 2022 if local media reports prove correct.
The AKP and its junior partner, the ultra-nationalist Nationalist Movement Party (MHP), maintain a majority coalition in parliament. The bill looks set to receive approval if corporates cannot succeed with last minute lobbying attempts aimed at changing Turkish President Recep Tayyip Erdogan’s mind on the matter.
The new tax rate would be effective from July 1, but it its impact will apply to the whole of 2021 since the tax is calculated based on cumulative revenues, Dunya noted.
Related Articles
Azerbaijani banks report mixed financial performance in Q1 2025
Azerbaijan’s leading commercial banks released their financial results for the first quarter of 2025, showing a mixed performance in profitability, digitalisation, credit growth and capital ... more
Hungarian subsidiary of Intesa Sanpaolo targets further growth after record 2024
CIB Bank, a subsidiary of Italy's Intesa Sanpaolo, is planning further expansion in 2025 after posting record results last year, CEO Pal Simak said after the release of the annual earnings report. ... ... more
EC clears €200mn capital increase at Romanian state-owned CEC Bank
The European Commission has approved Romania’s planned €200mn capital increase for state-owned CEC Bank, allowing the country to proceed with strengthening the lender’s financial position, ... more
Most Read
-
Indonesia expands military role in government, protesters clash with police in Jakarta
1 month ago
-
Serbian biotech Dren Bio sold to Sanofi for $1.9bn
1 month ago
-
US sets six conditions for Iran talks in Trump letter to Supreme Leader
1 month ago
-
Korean opposition to push for impeachment motion against acting president
1 month ago
-
Zero pressure from US as Imamoglu protesters warn Erdogan snuffing out last remnants of Turkey’s democracy
30 days ago