Turkey Will Not Hike Taxes

January 25, 2013 Taxation in Turkey

Ali Babacan - World Economic Forum Annual Meeting 2011ZURICH – Turkey will soon aim its cross-hairs at tax evaders and the underground economy, in an effort to gather extra revenues.

While talking to the press in Zurich on January 24th the Deputy Prime Minister of Turkey Ali Babacan said that the country will not be hiking income taxes in the near future, and will instead concentrate on clamping down on tax dodgers.

The Depute PM explained that the government has seen the negative effects that arise from hiking taxes on the incomes and asset of wealthy individuals, and said that no such moves would be pursued by Turkey.

Instead of chasing the wealth of high income earners, the government will instead turn to ensuring that everyone in the country pays their full share of income taxes, and Ali Babacan said that “…there is still an unregistered economy. We will take better measures to find out those who earn well but do not pay taxes. The new regulations will facilitate the discovery of those who are engaged in the unregistered economy.”

Photo by World Economic Forum