Ruling party submits bill on tax regulation

Published 24.10.2019 19:53
Updated 20.12.2019 01:13
File Photo
File Photo

Turkey’s ruling Justice and Development (AK) Party submitted a new draft law to the Parliament yesterday, which proposes regulations on the tax system.

The bill aims to collect "more tax from those earning more and less from those earning less," Mehmet Muş, the AK Party's deputy chairman, told reporters in the Parliament.

The draft law proposes new taxes – namely valuable house tax and accommodation tax.

"If the draft law passes, people having a house worth between TL 5 million to 7.5 million will pay 0.3% tax," he said.

The official added that 0.6% tax will be applied on houses worth between TL 7.5 million and TL 10 million, and houses worth over TL 10 million will be taxed with 1%.

The draft law also offers to raise the maximum income tax rate to 40% from 35%, he said.

On accommodation tax, Muş said it will be applied 2% on the revenue and will be paid by in-house guests.

Muş said that they will also lift the tax exception on referees.

"The stoppage collected from athletes' revenues will be raised to 20% from 15%," he added.

The draft law will be first debated in the Parliament's planning and budget committee. The Parliament Speaker's Office has not defined the exact debate schedule of the draft law.

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