Türkiye raises corporate tax to fund earthquake reconstruction bill

ANKARA (Reuters) – Turkey will raise corporate taxes to fund recovery from major earthquakes that rocked the country in February, according to a bill submitted to parliament by President Tayyip Erdogan’s ruling AK Party.

Earthquakes in southern Turkey have killed more than 50,000 people and displaced millions. Business groups, economists and the government have said rebuilding could cost Turkey more than $100 billion.

The government has promised to rebuild more than 600,000 homes for people displaced by the earthquakes.

Among a number of proposed tax increases, the bill would raise the corporate tax to 25% from the current 20%, while the corporate tax on banks and financial institutions would rise to 30% from the current 25%.

In order to encourage foreign trade, the bill provides for the introduction of a corporate tax rebate of five percentage points on companies’ export income, according to the draft text sent to parliament.

The bill would also transfer the treasury-run portion of the system of forex-protected lira deposit accounts to the central bank. Under the scheme, the government and the central bank compensate depositors in lira for losses caused by depreciation.

The government paid 92.54 billion liras ($3.6 billion) from the budget to depositors with lira savings under the scheme last year.

($1 = 26.0854 pounds)

(Covering) By Nevzat Divranoglu and Ebru Tuncay, Writing by Hüseyin Hayatcifer and Ezge Erkoyon, Editing by Darren Butler, Allison Williams and Toby Chopra

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