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Path Cleared For Turkish Tax Reforms, Says Fitch Ratings

by Lorys Charalambous, Tax-News.com, Cyprus

05 May 2017


Changes to Turkey's constitution, following a referendum, will give the Government space to implement its tax reform plans, ratings agency Fitch has said.

On April 16, the Turkish public backed constitutional reforms that will increase the President's executive powers.

The referendum also extended the rule of President Recep Tayyip Erdogan until late 2019, which will give the ruling AKP time to focus on improving the economy, Fitch said.

"Deputy Prime Minister Mehmet Simsek said before the referendum that the removal of political uncertainty would enable the government to 'accelerate reforms starting [in] May 2017' to improve Turkey's investment environment and the tax system. Successful economic reform was a feature of the first half of Erdogan's rule," the ratings agency said.

The country has so far provided little detail on its tax plans. Previous reforms have focussed on reducing the country's relatively high tax burden on foreign investors, simplifying the tax system, and improving collections.

TAGS: environment | tax | investment | law | tax reform | Turkey

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