Turkish Finance Minister says working to introduce tax cuts

Simsek has admitted that taxes were high, adding that the government was working to lower the tax burden.

Turkish Finance Minister says working to introduce tax cuts

Turkish Finance Minister Mehmet Simsek has admitted that taxes were high, adding that the government was working to lower the tax burden.

Minister Simsek responded to debates over high taxes particularly the tax burden on fuel oil, at a live program on CNN Turk on Friday.

He said tax burden would eventually be lowered as the government successfully fought against the tax burden. He said the Finance Ministry found 540,000 new taxables in the last few years who had enormous amount of income from property rents but had not make any tax declarations, noting that they would step up efforts to fight tax evasion.

"We admit that the taxes are high. We are exerting efforts to lower it. Therefore, we are not introducing any raise to taxes," said Simsek.

He said the recent hike in retail fuel oil prices was mostly due to the rise in crude oil prices and the appreciation of US Dollar, adding that they did not raise taxes over fuel oil in 2010 and would not make any raises in 2011.

Simsek pointed out that the tax burden over fuel oil which was 70.3% in 2002 was reduced to 64.8% in 2010.

He said the tax burden over fuel oil in oil importing countries averaged 50-55% in diesel fuel and 60% in fuel oil.

Simsek said they expected Turkish economy to grow at 4.5% or 5% in 2011, the unemployment to slightly decline and interest rates to hover at low rates. He said 2011 would see an acceleration in public investments.


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Last Mod: 31 Aralık 2010, 14:56
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