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TURKEY: Fiscal Matters at Forefront of Cabinet Meeting

TURKEY
  • Ekonomi report that the taxation of stock market gains and a stock market transaction tax were removed proposals of the new tax bill but may be brought to the agenda later this year. Yesterday, finance minister Simsek defended the new bill which he says is critical to keep the nation’s finances in good shape, vowing not to cave in to “populist demands.”
  • The proposal, which will take its final form after opinions are gathered from business representatives, will be discussed in the first cabinet meeting of the month and then forwarded to the Turkish Grand National Assembly. Last month, Bloomberg wrote that the tax overhaul would imply additional revenue of $7bn, equal to about 0.7% of GDP.
  • President Erdogan will chair a cabinet meeting today at 14:00 BST/16:00 local time in Ankara. Meanwhile, the central bank will publish data on FX assets and liabilities of non-financial companies for April at 12:30 BST/14:30 local time.
  • Looking ahead, CPI data for June is the key release of the week tomorrow morning. Headline inflation is seen moderating from +75.45% y/y in May to +72.60% in June while core inflation is expected to rise +73.17% y/y (Prior: +74.98%).
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