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TURKEY: Government Begins Work on Second Package of Fiscal Measures

TURKEY
BulletEM BulletEmerging Market News
  • The government has started working on a second package of fiscal measures, Sabah report. The newspaper add that spending of state-run companies will be restricted, tax exemptions will be limited and the public tender law will change. 
  • Meanwhile, citing finance minister Simsek, AA report that Turkey has accelerated work on the implementation of a minimum corporate tax on multinational companies.
  • President Erdogan will chair a National Security Council meeting at 14:00BST/16:00 local time in Ankara. Looking ahead, GDP data for Q1 provides the highlight of the week on Friday. On a sequential and seasonally adjusted basis, GDP growth is expected to rise from 1.0% q/q in Q4 to 1.6% in Q1 and from 4.0% y/y to 5.8% in annual terms. Before that, trade balance figures for April will cross on Thursday (Est: -$9.90bn; Prior: -$7.34bn).
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  • The government has started working on a second package of fiscal measures, Sabah report. The newspaper add that spending of state-run companies will be restricted, tax exemptions will be limited and the public tender law will change. 
  • Meanwhile, citing finance minister Simsek, AA report that Turkey has accelerated work on the implementation of a minimum corporate tax on multinational companies.
  • President Erdogan will chair a National Security Council meeting at 14:00BST/16:00 local time in Ankara. Looking ahead, GDP data for Q1 provides the highlight of the week on Friday. On a sequential and seasonally adjusted basis, GDP growth is expected to rise from 1.0% q/q in Q4 to 1.6% in Q1 and from 4.0% y/y to 5.8% in annual terms. Before that, trade balance figures for April will cross on Thursday (Est: -$9.90bn; Prior: -$7.34bn).