Turkey to cut taxes amid rising inflation| MENAFN.COM

Wednesday, 01 February 2023 09:16 GMT

Turkey to cut taxes amid rising inflation


(MENAFN) On order to slow inflation, Turkey will take measures such as tax cuts, Finance Minister Naci Agbal told NTV television.

The acceleration in inflation, which climbed to 12.2% in May from 10.9% in April, is set to continue in the coming months, Agbal said on Wednesday.

Inflation, much of which is cost-induced, is expected to remain at 2017 levels, he said.

Agbal didn't offer specific details about the proposed tax cuts and how they might positively impact inflation. Tax reductions usually spur demand in an economy.

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