The Parliament passed the Tax Procedure Law and amendment of some laws. 835,000 tradespeople whose annual turnover is below TRY 240,000 will be exempted from the income tax. Tax cuts will be removed from farmer’s agricultural supports such as fuel and fertilizer. An additional payment of TRY 3,500 will be made to farmers. Those, who generate income from internet, will pay 15% withholding tax for the advertising revenue they make on the social media.
Turkey prepares to receive EUR 3.1bn loan from the World Bank, France, and Germany in order to reach clean energy goals after it ratified the Paris Climate Agreement, according to Reuters. Sources said this loan agreement influenced Turkey to ratify the pact, but the last signatures weren’t put.
Ethiopia and Morocco demanded to purchase unmanned combat aerial vehicle (UCAV) manufactured by the defense firm Baykar Savunma, according to Reuters. The countries haven’t made an official statement yet. A Turkish official said Ethiopia and Morocco has applied to Turkey to buy Bayraktar TB2 UCAV and the agreement may include spare parts and training.
The international credit rating agency Fitch Ratings considers the 100-basis point policy rate cut in September as an early step, according to Erich Arispe, Analyst of Fitch. Arispe said the interest rate cut come with the change in the policy directive will keep the policy uncertainty high and taken steps will increase difficulty to control inflation.
Prof. Dr. Mustafa Calis, Rector of Erciyes University (ERU) reminded the TURKOVAC vaccine, which was developed by Prof. Dr. Aykut Ozdarendeli, is 100% efficient against the Alfa variant according to the previous studies. Calis said Ozdarendeli and his team has kicked off another study with the project of ERU. “We’ve achieved to isolate the Delta variant. Now we research the efficacy of TURKOVAC. Our works continue,” he added.
DAILY AGENDA
The number of paid employees including manufacturing, construction and trade-services sectors rose by 9.4% to 13.7 million in August, compared to the same month of the previous year, according to the Turkish Statistical Institute (TurkStat).
The short-term external debt stock rose by 11.1% to USD 126.9bn in August, compared to the end of 2020, according to the Central Bank.
The year-end inflation is expected to reach 17.63%, according to the Central Bank’s Survey of Market Participants.
Vice President Fuat Oktay will make a statement to the press about the Central Government Budget Proposal for 2022 (11.00 am).
The Ministry of Treasury and Finance will release the Central Government Budget Balance for September (11.00 am). The central government budget posted TRY 40.8bn surplus in August. The Central Bank will release the Financial Accounts report for the second quarter (2.30 pm).
