What matters on Monday, October 11

The Parliament will have a busy week while the most important agenda will be the legislative proposal on Tax Procedure Law and amendment of some laws. Around 850,000 taxpayers described as small business owners will be exempted from income tax. The legislative proposal also includes new regulations towards various fields such as social media content producers and application developers for mobile devices, agricultural support payments, electronic tax offices, asset management companies and accommodation tax.

The Central Bank Governor Sahap Kavcioglu will make a presentation to the Parliament’s Planning and Budget Commission about the bank’s activities today.

The Parliament’s Industry, Trade, Energy, Natural Resources, Information and Technology committees will convene on October 13 in order to discuss the legislative proposal on the Law on Cooperatives and amendment on some laws. The Directorate of Presidential Administrative Affairs will also make a presentation to the Parliament’s Security and Intelligence Committee.

In the meantime, political parties’ weekly group meetings will also be held at the Parliament this week.

Formula 1 Turkish Grand Prix was watched on TV by two billion people. 100,000 people including 30,000 tourists watched the event at Intercity Istanbul Park. The official social media accounts of Formula 1, teams and pilots reached millions of followers. The three-day event’s contribution to the country’s promotion is equivalent to USD 400m.


The number of unemployed people aged 15 and over rose by 11,000 to 3.9 million in August, compared to the previous month, according to the Turkish Statistical Institute (TurkStat). However, the unemployment rate remained at 12.1% in August on a monthly basis. 

The current account balance posted USD 528m in August, according to the Central Bank. The 12-month current account deficit amounted to USD 23bn in this period.

The Central Bank Governor Sahap Kavcioglu will make a presentation to the Parliament’s Planning and Budget Commission about the bank’s activities (2.00 pm).

The Cabinet will convene under the presidency of President Recep Tayyip Erdogan (3.00 pm).


>> On the cover: The Hugo Boss C-suite stopped by Izmir, where the premium brand has its biggest production base, giving us a chance to interview COO Heiko Schäfer for our cover story this week. The company will invest EUR 4m in the Izmir facility in 2022, Schäfer said. To read more on Hugo Boss’ growth plans, see pp.14-15.

>> Professor Ilter Turan looks into ‘Conflict in the Caucasus’. You can read the details on page 10.

>> Q&A: Nilgun Ozdemir, Chairwoman of the Board of Directors of Ekoteks Laboratory and Inspection Services Inc. (Ekoteks Laboratuvar ve Gözetim Hizmetleri A.S.). P. 11.

>> Diplomacy: Nordic Talks to discuss sustainability in textile industry. P. 12.

>> Report: Boeing’s purchases from Turkey on the rise. P. 13.

>> Startup: Luxury food delivery service Fuudy to start dark kitchens. See p. 16 for details.

>> Tourism: Russia/CIS and Germany/EU tourism outlook in 2021-2022. P. 19.

>> Zeynep Gurcanli examines ‘Tough period in Turkey-West relations’. You can read the details on page 24.

>> Do not miss Time Out alternatives for the week!

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