AK Party works on a legislative proposal that concerns nearly 900,000 small business owners and includes tax exemption. The 56-item legislative proposal, which contains regulations for the Tax Procedure Law, income tax and corporate tax, includes regulations ordered by President Erdogan in economic reform package. Tax concession for YouTubers, who earn money via internet, will be brought in this respect. Here are some items included in the legislative proposal:
>> Tax reduction will be implemented for farmers. Tax collection from the agricultural incentives were highly criticized. Incentives won’t be subject to taxes anymore.
>> Small business owners whose turnover is below TRY 240,000 will be exempted from tax.
>> Burden of vocational high schools’ interns on employer will be lifted. The money paid by employers to vocational high schools will fully be paid by the government. The amount is expected to be raised to TRY 1,000.
Looking at the money market, USD/TRY which had a horizontal course around 8.45 during the week, has deteriorated this morning. USD/TRY reaches 8.54 while EUR/TRY hits 10.06.
Being the most fluctuant investment tool of the week, oil prices started to decline following the increase in oil production, which was interrupted due to two hurricanes in the Gulf of Mexico. Despite the decrease today, oil prices prepare to close the week nearly with a 4% increase as supply, which started to recover, is behind oil demand. Brent crude is traded at USD 75.51 per barrel. Spot gold, meanwhile, increased by 0.56% to USD 1,763 per ounce this morning.
DAILY AGENDA
The short-term external debt stock rose by 9.7% to USD 125.3bn in July, compared to the end of 2020, according to the Central Bank.
The Central Bank will release the Survey of Market Participants for September. The year-end inflation is expected to reach 16.30% in the previous survey.
The Union of Chambers and Commodity Exchanges of Turkey (TOBB) will release established and liquidates company statistics for August.
