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Turkey considers raising income tax for top earners: report

Turkey is planning to raise the income tax rate for top-bracket earners to 45 percent from the current level of 35 percent, according to a person familiar with the matter, Bloomberg reported.

Individuals who make 1 million lira ($171,000) or more per year would be subject to a 45 percent income tax, the person said, asking not to be identified because the proposal, which has been sent to parliament by the Treasury and Finance Ministry, has not yet been made public.

Those earning 500,000 to 1 million lira will be subject to a 40 percent income tax rate, according to the person.

The Turkish economy has been in a period of recovery after a currency crisis in summer 2018, with the national currency losing some 30 percent of its value against the US dollar.

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