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Türkiye is increasing the minimum monthly pension payment by 25% and will more than triple the fee local passengers are required to pay before traveling abroad, a ruling party official said on Tuesday.
The new minimum payment will be increased to TL 12,500 ($377.70) from the current TL 10,000, Justice and Development Party (AK Party) parliamentary group Chair Abdullah Güler told reporters in Ankara.
The adjustments are part of the tax reform bill the government presented to Parliament on Tuesday. The AK Party and its allies hold a majority in the Parliament.
The regulation will affect 3.7 million retirees and have a total budget cost of TL 33.2 billion for six months, Güler said.
There are around 16.18 million retirees in Türkiye.
The fee that Turkish citizens flying abroad are required to pay will be increased from the current TL 150 to TL 500, said Güler.
“It will be increased each year based on the revaluation rate,” he noted.
Officials say the tax package is part of a broader effort to enhance the country’s fiscal discipline and ensure a more equitable tax system.
The new bill also includes the proposal to impose a minimum 15% corporate tax on multinational companies, Güler confirmed.
The government has already announced major spending cuts as it moves toward stricter fiscal policies. According to officials, the new bill envisages a tax on capital and seeks to increase the share of direct taxes.
The nation’s budget has been considerably plagued by a sharp increase in spending after devastating earthquakes struck the southeastern region in February last year.
That fueled a budget deficit of about $45.5 billion in 2023 or 5.2% of gross domestic product (GDP).
The first six months of this year have seen a gap of TL 747.18 billion, official data showed on Tuesday.
The annual shortfall is projected to be TL 2.7 trillion, or 6.4% of GDP, according to the government’s estimates.
