Corporate tax avoidance

Finance Minister Mehmet Şimşek is expected to meet with representatives of major business organizations to brief them on the government's work on a tax package.

The tax bill aims to improve efficiency in tax collection and establish a more equitable tax system.

The government plans to introduce a bill to parliament later this week, aiming to raise additional 226 billion Turkish Liras ($7 billion), equal to about 0.7 percent of gross domestic product, in tax revenues.

The new tax package foresees increases in taxes on multinational and local companies as well as other taxes.

Imposing a tax on proceeds from crypto assets and stocks is not on the government's agenda, Treasury and Finance Minister Mehmet Şimşek has said.

Speaking at an event organized by the International Investors' Association (YASED) in Ankara, Şimşek, however, told reporters that "a very limited" transaction fee or tax may be levied on those assets.

The crackdown on tax evasion intensifies as the target of collecting 65 billion euros must be met

The Economy and Finance Ministry has submitted to Parliament a draft taxation bill that foresees the establishment of a minimum tax rate of 15% for large multinational companies as well as large Greek groups.

The bill belatedly transposes a relevant European Union directive, that entered into force on January 1, into Greek legislation.

The government is to impose an additional 15% tax on multinational companies and their subsidiaries operating in Greece with annual revenues exceeding 750 million euros.

The Greek government on Tuesday presented a draft law to integrate a European directive on implementing a minimum tax rate on mutinational enterprises and large-scale domestic groups which could lead to a supplementary tax of up to 15% on profits.

The government will next month submit to Parliament the new taxation framework with the establishment of a minimum tax rate of 15% for large multinational companies as well as large Greek groups.

The Organisation for Economic Cooperation and Development (OECD) has failed in its efforts to reform the international tax system despite several deals in recent years, the Tax Justice Network said yesterday, calling for the United Nations to take over responsibility.

According to the agreement, countries would retain their sovereign right to offer lower corporate tax rates, but if that rate is lower than 15 per cent, other countries would have the right to collect the difference.