Türkiye's Treasury and Finance Minister Mehmet Şimşek announced on Monday that the introduction of the new tax law will enhance the country ‘s economy.

The legislation, which was approved by the Grand National Assembly on Monday, aims to redistribute the tax burden, ensuring higher-income individuals contribute more while shielding lower-income citizens.

The government anticipates increased tax revenue, which will be invested in social programs and economic growth.

Treasury and Finance Minister Mehmet Şimşek assured that the new regulations are crafted to avoid imposing additional burdens on citizens.

In a statement, Şimşek highlighted that the law's objective is to enhance tax fairness by ensuring that higher earners contribute more, while those with lower incomes are less impacted. He emphasized that the law aims to balance tax responsibilities without straining ordinary citizens.

“The law, which targets tax informality, does not burden our citizens,” Şimşek said. He further explained in a social media post that the increased tax revenues will be directed towards productive areas to improve the welfare of citizens and stabilize the nation.

The new legislation is expected to bolster the country’s financial stability and support ongoing economic development by addressing gaps in tax compliance and enforcement. (ILKHA)