Turkish Public Budget Swings to Surplus After July Tax Increases

Turkey’s public budget swung to a surplus in July, after tax increases on a wide range of essential goods boosted the government’s revenues.

Income grew 156% last month from a year earlier, driven by a surge in value-added taxes on domestic consumption, which rose more than fivefold during the same period. Spending climbed 74.7% from last year, allowing the government to record a surplus of 48.6 billion liras ($1.8 billion), from a deficit of nearly 220 billion liras a month earlier.