Turkey’s Move to Hyperinflation Accounting May Exclude Banks
- Finance minister says financial institutions could be excluded
- Banks’ profits are a valuable source of state tax revenue
Mehmet Simsek
Photographer: Hollie Adams/BloombergThis article is for subscribers only.
Turkey may exclude financial institutions from its planned switch to hyperinflation accounting, Treasury and Finance Minister Mehmet Simsek said, a move that could support the state’s tax income.
“We will switch to inflation accounting, maybe we will exempt financial entities and leave them out of this,” Simsek told a parliamentary budget and planning commission in Ankara late on Tuesday.