The amendment raised the minimum pension from 10,000 Turkish Liras ($303) to 12,500 liras, benefiting over 3.7 million retirees. However, opposition parties have criticized the hike as insufficient.

The new law aims to bolster the fight against unregistered business activities by enforcing stricter penalties, with over 4,000 tax inspectors to be deployed throughout the year. Businesses employing other entities' or individuals’ bank accounts or swiping devices will face substantial fines.

The departure tax for Turkish citizens traveling abroad, a topic of heated debate, has also risen from 150 to 500 liras. Additionally, the law mandates a 15 percent tax on profits earned by international companies from operations within Türkiye.

In a written statement on X, Mehmet Şimşek, Minister of the Treasury and Finance, asserted that the new tax regulations are designed to "tax the lesser-earning less, and the higher-earning more."

“With this package, which will strengthen efficiency and fairness in taxation, tax penalties will be increased, some exemptions will be abolished, and informal activities will be fought more strongly,” Şimşek said. (ILKHA)