Gov’t submits proposal for additional budget

ANKARA

The government has submitted a proposal seeking a supplementary budget to allocate some additional 880 billion Turkish Liras for spending.

The draft bill, which was signed by President Recep Tayyip Erdoğan, on the additional budget has been forwarded to the parliament speaker’s office.

“Transfer of funds to BOTAŞ to mitigate the effects of the costs on citizens arising from the increases in the prices of natural gas and electricity, adjustments made in salaries of government employees and pensions due to inflation and transfer of funds to the Social Security Institution (SGK) and for the electricity and other energy purchases of public institutions require an additional budget,” reads the text of the proposal.

The proposed budget also sees revenues rising by more than 1 trillion liras. Some extra 55 billion liras will come from income tax collection and another 315.5 billion liras from corporate tax revenues, according to the proposal. Additional revenue from domestic value-added tax (VAT) collection is seen at 163.2 billion liras, while VAT on imports will generate extra 284 billion liras in revenue.