Turkey Strategy - Potential Impact of Tax Hikes
The government has announced a broad set of tax hikes that will take effect on January 1, 2018. The measures are meant to help avoid a widening of the budget deficit next year and will have a positive impact on the budget to the tune of 0.8-0.9% of GDP. In terms of the expected effect, the tax hikes will have negative implications for the financial sector but only a marginal impact on the beverage and automotive sectors. On the other hand, the telecom sector, surprisingly, appears to be a slight net beneficiary, since the announced simplification of the special communication tax scheme will have the overall effect of reducing the tax burden on subscribers.
Sberbank CIB Investment Research is a research firm offering equity, fixed income, economics, and strategy research. It covers analysis on all aspects of Russia’s capital markets, issues and industries. The firm analyzes trends in Russia and combines local knowledge with a global perspective. It processes macroeconomic data, market and company-specific news, stock quotes and other information for providing research reports. The firm provides details and latest prices on the most traded names and most traded paper on all segments Russian market. In strategy research, it provides thematic research, tips and descriptions of the methodology used to evaluate companies.
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