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Tax ForumBlack Sea Economic CooperationNovember 21, 2012Mehmet ŞimşekMinister of Finance
Tax ForumDialogueExperienceCooperationOpportunities
Turkey & BSEC: Growing Links3
TradeExports to BSEC2002: $3.5 billion, 10% of total exports2011: $17.7 billion, 13 % of total exports
TradeImports from BSEC2002: $6.5 billion, 12% of total imports2011: $38.7 billion, 16 % of total imports
Fiscal LinksAvoidance ofDoubleTaxationAgreements Signed with22 out of 23BSECmembers &observers
Tobacco Price**(The Most Popular Brand Category)
GLOBAL BACKDROP8
GDP (Advanced Markets)Source: Eurostat(2007-Q4=100)91939597991012007-Q42008-Q1Q2Q3Q42009-Q1Q2Q3Q42010-Q1Q2Q3Q42011-Q1Q2Q3Q...
Source: IMF, OECDDebtStock/GDP(%)Government Debt Stock67,2 66,474,5107,293,6107,6111,794,9109,360708090100110120USA Eurozo...
Unemployment (Advanced Markets)Source: Eurostat, BLS(December2007=100,%,s.a.)11801001201401601802002202007-122008-122009-1...
TURKISH ECONOMY12
Rebalancing is well underwayContributiontoGrowth,%Source: TURKSTAT17,313,59,52,21,0-2,0-5,6-5,10,53,24,65,7-6-14914Q1-11 Q...
Current Account Deficit is Large, but(12MonthRolling,USDbn)Source: Central Bank of TurkeyNarrowing15-80-60-40-20020402002-...
Source: Ministry of Development, Bloomberg*2012 May 12 Month RollingEnergy Import Bill(BrentType,Dollar/Barrel)EnergyImpor...
Europe56.6%Other43.4%Exports 2002Diversifying away from Europe?Europe38.3%Other61.7%Exports Jan-Sep 2012Source: TURKSTAT17
Exports by DestinationSource: TURKSTAT
Inflation Rates (1980-2012,%)107,2125,599,111,1020406080100120140198019811982198319841985198619871988198919901991199219931...
Unemployment at Decade Low,2080100120140160180200220 2008-12009-12010-12011-12012-1USAEU-27TurkeyUnemploymentRate,s.a.(Dec...
Job Creation hitting Record HighAnnualAverageEmploymentGrowth(%,2007-11)Source: WEO, TURKSTAT3,9-4-3-2-101234IrelandSpainG...
Budget Deficit & Public Debt74.036.531.010.81.60.9-2024681012303540455055606570752002 2003 2004 2005 2006 2007 2008 2009 2...
Our Tax PolicyImproving FiscalDisciplineRaising Employment& InvestmentsReducing RegionalDevelopment GapsIncreasingCompetit...
Simplifying Tax SystemBuilding a Simple and Effective Tax system• Boosting competitiveness• Widening tax base• Increasing ...
Combatting against the Shadow EconomyA levelplayingfieldImprovedBusinessEnvironmentHealthyEconomySound FiscalPerformanceBe...
Putting Our House in OrderCombattingcorruptionCreating a levelplaying fieldImprovinginternationalcompetitiveness27
Corruption Perceptions Index (2002)(65th among 102 countries)3144 4558 59657073 74962030405060708090100ItalyGreeceBrazilMe...
Corruption Perceptions Index (2011)6166 66 697375 758095100 100 100143152406080100120140160TURKEYCrotiaSlovakRepublicItaly...
Within the period of 2005-2012, Turkey has ranked higher than Russia, Argentina and Greece.(71st among 117 countries)38454...
Within the period of 2005-2012, Turkey has ranked higher than Russia, Argentina and Greece.(43rd among 144 countries)Sourc...
6269 707184939710811112213113860708090100110120130140MexicoItalyUruguayRomaniaTURKEYArgentinaRussiaChinaGreeceBrazilIndone...
4871 72737884 8991112124 128 130 13213720406080100120140MexicoTURKEYRomaniaItalyGreeceCrotiaUruguayChinaRussiaArgentinaInd...
Increasing Private Pensions25% State ContributionPenalty for Early Withdrawals34
THANK YOU…35
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Transcript of "Tax Forum"

  1. 1. Tax ForumBlack Sea Economic CooperationNovember 21, 2012Mehmet ŞimşekMinister of Finance
  2. 2. Tax ForumDialogueExperienceCooperationOpportunities
  3. 3. Turkey & BSEC: Growing Links3
  4. 4. TradeExports to BSEC2002: $3.5 billion, 10% of total exports2011: $17.7 billion, 13 % of total exports
  5. 5. TradeImports from BSEC2002: $6.5 billion, 12% of total imports2011: $38.7 billion, 16 % of total imports
  6. 6. Fiscal LinksAvoidance ofDoubleTaxationAgreements Signed with22 out of 23BSECmembers &observers
  7. 7. Tobacco Price**(The Most Popular Brand Category)
  8. 8. GLOBAL BACKDROP8
  9. 9. GDP (Advanced Markets)Source: Eurostat(2007-Q4=100)91939597991012007-Q42008-Q1Q2Q3Q42009-Q1Q2Q3Q42010-Q1Q2Q3Q42011-Q1Q2Q3Q42012-Q1Q2USA Eurozone Japan9
  10. 10. Source: IMF, OECDDebtStock/GDP(%)Government Debt Stock67,2 66,474,5107,293,6107,6111,794,9109,360708090100110120USA Eurozone OECD2007 2012 201310
  11. 11. Unemployment (Advanced Markets)Source: Eurostat, BLS(December2007=100,%,s.a.)11801001201401601802002202007-122008-122009-122010-122011-12USA Euro Area Japan
  12. 12. TURKISH ECONOMY12
  13. 13. Rebalancing is well underwayContributiontoGrowth,%Source: TURKSTAT17,313,59,52,21,0-2,0-5,6-5,10,53,24,65,7-6-14914Q1-11 Q2-11 Q3-11 Q4-11 Q1-12 Q2-12Domestic DemandNet Export14
  14. 14. Current Account Deficit is Large, but(12MonthRolling,USDbn)Source: Central Bank of TurkeyNarrowing15-80-60-40-20020402002-147102003-147102004-147102005-147102006-147102007-147102008-147102009-147102010-147102011-147102012-147Current AccountCurrent Account without Energy ImportCurrent Account + Net FDI + Net Errors and Omissions
  15. 15. Source: Ministry of Development, Bloomberg*2012 May 12 Month RollingEnergy Import Bill(BrentType,Dollar/Barrel)EnergyImports(BillionDollars)9,248,354,158,82397111 111,80204060801001200102030405060702002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012AugustEnergy Import Oil Prices16
  16. 16. Europe56.6%Other43.4%Exports 2002Diversifying away from Europe?Europe38.3%Other61.7%Exports Jan-Sep 2012Source: TURKSTAT17
  17. 17. Exports by DestinationSource: TURKSTAT
  18. 18. Inflation Rates (1980-2012,%)107,2125,599,111,1020406080100120140198019811982198319841985198619871988198919901991199219931994199519961997199819992000200120022003200420052006200720082009201020112012Source: CBT
  19. 19. Unemployment at Decade Low,2080100120140160180200220 2008-12009-12010-12011-12012-1USAEU-27TurkeyUnemploymentRate,s.a.(December2007=100)
  20. 20. Job Creation hitting Record HighAnnualAverageEmploymentGrowth(%,2007-11)Source: WEO, TURKSTAT3,9-4-3-2-101234IrelandSpainGreeceIcelandDenmarkPortugalEstoniaUSASloveniaJapanItalyFinlandCyprusFranceUnitedKingdomSlovakRepublıcCzechRepublicNetharlandNewZealandHongKongAustriaCanadaGermanyKoreaBelgiumTaiwanNorwaySwitzerlandAustraliaLuxembourgMaltaIsraelSingaporeTurkey21
  21. 21. Budget Deficit & Public Debt74.036.531.010.81.60.9-2024681012303540455055606570752002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015Debt/GDP (%) (Left Axis) Budget Deficit/GDP (%) (Right Axis)MTP (2013-15)Gen.Gov.BudgetDeficit/GDP(%)Source: Ministry of Development, TreasuryDebt/GDP(%)
  22. 22. Our Tax PolicyImproving FiscalDisciplineRaising Employment& InvestmentsReducing RegionalDevelopment GapsIncreasingCompetitiveness
  23. 23. Simplifying Tax SystemBuilding a Simple and Effective Tax system• Boosting competitiveness• Widening tax base• Increasing tax predictability• Increasing investments & employmentRevision of Tax Laws
  24. 24. Combatting against the Shadow EconomyA levelplayingfieldImprovedBusinessEnvironmentHealthyEconomySound FiscalPerformanceBetterSocialSafety Net
  25. 25. Putting Our House in OrderCombattingcorruptionCreating a levelplaying fieldImprovinginternationalcompetitiveness27
  26. 26. Corruption Perceptions Index (2002)(65th among 102 countries)3144 4558 59657073 74962030405060708090100ItalyGreeceBrazilMexicoChinaTURKEYArgentinaIndiaRussiaIndonesiaSource: Transperancy Intenational28
  27. 27. Corruption Perceptions Index (2011)6166 66 697375 758095100 100 100143152406080100120140160TURKEYCrotiaSlovakRepublicItalyBrazilChinaRomaniaGreeceIndiaArgentinaIndonesiaMexicoRussiaUkraine(61st among 183 countries)Source: Transperancy Intenational29
  28. 28. Within the period of 2005-2012, Turkey has ranked higher than Russia, Argentina and Greece.(71st among 117 countries)384547 48535457 59697130354045505560657075ItalyIndiaGreeceChinaRussiaArgentinaBrazilMexicoIndonesiaTURKEYSource: World Economic ForumGlobal Competitiveness Index (2005)30
  29. 29. Within the period of 2005-2012, Turkey has ranked higher than Russia, Argentina and Greece.(43rd among 144 countries)Source: World Economic ForumGlobal Competitiveness Index (2012)294142 434849505359 6067717378942030405060708090100ChinaPolandItalyTURKEYBrazilPortugalIndonesiaMexicoIndiaHungaryRussiaSlovakRepublicUkraineRomaniaArgentineMoved up 16 places in a year2nd fastest rising country31
  30. 30. 6269 707184939710811112213113860708090100110120130140MexicoItalyUruguayRomaniaTURKEYArgentinaRussiaChinaGreeceBrazilIndonesiaIndia(84th among 175 countries)Source: World BankEase of Doing Business (2006)32
  31. 31. 4871 72737884 8991112124 128 130 13213720406080100120140MexicoTURKEYRomaniaItalyGreeceCrotiaUruguayChinaRussiaArgentinaIndonesiaBrazilIndiaUkraine(71st among 185 countries)Source: World BankEase of Doing Business (2013)33
  32. 32. Increasing Private Pensions25% State ContributionPenalty for Early Withdrawals34
  33. 33. THANK YOU…35

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