Mehmet Şimşek

In a sweeping effort to combat tax evasion, Türkiye's Treasury and Finance Ministry has identified approximately 700,000 taxpayers who failed to declare their rental income, despite being reminded to do so.

The crackdown comes as a part of a broader initiative to reduce informality in the economy and ensure tax compliance across the country.

Turkish authorities are investigating social media posts that falsely claimed that Finance Minister Mehmet Şimşek had resigned.

Last week rumors emerged alleging that Şimşek intended to tender his resignation but was pursued to remain in office.

Türkiye is poised to become a major hub for global investments, particularly attracting international carmakers with various projects and production programs launched in recent years.

Türkiye aims to increase its share of global foreign direct investments (FDI) to 1.5 percent by 2028, Finance Minister Mehmet Şimşek has said.

Türkiye has entered a phase where international companies are unveiling their investment decisions in the country, and more "good news" is expected to follow soon, according to Vice President Cevdet Yılmaz.

The government will soon introduce practices to streamline bureaucratic processes for taxpayers, Treasury and Finance Minister Mehmet Şimşek has announced.

Şimşek said the Revenue Administration is working on a series of draft communiqués that will provide convenience to taxpayers, and the drafts will soon be made public for input and opinions.

The foreign financing package for Türkiye worth $2.5 billion is at the final phase for signing, Finance Minister Mehmet Şimşek has said.

Investors and analysts will carefully listen to what the Central Bank has to say about inflation dynamics and the course of its monetary policy going forward when Governor Fatih Karahan unveils the bank's quarterly Inflation Report on Aug. 8.

The report will include the bank's inflation forecasts for this year and next.

The current course of inflation is in line with their projections, Finance Minister Mehmet Şimşek has said.

"We believe that we will close the year with an inflation rate of around 40 percent," Şimşek said in an interview on Aug. 6 with private broadcaster A Haber.

Türkiye's annual consumer inflation significantly cooled to a nine-month low of 61.78% this July, below economists' forecasts, according to official data released on Monday.

Headline inflation decreased for the second consecutive month in July from 71.60% in June, the Turkish Statistical Institute (TurkStat) data showed.

The Turkish tax inspection authority has imposed a record fine of 6 billion Turkish Liras ($181.2 million) on a tobacco manufacturer over unreported revenue as part of a major audit into large taxpayers by the Treasury and Finance Ministry.