Turkish economy minister says taxes more advantageous in Turkey than many European countries

ISTANBUL (A.A) - 29.04.2011 - Turkey's state minister for economy said on Friday that finance sector taxes were more advantageous in Turkey than many European countries.
Ali Babacan said Turkey would become more advantageous gradually.
"Irrespective of which financial indicator we take into consideration, we can see that Turkey has ensured an atmosphere of confidence and stability so rapidly," Babacan said during a Conference on "Istanbul, the Finance Center" at Sabanci Center.
Babacan said Turkey had started to grow positively by the last quarter of 2009, and the credit default swap figures in Turkey were better than those in 11 European Union (EU) countries. 
The minister forecast a year-end inflation around 6.9 percent and a credit rise of 20-25 percent.
Babacan said Turkey's budget deficit was under control, and public debt stock had a tendency to fall, and therefore Turkey would not need to raise taxes for years as its public balances were robust.
"Our tax revenues are increasing thanks to our growing economy. Therefore, we are discussing what we can reduce without harming our overall tax collection instead of raising taxes," he said.
Babacan said Turkey's banking system stood robust in the last crisis, which also raised Turkey's prestige. 
The Conference on "Istanbul, the Finance Center: Perspectives and Creating the Stimulus" is taking place in Istanbul, in cooperation with Turkey's Foreign Economic Relations Board (DEIK), Turkish–American Business Council (TAIK) and Turkish–British Business Council.​    
The Conference participants will discuss and comment on the current global agenda after the crisis and the need for new finance centers after the crisis, as well as what has been done to transform Istanbul into a global finance center up to now.