Bloomberg Tax
March 15, 2023, 9:03 AM

Turkey Posts Record Budget Gap in February as Tax Income Slumps

Taylan Bilgic
Taylan Bilgic
Bloomberg News

Turkey’s budget deficit widened to a record in February as tax income fell, led by a drop in corporate taxes.

The central government budget posted a deficit of 170.6 billion liras ($9 billion), compared with a surplus of 69.7 billion liras a year earlier, Treasury and Finance Ministry data showed on Wednesday. It was the third consecutive monthly deficit.

A change in payment schedules meant some tax payments were delayed to March from February. Last February’s budget also benefited from a dividend payment from the central bank.

The budget is expected to come under further strain this year as the ...