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Tax law, which was opened into discussion for the new financial calendar that neutralised former tax payments and detailed investigations on the source of the capital, will be revised in the Parliament as the studies for the amendment have completed. The mistakes made in the basic issues will be corrected. IMF and Turkish authorities reconciled on the extension of the "close monitoring" for another six months and to sign an agreement which will be valid by the year 2000. Although the financial aid to be given Turkey is not certain yet, the government expects $10 billion, half of which is to be paid in the first year of the agreement. Fall in production Official figures reveal the crisis in economy; the gross national income, which was 23.9 trillions in the first quarter last year, declined to 22.1 trillions this year in the same period. Production slowed down to a dangerous level, as profits boosted for rentiers. Commitments to IMF Turkey will have to face an IMF bill soon. The government would have to promise IMF to limit personel and investment to public institutions, less financial support to agriculture, new consumption taxes and raise the age limit on retirement. |
