94 Percent of Budget Revenues in Istanbul From Taxes

In 2020, 407 percent of the 94.3 billion TL general budget revenue collected in Istanbul came from tax revenues. Tax revenue rose 26.4 percent; Income tax collection fell 5.6 percent, corporate tax collection increased 47.2 percent. Special Consumption Tax (SCT) collection rose 53.3 percent; The highest increase was in motor vehicles with 235.3 percent. The fines collected increased 29.3 percent compared to the previous year and reached 6.4 billion TL. As of December, the number of real estate capital income (GMSI) taxpayers in Istanbul reached 735 thousand.

IMM İPA Istanbul Statistical Office published the January 2021 Financial Statistics Istanbul Economy Bulletin, in which financial statistics regarding Istanbul are evaluated. As of the end of December, the transactions that took place in Istanbul in 2020 were reflected in the figures as follows:

407 billion TL general budget revenue

The general budget revenue of 2019 billion TL collected in 327 rose to 2020 billion TL in 24.4 with an increase of 407 percent. In the same period, budget revenues collected from provinces other than Istanbul increased by 13,8 percent and reached 593 billion TL.

94.3 percent of general budget revenues are from taxes

The tax revenue collected in 2020 is 26,4 billion TL, increasing by 384 percent annually in Istanbul; In the total of the provinces other than Istanbul, it increased by 21.5 percent to 449 billion TL. 94,3 percent of the general budget revenues in Istanbul and 75.7 percent in provinces other than Istanbul were collected from tax revenues.

Income tax collection decreased by 5.6 percent

Income tax collection decreased 5.6 percent annually, while corporate tax collection increased 47.2 percent. Income tax collection was 82 billion TL, and corporate tax collection was 58 billion TL. Domestic Value Added Tax (VAT) increased by 30.8 percent annually and was collected 38 billion TL.

Special consumption tax increases 235.3 percent in motor vehicles

The share of Special Consumption Tax (SCT) in tax revenues was 24.2 percent. SCT revenue increased 53.3 percent annually. The highest increase in Special Consumption Tax income was in motor vehicles with 235.3 percent, while oil and natural gas products had the highest share with 36.4 percent. Tax income rose 8.5 percent in alcoholic beverages and 46,6 percent in tobacco products annually.

3.6 billion TL administrative fine

The fines collected increased 29.3 percent annually and reached 6.4 billion TL. 56.1 percent of fines were collected from administrative fines, 36.3 percent from tax penalties, 6.6 percent from other fines and 1 percent from judicial penalties. In 2020, the collection of administrative fines increased by 97.8 percent, while the collection of tax fines decreased by 16.6 percent.

The number of GMSI taxpayers is 735 thousand

As of the end of December 2020, the number of value added tax (VAT) active taxpayers in Istanbul reached 876 thousand, real estate capital income (GMSI) taxpayers reached 735 thousand, the number of income tax active taxpayers reached 546 thousand, and the number of corporate tax active taxpayers reached 348 thousand.

While preparing the Financial Statistics January 2021 Bulletin, data from the Ministry of Treasury and Finance General Directorate of Accounts and Revenue Administration were used.