Parliament approved Saturday a legislative proposal that includes regulations regarding taxes, increase in a minimum monthly pension and the fee local passengers are required to pay before traveling abroad.

The legislation is part of a broader effort to enhance the country’s fiscal discipline and ensure a more equitable tax system. The government has already announced major spending cuts as it moves toward stricter fiscal policies.

The amendment lifted the minimum pension from TL 10,000 ($303) to TL 12,500, with over 3.7 million retirees benefiting from the hike.

At the same time, with the new law, the mulinational companies are set to be subject to 15% minimum corporate tax.

The provisions regarding the "local minimum supplementary corporate tax," taxation period, declaration, assessment and payment, which defines the affiliated enterprises and business partnerships that are affiliated with multinational business groups and established in Türkiye, will also be regulated.

The law aims to increase income, tax security, voluntary tax compliance and the fight against the informal economy. In this context, in cases where tax loss is caused by conducting an unregistered activity without the knowledge of the tax office and without establishing a liability, the tax loss penalty will be applied with a 50% increase.

The departure tax for Turkish citizens traveling abroad, a hotly debated topic prior to its implementation, has also risen from TL 150 to TL 500.

In a written statement issued on Sunday, the Treasury and Finance Ministry asserted that the new tax regulations are designed to "tax the lesser-earning less, and the higher-earning more."

"With this package, which will strengthen tax efficiency and justice; tax penalties will be increased, some exemptions and discounts will be removed, and the informal economy will be fought more strongly," the ministry said in a statement.

The ministry added that with the package a domestic minimum corporate tax is being introduced for taxpayers who have no tax to pay due to exceptions.

"Accordingly, taxpayers who do not have any tax to pay after deducting exemptions and discounts from their earnings will now pay a minimum tax of 10% on their corporate earnings before these discounts are deducted," it added.

The ministry also said the tax inspections were currently "continuing for a total of 27% of the 2,815 large taxpayers."

Commenting on the law approval, Treasury and Finance Minister Mehmet Şimşek said, "This law, which aims to increase justice and efficiency in taxation and combat the informal economy, does not impose a burden on our citizens."

"Our goal is to collect more tax from those who earn more and less taxes from those who earn less," he said in a post on X.

"We will direct the improvement in tax revenues to productive areas for the welfare of our citizens and the stability of our country," he added.