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Russia Holds Key Rate at 21% Amid Surging Inflation

The Bank of Russia unexpectedly maintained its key interest rate at a record-high  21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to  8.9%  in November, well above the central bank’s  4% target , with inflation expectations reaching  13.9%  in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s  200-basis point hike  as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
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Turkey Introduces 10% Minimum Corporate Tax to Address Budget Deficit

Turkey will implement a 10% minimum corporate tax starting in 2025 as part of efforts to reduce its budget deficit. According to a decree by the Treasury and Finance Ministry, the domestic minimum tax for corporate earnings will not fall below 10% before deductions and exemptions.

This move is part of a fiscal consolidation strategy led by Treasury and Finance Minister Mehmet Simsek, who has been focused on simplifying tax laws and reducing the scope of tax deductions and exemptions since taking office after last year's election. The government has revised its 2025 budget deficit forecast down to 3.1% of GDP, from an earlier estimate of 3.4%, with a 2024 deficit expected at 4.9%.

Key changes in the new tax code include a 30% tax rate on earnings from build-operate-transfer and public-private-partnership projects, the removal of real estate sales tax exemptions, and a requirement for funds to distribute at least 50% of real estate revenues as dividends to qualify for tax exemptions.

These measures are seen as crucial to supporting Turkey’s fight against inflation and ensuring fiscal discipline.

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