Turkey is drawing up plans to increase the top rate of income tax on high earners, as part of efforts by the government in Ankara to reduce the fiscal deficit, which has widened by 34% this year.
According to Bloomberg, those earing more than 1 million lira ($171,000) will be subject to a 45% income tax rate, while those in the 500,000 to 1 million lira bracket will pay 40%.
The current tax rate for those earning more than 500,000 lira is 35%.
Turkey's economy has suffered from a slump in the value of the lira versus the US dollar. The currency has lost more than 10% against the dollar in 2019, following a 30% fall over the course of 2018.
On Monday the currency fell a further 0.8% following Turkey's invasion of northern Syria and president Donald Trump's threat of renewed trade sanctions on Turkish commodities.
The weak lira is making the country's dollar-denominated debt an expensive burden on government finances. According to Turkey's central bank the total amount of corporate debt in the country stood at $246bn at the end of 2018.