2023-07-07 07:03:38
Istanbul
Turkey raised the value-added tax by two percentage points in two categories and also increased the tax on personal bank loans, the official newspaper reported on Friday.
The newspaper indicated that the value-added tax on goods and services increased to 20 percent from 18 percent, and the tax on basic goods such as paper towels, detergents and diapers rose to 10 percent from eight percent.
In the announcement published in the Official Gazette and whose decisions took effect immediately, President Recep Tayyip Erdoğan signed several decisions including increasing the insurance and banking tax that applies to personal loans to 15 percent from ten percent.
One of the decisions also showed that registration fees for mobile phones brought from abroad increased 228 percent to 20,000 pounds ($765.74) from 6,091 pounds.
Separately, Turkey also decided to exempt dividend payments on treasury shares purchased by companies listed on the Istanbul Stock Exchange from withholding tax.
These decisions came after a bill was introduced in parliament a few days ago aimed at raising corporate tax to 25 percent from 20 percent for purposes of financing needs related to recovery from the impact of the earthquake.
Two earthquakes hit southern Turkey in February, killing more than 50,000 and displacing millions. Business groups, economists and the government have said the reconstruction effort could cost Turkey more than $100 billion.
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