As you know, today Turkey has woken up to the increase in VAT rates. This increase will of course affect everything from needle to thread.
While almost everyone was sleeping last night, the general VAT rate with the regulation published in the Official Gazette increased from 18 percent to 20 percent. for certain goods and services. VAT was increased from 8% to 10%.. In addition, except for the driver’s license all fees were increased by 50 percent, In addition, the passenger is charged for the use of the phone brought with him. Raised to $20,000. Except for the driver’s license fee, all fees subject to the Fees Law No. 492 50 percent increase. In this context, notary, passport, diploma and visa fees were increased by 50 percent. In consumer loans BSMV increased from 10 percent to 15 percent. Taxes were also increased in games of chance. The rate of tax; from 5 to 10 percent in joint bets on sports events, from 7 percent to 14 percent in horse races, and from 10 percent in other games of chance. increased to 20 percent. These increases are exactly To be commissioned on July 10In this context, Türkiye will wake up to hiked prices once again on Monday. Many shopping companies have started to warn about this issue. “Last three days for VAT increase” or “Last three days for prices with 18 percent VAT” with the sharing If you have something to buy, buy it now companiesthis time will make the increase compulsorily, many companies will probably make a small exchange rate update to their prices.
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The official explanation for the increase in VAT was as follows:
“DECISION ON CHANGE IN THE DECISION ON THE DETERMINATION OF VALUE ADDED TAX RATES APPLIED TO GOODS AND SERVICES
ARTICLE 1- In the first paragraph of the first article of the Decision on the Determination of the Value Added Tax Rates to be Applied to the Goods and Services, which was put into effect with the Council of Ministers Decision dated 24/12/2007 and numbered 2007/13033; a) “18%” expression in (a) clause has been changed as “20%”, b) “8%” expression in (c) clause has been changed as “10%”.
ARTICLE 2- The 37th row of the list (II) annexed to the same Decision has been changed as follows. “37- Toothbrush and paste, dental floss,”
ARTICLE 3- This Decision enters into force on the third day following its publication.
ARTICLE 4- The provisions of this Decision shall be executed by the Minister of Treasury and Finance.”