Motor Vehicles Tax MTV is getting a great increase with the bag law proposal that came out today. According to the government’s bill for civil servant salaries and other taxes, the additional MTV payment will affect all vehicles in traffic. If the draft law is passed by the parliament, vehicle owners will pay the tax amount determined for 2023 once more.
Although it is not yet clear how the additional MTV amount will be calculated exactly, experts estimate that additional tax will be collected as the sum of the two installments. According to the information reflected in the press, the Finance will collect the additional tax in two parts in August and November.
The majority of economists specializing in public finances based their decision on the hike in earthquake costs and budget deficits. Official sources estimated the cost of the disaster in February at about $110 billion.
Apart from the earthquake disaster, the government is also experiencing major problems in the budget. Additional public expenditures due to the election period greatly increased the budget deficit. Independent research experts claim that the ratio of public budget deficit to GDP will rise to the range of 7-10%.
How Much Will the Motor Vehicle Tax Be After the Raise?
The MTV bill, which emerged with the bagged law, has not yet passed the approval of the Turkish Grand National Assembly and President Erdogan. However, if the said additional tax is enacted, a significant financial burden awaits vehicle owners. If the increase in question is reflected in the figure for the whole year, the amount of MTV will increase by 320% compared to January 2022.
If the increase for motor vehicles becomes law, the owner of a new vehicle with an engine smaller than 1300cc, who pays 1,576 TL tax in 2022, will pay a total of 5,090 TL until the end of 2023.
The payment of 2,058 TL made in 2022 by a citizen who owns a vehicle between 4-6 years old and in the range of 1300-1600cc can increase up to 6,646 TL for 2023. The amount to be paid by luxury vehicle owners goes up to 160 thousand liras per year.
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