The increase in automobile prices continues at full speed. Almost every day, new and second-hand vehicles are on the rise. The biggest reason for this is the rising dollar exchange rate and the taxes in our country, which has been mobilized accordingly. However, a recent claim shows that the tax will cause less problems than before.
According to the news of Yücel Kayaoğlu from the Turkish Newspaper, the Presidency MTV (Motor Vehicles Tax) is preparing to make a reduction in rates. More than 25 million vehicle owners are waiting for the alleged tax cut to be announced soon. Here are the details…
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Motor Vehicle Tax will be 20 percent
According to the claims of sources close to the government, the Presidency is carrying out a work that will please more than 25 million vehicle owners. A while ago, it was announced that with the revaluation rate, there would be a 36.2 percent increase in taxes, fees and penalties in 2022. The decision of the Ministry of Treasury and Finance on the subject was published in the Official Gazette at the end of November.
Due to the said increase, the lowest MTV amount for 2022 increased to 1,431 liras. The lowest tax rate for vehicles with an engine displacement of between 1,300 and 1800 cc increased from 1830 TL to 2492 TL. However, there is a way to avoid the hike. President Erdogan has the authority to reduce this rate up to 50 percent.
Erdogan, who used this authority before, reduced the 22.57 percent increase in MTV to 12 percent in 2020. Some inside the government say a similar reduction is on the way. Stating that Erdogan can follow the same path this year, he says that he can reduce the revaluation rate, which was determined as 36.2 percent, to 20 percent for MTV. However, it should be noted that these are only claims yet.
So what do you think about this subject? Do you think there will be a discount from Motor Vehicle Tax (MTV)? You can share your views with us in the comments section.