Increase in everything: VAT rates on all products have increased!

The decision to raise the Value Added Tax (VAT) was published in the Official Gazette with the decision of the Presidency. The Value Added Tax rate levied on all products sold in Turkey was 18 percent. With the new decision taken, Value Added Tax (VAT) rates were increased. Here are the VAT decisions in the 32 thousand 241st issue of the Official Gazette…

VAT rates increased: All products are on the way!

The Value Added Tax (VAT) rate, which is collected from all products sold and sold in Turkey, was increased with the Presidential decision published in the Official Gazette this morning. VAT rates, which were applied as 8 and 18 percent, were increased to 10 and 20 percent. The decision on the subject was included in the 32 thousand 241st issue of the Official Gazette, published on 7 June 2023.

Accordingly, the decision numbered 7346 in the Official Gazette: It has been decided in accordance with Article 28 of the Value Added Tax Law no.

Article 1– The first paragraph of the 1st article of the Decision Regarding 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) in subparagraph (a) “18 percent” is “20 percent” shaped,

b) in subparagraph (b) “8 percent” means “10 percent” shaped,

has been changed.

Article 2– The 37th order of the list (II) of 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 are executed by the Minister of Treasury and Finance.

When we look at the decisions taken, we see that the VAT rates on products have been increased from 8 and 18 percent to 10 and 20 percent. With the expression “it enters into force on the third day following its publication” in Article 3, we understand that the decision will be implemented as of 10 July 2023, that is, next Monday.

So what do you think about the increase in VAT rates? Don’t forget to give your opinion in the comments section…