With the Omnibus Law proposal announced to the public recently, additional tax surprises continue to be experienced. After the new economy administration under the leadership of Mehmet Şimşek, emphasizing a return to the ‘rational’ ground and taking the strings of the Turkish economy, which was governed by the thesis of “interest cause inflation result” for a while, both the interest rate hike path was returned, and the demand-constricting ‘austerity’ practices were started in fiscal policies. . While the CBRT increased the interest rates by 650 basis points, below the expectations, to 15 percent, rapid decisions continue to be taken, especially on the fiscal policy side. In addition to the recently increased corporate tax and additional MTV with the regulations published in the Official Gazette, some taxes and fees were also increased.
Some of the regulations regarding taxes and fees are as follows.
- VAT (Value Added Tax) general rate was increased from 18 percent to 20 percent. In addition, the 8 percent VAT rate applied for some goods and services was increased to 10 percent.
- All fees have been increased by 50 percent, except for the driver’s license fee.
- The fee charged for the use of phones brought from abroad was increased from 6 thousand TL to 20 thousand TL. In addition, a 50 percent increase was made in other fees subject to the Fees Law No. 492.
. - BSMV (Banking and Insurance Transactions Tax) rate in consumer loans was increased from 10 percent to 15 percent
. - Tax rates on games of chance have also been increased. The tax rate was increased from 5 percent to 10 percent for joint bets on sports events, from 7 percent to 14 percent for horse races, and from 10 percent to 20 percent for other games of chance.
- The VAT rate on soap, shampoo, detergent, disinfectants, wet wipes, toilet paper, paper towels, tissue paper and napkins was increased from 8 percent to 20 percent.
- The withholding rate applied to the profit shares of companies traded in Borsa Istanbul was determined as 0 percent.
Especially in the fiscal policy, the reason for the sharp increases realized with the bag law is considered by experts as a move to limit the total demand. In Turkey, which has been struggling with excessively high inflation for a while, demand-side inflation is tried to be reduced with the increase in taxes and fees, while wage earners are suffering. In particular, civil servants were faced with new tax hikes before they received the salary hike.
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