With the President’s Decision No. 7346 published in the Official Gazette, both VAT and registration fees and credit taxes of telephones brought from abroad were increased. Parallel to the decision taken by President Erdogan, all the products we buy will get a raise!
In today’s issue of the Official Gazette, there are two issues that concern us all. President’s Decision took place. With the decisions numbered 7346 and 7344, both the Value Added Tax (VAT) and the registration fees of the phones brought from abroad were increased. In addition, taxes on loans have also increased. The VAT hike, which will come into effect as of July 10, 2023, will directly affect the price of every product we purchase. Let’s talk more clearly; from toothpicks to computers and even cars everything is coming up!
Until now, VAT was applied as 8 percent and 18 percent. With the decision of President Erdogan, these rates 10 per cent And 20 percent was revised. In other words, the VAT you will pay as 18 percent for every product you buy today; It will be 20% from next week.
The decision numbered 7346 in the Official Gazette is as follows:
With this decision, VAT was increased.
Current VAT Rates:
| Old Rate | New Rate |
|---|---|
| 8% | 10% |
| 18% | 20% |
Since our work is technology-oriented, let’s explain it for our readers. In all electronic products on the market 18 percent VAT was being implemented. With the decision taken by President Erdogan, 20 percent VAT will be applied from now on. From iPhone to even the charging cable you purchased 2% increase will come…
Let’s come to the phones brought from abroad: From now on, 20 thousand TL will be paid!
Usage fees for phones brought with passengers with Presidential Decree No. 7344 20 thousand TL raised. This item was paid as TL 6,091 until today. With the decision taken, buying an affordable phone abroad and registering it in a passport in Turkey lost all its advantage. Here we can deduce: The government pays the registration fee. 228 percent By making such a huge hike, it has in a way banned the phone from abroad.
Of course, the only increase in the same Presidential Decree is not related to smartphones. 50% hike in all fees and taxes. In other words, all items you can think of, from passport fees to title deed and notary fees, have been increased by 50 percent. However, only driver’s licenses Fees applied for this increase are exempted from this increase. With the increase, the fee to be paid for a 6-month passport increased from 689.75 TL to 1.034 TL.
Pay attention to those who will use personal loans: Its tax has also been increased!
In the Presidential Decision No. 7345, credit took an important decision about the citizens who want to use it. The bank and insurance transaction tax, which has been applied as 10 percent on loans to date, is no longer will be applied at 15 percent.. In other words, the cost of the borrower will automatically increase.
VAT regulation in the Official Gazette from here you can reach. Regulation on smartphone and fees from here you can reach.