Main Slider
Middle East
Turkey raises tax thresholds for some vehicles
ReutersJanuary 13, 2022
ISTANBUL, Jan 13 (Reuters) – Turkey has stepped up price thresholds for a special consumption tax on vehicles with small combustion engines, while adding more categories, the Official Gazette showed on Thursday, a move that will help cut vehicle prices.
A 60% tax rate is to be levied on vehicles with engines smaller than 1600cc in a price band of 150,001 lira to 175,000 lira, after the adjustment.
The rate rises to 70% for vehicles that cost up to 200,000 lira and 80% for those priced above 200,000 lira.
Previously, all cars that cost more than 150,000 lira were subject to the 80% rate.
The maximum price for the tax rate of 45% was raised from 92,000 lira to 120,000 lira, and the threshold for the 50% tax rate was raised to between 120,000 and 150,000 lira.
Passenger vehicles sold in Turkey, already under a large tax burden, will see prices decrease as a result of the move, though the benefit is likely to erode quickly as sellers are expected to hike prices because of a weak lira currency.
Reporting by Can Sezer; Writing by Ali Kucukgocmen; Editing by Clarence Fernandez
1600cc combustion engineslira Official Gazette Turkey
Related Articles
Ex-Louvre president suspected in case of forging documents for Egyptian artifacts
May 26, 2022
Two Arab countries on the list of the most expensive passports in the world
May 26, 2022
EgyptAir announces prices for Hajj tickets
May 26, 2022
See More
All rights reserved, Al-Masry Al-Youm. 2022
About Advertise Contact Us Copyrights PrivacyTerms
Egypt Independent