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• Package including tax cuts in Turkiye to take effect on Mon-minister

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  Mert DAMLAPINAR    Group moderator

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  Package including tax cuts in Turkiye to take effect on Mon-minister

  A decision by the Turkish government reducing private consumption tax on automotive, housing and white goods for three months is likely to take effect on Monday, industry minister said on Sunday.
  
  Package including tax cuts in Turkiye to take effect on Mon-minister
  
  "The government decided to lower the private consumption tax to 18 percent from 37 on cars below the capacity of 1600cc," Zafer Caglayan was quoted by Anatolian Agency as telling reporters.
  
  "This is a very important development," the industry minister added.
  
  The Turkish government will reduce tax rates in the automotive, white goods and housing sectors for three months to provide impetus to the sluggish economy, Prime Minister Tayyip Erdogan said on Friday. The financial size of the package is expected to be $3.2 billion which comes as the economic contraction expectations for Turkiye were revised up.
  
  The government also decided to reduce the private consumption tax to 54 percent from 60 on cars between 1600cc and 2000cc, and to 80 percent from 84 on cars over 2000cc. Tax will be 1 percent instead of 10 percent on light commercial vehicles.
  
  "This fourth package of measures is a very important move to revive domestic demand," Caglayan said.
  
  The package cuts the value added tax (VAT) taken from the sale of new dwellings. New rate will be 8 percent for three months instead of 18 percent.
  
  In a previous package, approved by the Turkish Parliament last month, the government was empowered to reduce some corporate tax on investments, and also cut taxes on textiles and clothing manufacturers if they move their plants to certain cities.
  ...........................................
  
  Personally I have doubts on this package would relief the economy with some regulations for 3 months, government will have to extend this period during summer I believe..
  
  Let's get connected.
  Mert DAMLAPINAR
  
  • 15 Mar 2009, 7:15 pm
  Mert DAMLAPINAR wrote: > A decision by the Turkish government reducing private consumption tax > on automotive, housing and white goods for three months is likely to > take effect on Monday, industry minister said on Sunday. > > Package including tax cuts in Turkiye to take effect on Mon-minister > > "The government decided to lower the private consumption tax to 18 > percent from 37 on cars below the capacity of 1600cc," Zafer Caglayan > was quoted by Anatolian Agency as telling reporters. > > "This is a very important development," the industry minister added. > > The Turkish government will reduce tax rates in the automotive, white > goods and housing sectors for three months to provide impetus to the > sluggish economy, Prime Minister Tayyip Erdogan said on Friday. The > financial size of the package is expected to be $3.2 billion which > comes as the economic contraction expectations for Turkiye were > revised up. > > The government also decided to reduce the private consumption tax to > 54 percent from 60 on cars between 1600cc and 2000cc, and to 80 > percent from 84 on cars over 2000cc. Tax will be 1 percent instead of > 10 percent on light commercial vehicles. > > "This fourth package of measures is a very important move to revive > domestic demand," Caglayan said. > > The package cuts the value added tax (VAT) taken from the sale of new > dwellings. New rate will be 8 percent for three months instead of 18 > percent. > > In a previous package, approved by the Turkish Parliament last month, > the government was empowered to reduce some corporate tax on > investments, and also cut taxes on textiles and clothing > manufacturers if they move their plants to certain cities. > ........................................... > > Personally I have doubts on this package would relief the economy > with some regulations for 3 months, government will have to extend > this period during summer I believe.. > > Let's get connected. > Mert DAMLAPINAR