One percent increase in the 17% general and the 25% luxury VAT goes into effect on Tuesday...
These rates will be 18 and 26 percent respectively. The government decree on the rate increase was published on 10 May in the Official Gazette. The government hopes to generate an income of around 400 trillion lira (US$350 million) with this indirect taxation. Among the goods that will have a 26 percent VAT on them are caviar, beauty products including sun creams, furs, gems, air conditions, refrigerators cameras, radio and television sets.
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