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FinancialNews
04-12-19
Turkey's tourism industry struggle to reach visitor, revenue targets
(MENAFN) According to tourism companies, Turkey's tourism industry, a main support of the economy, could face difficulties to reach visitor and income targets in the next years after 2 new taxes come into force and quick rise in costs keeps on pressuring businesses.
Costs, which the industry says rushed forward 35 percent previous year, in addition to the new taxes that will be reflected in prices could be the reason of Turkey losing customers to other Mediterranean countries.
Tourism is a main source of revenue for Turkey and it experienced a decrease in 2016-2017 after a coup attempt and a dispute with Russia, but went back to some 40 million tourists last year.
The government initiated a tourism strategy in September that includes a 150 percent climb in tourism advertising funds to USD 180 million in 2020, a large part of that will be paid by tourism companies to the recently founded Tourism Promotion and Development Agency. Hotels will pay 0.75 percent of their total income.
MENAFN0412201900450000ID1099366607
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