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  • 13-02-22

    Turkey reduces taxes on basic food products over soaring inflation

    (MENAFN) On Saturday, the Turkish president declared a major drop in taxes on main food items as the nation goes through extensive inflation and several demonstrations for the decaying living standards.

    Turkey’s President Recep Tayyip Erdogan stated that the value-added tax would be reduced to 1 percent from 8 percent on food products. His resolution is going to be announced in the Official Gazette and start being conducted as of Monday.

    Erdogan stated, along with the tax discount, the government predicts food firms to reduce their costs by 7 percent. He stated that these good items contribute to a major segment in inflation.

    Official data for January demonstrated that inflation increased to a significant 48.69 percent yearly, though individual experts stated that the actual figure is way higher, over 115 percent.

    MENAFN13022022000045013568ID1103686812

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