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TAXES ON CARS, TOBACCO, ALCOHOL AND FUEL RAISED
Turkey has increased its private consumption tax, or ÖTV, on cars, cigarettes, gasoline and alcoholic drinks as the government seeks cash to reduce its budget deficit. The tax charged on unleaded gasoline rose from 1.69 Turkish Liras to 1.89 liras per liter, according to the Official Gazette. The tax on diesel with sulfur rose less than 0.05 percent from 1.15 liras to 1.30 liras, the Anatolia news agency reported.
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Turkey has increased its private consumption tax, or ÖTV, on cars, cigarettes, gasoline and alcoholic drinks as the government seeks cash to reduce its budget deficit. The tax charged on unleaded gasoline rose from 1.69 Turkish Liras to 1.89 liras per liter, according to the Official Gazette. The tax on diesel with sulfur rose less than 0.05 percent from 1.15 liras to 1.30 liras, the Anatolia news agency reported.
The proportional tax rate on cigarettes rose from 58 percent to 63 percent while the minimum fixed ÖTV increased from 0.10 liras to 0.13 liras.
The minimum fixed tax cost was raised from 11.25 liras to 12.40 liras for sparkling wine and from 36 liras to 39.60 liras for rakı, Turkey’s official national drink, which is also popular throughout the Balkans. The tax on car sales rose 3.3 percent. Revenue stamps and fees also rose 10 percent.
The Finance Ministry expects revenue of between 5 billion liras and 5.5 billion liras from the new taxes, Bloomberg reported, citing the ministry’s press office in Ankara. The government is aiming to reduce its budget deficit before interest payments to 0.3 percent – from a forecasted 2.1 percent in 2009 – of economic output next year.
The government also raised the passport fee Thursday from 114.6 liras to 126.05 liras for passports valid for six months and from 163.8 liras to 180.15 liras for passports with a one-year duration.
“The government seems to be taking advantage of low elasticity in fuel demand and tobacco consumption to replace the lost income due to low tax collection,” said Tunç Yıldırım, an analyst at the Istanbul-based Standard Ünlü Securities.
The tax increases strengthen expectations that Turkey is preparing to sign a loan accord with the International Monetary Fund, or IMF, said Yarkın Cebeci, an economist at JPMorgan Chase & Co. in Istanbul.
The tax increase on beer to 35 kuruş per liter from 26 kuruş may hurt sales at Anadolu Efes, the biggest Turkish brewer which also operates in Russia, said Istanbul-based Oyak Securities.
“Due to the ongoing cost-cutting efforts of Anadolu Efes, margins may not be under pressure, but we expect domestic beer sales volume to be affected negatively from this tax hike,” said Oyak. Anadolu Efes has almost 80 percent of the local market.
Meanwhile, the General Directorate of Highways has announced an average 13.91 percent price hike for highway and bridge tolls to be in force as of 12:00 a.m. on Jan. 2, Saturday.
The annual inflation rate of bridge and highway tolls has been determined considering the impact of increase of labor and material costs, the directorate said. The previous price arrangement had taken place on Apr. 29, 2007. The 20 percent reduction implemented for subscribers of KGS, a contactless smart card that is used in Turkey's Highway Toll Collection System, has been removed, according to the statement.
SOURCE: HURRIYETDAILYNEWS.COM
December 31, 2009
The proportional tax rate on cigarettes rose from 58 percent to 63 percent while the minimum fixed ÖTV increased from 0.10 liras to 0.13 liras.
The minimum fixed tax cost was raised from 11.25 liras to 12.40 liras for sparkling wine and from 36 liras to 39.60 liras for rakı, Turkey’s official national drink, which is also popular throughout the Balkans. The tax on car sales rose 3.3 percent. Revenue stamps and fees also rose 10 percent.
The Finance Ministry expects revenue of between 5 billion liras and 5.5 billion liras from the new taxes, Bloomberg reported, citing the ministry’s press office in Ankara. The government is aiming to reduce its budget deficit before interest payments to 0.3 percent – from a forecasted 2.1 percent in 2009 – of economic output next year.
The government also raised the passport fee Thursday from 114.6 liras to 126.05 liras for passports valid for six months and from 163.8 liras to 180.15 liras for passports with a one-year duration.
“The government seems to be taking advantage of low elasticity in fuel demand and tobacco consumption to replace the lost income due to low tax collection,” said Tunç Yıldırım, an analyst at the Istanbul-based Standard Ünlü Securities.
The tax increases strengthen expectations that Turkey is preparing to sign a loan accord with the International Monetary Fund, or IMF, said Yarkın Cebeci, an economist at JPMorgan Chase & Co. in Istanbul.
The tax increase on beer to 35 kuruş per liter from 26 kuruş may hurt sales at Anadolu Efes, the biggest Turkish brewer which also operates in Russia, said Istanbul-based Oyak Securities.
“Due to the ongoing cost-cutting efforts of Anadolu Efes, margins may not be under pressure, but we expect domestic beer sales volume to be affected negatively from this tax hike,” said Oyak. Anadolu Efes has almost 80 percent of the local market.
Meanwhile, the General Directorate of Highways has announced an average 13.91 percent price hike for highway and bridge tolls to be in force as of 12:00 a.m. on Jan. 2, Saturday.
The annual inflation rate of bridge and highway tolls has been determined considering the impact of increase of labor and material costs, the directorate said. The previous price arrangement had taken place on Apr. 29, 2007. The 20 percent reduction implemented for subscribers of KGS, a contactless smart card that is used in Turkey's Highway Toll Collection System, has been removed, according to the statement.
SOURCE: HURRIYETDAILYNEWS.COM
December 31, 2009
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