Turkiye cuts value-added tax on several products to curb inflation

Turkiye’s annual consumer price index (CPI) jumped more than expected to a two-decade high of 54.4 per cent in February.

The country will also ease the financing burden on the construction sector by reducing the VAT rate on land and plots to 8 per cent, Erdogan said.

The government last month cut tax on basic goods to 1 per cent from 8 per cent and subsidised a significant amount of electricity bills. It also announced a tax cut on electricity used for residential and agricultural irrigation purposes to 8 per cent from 18 per cent, according to Turkish media reports.

ALCHEMPro News Desk (DS)