ECONOMY

Turkey to continue tax discounts till end of year

The value added and special consumption tax discounts will continue till the end of the year, said Turkish Treasury and Finance Minister Berat Albayrak on Wednesday.

He said the number of companies taking part in Turkey's anti-inflation program exceeded 2,500.

Albayrak announced that value added and special consumption tax discounts in six categories will last till the end of the year.

"We reduce the special consumption tax rates in the white goods industry to zero till the end of the year," he added.

The minister also highlighted that the value added tax discounts from 18 percent to 8 percent in the housing sales and furniture industry will also continue till the end of the year.

He noted that the discount rate from 4 percent to 3 percent in property title deed fees will also continue till the end of 2018.

"We reduce value added tax rates from 18 percent to 1 percent in commercial vehicles," he said.

The minister also said that motor vehicles with an engine below 1,600 cc will also get some 15 points discount in special consumption tax application.

Albayrak pointed out that these tax discounts will have a "major positive impact" on the economy as a whole.

He said that all stakeholders will act in coordination in terms of costs, prices and boost of the market.

"We will continue to work harder for the peace and prosperity of our citizens," Albayrak added.

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