VAT discount has started in Turkey and a list of products will be applicable

The value added tax (VAT) reduction to be applied on basic foodstuffs, announced by President Recep Tayyip Erdoğan at the "Turkish Economy Model New Steps and Inflation Measures" promotional meeting organized by the Ministry of Treasury and Finance, has started. The President stated that they are making sacrifices as the government and that they expect a discount from the market. Accordingly, as of today, VAT on basic food products has been reduced from 8 percent to 1 percent. Trade Minister Mehmet Muş warned the markets, saying that the inspections will become even more intense: "As a result of the inspections we will make, the public should have no doubt that we will impose the heaviest sanctions on the markets that do not reflect the VAT reduction on the prices and make our citizens suffer with unfair price increases." WHICH PRODUCTS WILL THE VAT DISCOUNT BE APPLICABLE? VAT reductions, excluding products such as fruit juices, cola, caviar, which are subject to Special ...