Another rise to the engine is coming
After the rise in Value Added Tax (VAT), diesel, which yesterday rose 38 cents per liter, is going up again.
According to the information provided by industry sources, it is indicated that there will be an increase of 1 lira 7 cents in diesel, starting tomorrow (July 12).
The price per liter of diesel is approximately TL 25.16 in Istanbul, TL 25.72 in Ankara and TL 25.80 in Izmir.
Prices vary between provinces, districts and distributors.
VAT INCREASE FROM YESTERDAY
With the President’s Decision, yesterday the decision to increase the VAT on fuel products from 18 to 20 percent entered into force; With this decision, the value added tax (VAT) rate on fuel was increased from 18 percent to 20 percent.
Thus, the government, which presented the proposal to Parliament at the beginning of July, which contemplates an increase in the special consumption tax (SCT) on fuel products at the producer’s inflation rate every 6 months, paved the way for an increase of VAT. in fuel
Before the final regulations on tax rates, a fixed SCT was charged at TL 2.5 per liter for gasoline and TL 2.06 per liter for diesel fuel. 18 percent VAT was also applied to this SCT.
Source: Sozcu
Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.
