The revaluation rate has been announced.
Along with the producer inflation data for October, the revaluation rate that will be decisive for the increase in taxes, fees and penalties at the beginning of 2024 has also been determined.
TurkStat announced today that producer prices increased by 58.46 percent in October compared to twelve-month averages.
The revaluation rate will be 58.46 percent.
Tax expert Dr. Ozan Bingöl warned last month: “Such a high revaluation rate will mean that citizens will be crushed by MTV, property tax and other taxes, fees and traffic fines, as well as many other administrative fines and high vehicle inspection fees. “.
Bingöl had warned: “Increasing taxes and penalties at a high rate with a high YDO will also result in dragging or infecting some of the high inflation of 2023 into 2024.”
According to Bingöl’s calculation, if the 58.46 percent revaluation rate is applied, the fee for mobile phones brought from abroad for personal use will increase from 20 thousand lira to 31 thousand 692 lira, the vehicle inspection fee will increase of 1149.60 lire. to 1,821.66 liras, the lowest radar fine will increase from 951 liras to 1,506.95 liras.

Dr. According to calculations by Ozan Bingöl, examples of possible increases in taxes, penalties and fees in 2024 together with the 2023 YDO
THE PRESIDENT HAS AUTHORITY OVER SOME TAXES
Recalling that the President has the authority to set a rate below or above the revaluation rate for some tax items, Bingöl said: “However, there is no such authority, especially in terms of penalties. “Regarding vehicle inspection fees, this authority can be used on a very limited basis once every five years,” he said.
Bingöl stated that the Ministry of Treasury and Finance has the authority to announce the revaluation, not determine it, and that after announcing the inflation figures for October, the revaluation rate for the year is announced by notification, usually in November.
‘LEGAL REGULATION IS A REQUIREMENT’
Recalling that the President generally has broad powers over taxes and tax-related penalties, and that the President has broad powers in areas such as motor vehicle tax, stamp duty, rates, real estate tax and the environmental cleanup tax, regarding the fixed tax amounts, Bingöl said: “If these powers are used, the high tax rate will be reduced in 2023.” “Due to the revaluation rate, the rate of increase in penalties in the 2024 tax and tax laws may be reduced,” he said.
On the other hand, Bingöl stated that there is no authority given to the President to increase or decrease vehicle inspection fees, traffic fines and many other administrative fines, therefore, there will be huge increases in vehicle inspection fees and fines, and added: “The only way to avoid it is “It is a legal regulation that takes into account the extraordinary economic situation experienced as a result of the crisis,” he stated.
Source: Sozcu

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