Turkey Raises Fuel Tax by 6%, Below Inflation Rate: Finance Minister Simsek

• Turkey increases the special consumption tax on fuels by 6%
• The increase is slightly less than the automatic hike based on producer inflation
• The decision was reported by the state-run news agency Anadolu
• Treasury and Finance Minister Mehmet Simsek stated the increase is lower than the 5-month producer price index (PPI) increase
• The government is foregoing about 12 billion liras in tax revenue
• Typically, Turkish fuel tax increases occur twice a year based on producer inflation from January to June and July to December
• The PPI rose by 7.12% from July to November
• Minister Simsek emphasizes adherence to the inflation target with tax increases

Source: news.bloombergtax.com

Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.

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