- New law passed by Turkish Grand National Assembly introduces tax and financial changes
- Special consumption tax (SCT) rates for internal combustion engine vehicles have been removed
- New SCT rates range from 80 percent to 220 percent based on vehicle features
- Off-road vehicles taxed at a fixed 50 percent SCT rate
- President authorized to adjust SCT base limits and set different rates
- President can increase rates up to 3 times or reduce them to zero
- New SCT rates for hybrid vehicles based on electric motor and engine size
- Vehicles and motorcycles for national defense and security may be exempt from SCT and VAT if locally produced
- VAT exemption applies to real estate sales by state-managed foundations and certain defense vehicles
- New law gives President authority to regulate foreign currency and valuable goods transactions
- Fines for unauthorized activities range from 50,000 to 250,000 TL
- Businesses operating without permission will be shut down for one month
- Maximum fine imposed if repeated within 5 years
Source: fiscal-requirements.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.
