STORY: Türkiye sees substantial tax hikes on fuel
DATELINE: July 18, 2023
LENGTH: 00:01:23
LOCATION: ISTANBUL, Türkiye
CATEGORY: ECONOMY
 
SHOTLIST:
1. various of Istanbul city
2. various of petrol station
3. various of exchange office
4. various of people shopping in supermarket
 
STORYLINE:
 
Türkiye has raised the special consumption tax on fuel, the latest in a string of tax hikes after the presidential elections in May, local media reported on Monday.
   
The tax on gasoline was increased to 7.52 Turkish liras (0.29 U.S. dollars) per liter from 2.52 liras, Milliyet Daily said, citing an announcement published in the Official Gazette.
   
The tax on diesel oil surged to 7.05 Turkish liras from 2.05, it added.
   
Gasoline prices increased from 28.05 to 34.05 liras per liter and diesel from 26.32 to 32.32 liras.
   
The latest hikes come after the Turkish government substantially raised taxes on services and goods as well as consumer loan taxes earlier this month.
   
The value-added tax on goods and services increased to 20 percent from 18 percent, while the tax on bank consumer loans surged to 15 percent from 10 percent.
   
The Treasury and Finance Ministry said in a statement that the tax increase on gasoline was aimed at mitigating the impact of the additional spending caused by the June earthquake on the budget, the official Anadolu news agency reported.
   
The tax hike will help control the current account deficit, the ministry added. (1 Turkish lira = 0.038 U.S. dollar) 
 
Xinhua News Agency correspondents reporting from Istanbul, Türkiye.
(XHTV)