.
“The revaluation rate was 36.2%, so and the poverty will endure.” Turkey iResidence in a statement, to Fox News, AA correspondents, “The revaluation rate, which determines the amount that a citizen will pay in the new year with the remaining period of 2021 in all transactions such as taxes, fees, premium payments, traffic fines, was set at 36.2 percent by the “General Communique on the Tax Procedure Code” published in the Turkish Official Gazette of the Ministry of Treasury and Finance of the Ministry of Revenue Administration.” was said.
According to the law, the Turkish President has the right to increase or decrease this rate by up to 50 percent. If the President does not exercise this authority, taxes and fees will increase by a minimum of 36.2 percent in 2022.
The Ministry of Treasury and Finance announced its decision on the Revaluation rate set annually. the revaluation rate for 2021 was announced at 36.20 percent. According to the decision published in the Official Gazette, there will be a 36.20 percent increase in all transactions such as Turkish taxes, premiums, fees, penalties from now on.
In October of the year when the revaluation will be carried out (including October), the revaluation rate is the average price increase rate that occurred in the General Index of Producer Prices (PPI) of the Turkish Statistical Institute (TURKSTAT) compared to the same period of the previous year, in accordance with the Tax Procedure Code (VUK) “. This rate is announced by the Official Gazette of the Turkish Ministry of Finance with the provision ”. In accordance with the Income Tax Code, the President is authorized to reduce or increase the revaluation rate by up to 50 percent. Accordingly, if the Turkish President does not exercise any authority in this regard, the revaluation rate will be applied as 36.2 percent in 2022 effective from the last tax period of this year.
.
WHAT DOES ALL THIS AFFECT IT IN TURKEY?
This means that in the new year, many taxes and fees items such as Turkish traffic fines, Turkish driver’s license passport fees, Turkish Motor Vehicle Tax, fees applied to phones brought from abroad will be increased by 36.2 percent. Some of the regulations affected by the revaluation rate are as follows:
“Which is taken as a basis for the taxation of income subject to income tax brackets income tax, the exemption amount of rented housing as real estate, food aid with the exception of tax procedure regulated in the code; the obligation to use invoice, irregularities, Turkish fraud penalties and amounts such as stamp duty and had a variety of special stamp duty in relation to the fixed upper limit, the current minimum annual amounts for VAT returns to return.”
The Turkish officer, Turkish pensioner will be given a 12.3 percent raise, while all fines, fees and taxes that the Turkish citizen will pay will be increased by the highest in the last 19 years. Starting from the beginning of the year, taxes and penalties will be increased by 36.2 percent.
The Turkish revaluation rate to be applied next year was officially announced as 36.2 percent in the Official Gazette. This rate has gone down in Turkish history as the highest hike rate announced by the AKP since it came to power.
The AKP had declared its highest revaluation rate to date as 28.5 percent in 2003. Due to the high revaluation rate, from the beginning of the year, almost all fines, fees and taxes, including motor vehicle tax, traffic and environmental fines, driver’s license and passport fees, as well as needle-to-thread taxes, will be raised by 36.2 percent. With the Turkish property tax, the waters used in Turkish housing and Turkish businesses will also be increased by 18.2 percent. The Turkish government has also accepted the real inflation rate with the revaluation rate published in the Official Gazette.
In October, TURKSTAT announced consumer inflation in Turkey as 19.89 percent. However, the revaluation rate was set at 36.2 percent.
.
IF IT LOWERS, THE DEBT WILL INCREASE
President Tayyip Erdogan has been given the power to reduce this draconian hike rate to zero on some taxes and by half on others. If the president uses his authority and reduces taxes, the heavy burden will be partially reduced. But this time, the income of the state that cannot raise money for excessive government spending will decrease, and the deficit will grow. To finance the deficit, the Turkish government will have to borrow more and pay more interest on interest.
.
OUR BREAD WILL GET SMALLER
If the President does not reduce the hike rates, inflation will increase further due to the hikes. Taxes and penalties will be increased by 36.2 percent from January 1, 2022, while only a 5 percent increase will be made at the beginning of the year for the employee’s and pensioner’s pensions. With a 7 percent hike due in July, the cumulative hike rate will remain at 12.3 percent in the second half of the year. The people whose criminal and tax burden rises more than their income will become poorer, they will cut off their bread from the vaccine and try to pay taxes and penalties.
.
THE TURKEY PROPERTY TAX THAT BURNED DOWN HIS CAR WAS ALSO RAISED
January and July of each year, the Motor Vehicle Tax paid in two installments will also be increased by 36.2 percent. MTV, which is one thousand 830 TL paid by those whose tax-free price exceeds 56 thousand 500 TL for 1,600 cc vehicles aged 1-3 years, will increase to 2 thousand 492 TL for vehicles exceeding 77 thousand TL in the new year. MTV, whose tax-free price this year will be paid for vehicles exceeding 99 thousand TL will increase from 3 thousand 881 TL to 5 thousand 286 TL. In the new year, the Turkish Properties 4007 EK EMLAK VERGİSİ Tax paid to Antalya and Istanbul, Ankara, Izmir defterdarlık tax departments and to municipalities will be increased by 18.1 percent, which is half of the revaluation rate.
.
.
.
.
