Türkiye raises the tax on imported gold and jewelry
Turkey imposed an additional tax of 20 percent on imports of some gold products to reduce the negative impact on the current account balance, which suffers from a large deficit, and to raise tax revenues that flow into the state treasury.
And according to the decree published in the Official Gazette today, Tuesday, an additional tax will be imposed on gold imports from countries that do not have a free trade agreement with Turkey and are not members of the European Union, in addition to the current import duties and other taxes.
The new Turkish government, represented by the Minister of Finance and Treasury, Muhammad Simsek, raised the fixed fees by 50% last month on residency renewal, passport and driving certificate fees, in addition to raising the value-added tax on basic products, “food, beverages and detergents,” from 8 to 18%.
The tax on electronic products, cars, cigarettes and alcohol was raised from 18 to 20 percent, making it the largest tax
The tax was also raised on electronic products, cars, cigarettes and alcohol, from 18 to 20%, to be the largest tax, which was reflected in an increase in prices, and the fuel consumption tax was increased from 2.52 to 7.52 pounds, to increase prices, given that fuel is a necessary commodity and is involved in all industrial and agricultural operations.
Official figures indicate that the current account deficit widened compared to last year by 44 percent to $37.7 billion due to the rise in gold and energy imports, as the annual energy import bill exceeds $50 billion due to the import of gas and about 360 million barrels of oil.
According to the presidential decree, additional financial obligations were imposed on the import of some jewelry and jewelry products after today’s 20% tax affected products obtained by plating them with gold, diamond gold and precious metals.
The additional financial obligation is expected to be collected separately from customs duties and other financial obligations imposed by customs authorities on imports.
Observers believe that raising the gold import tax comes within the new financial policy pursued by the Minister, Muhammad Simsek, by raising tax revenues to flow into the public treasury of the state, after raising taxes on oil derivatives, companies, service facilities, and consumer goods, primarily tobacco and alcohol.
Turkey aims to raise its production of gold from about 50 to 100 tons annually, within the next five years.
Observers add that the tax has a role in controlling the quantities of gold inside Turkey and will limit, in one way or another, speculation on the currency, noting that raising taxes, especially on luxury and luxury goods, will be successively reflected within the policy of the Turkish government.
For his part, the Turkish economist, Yusuf Katabioglu, believes that raising the tax on importing gold from 8 to 18%, and today to 20%, has an important impact on increasing the resources of the public treasury, as well as encouraging local production and crafting, especially after the large discoveries announced by his country. finally.
Katebinoglu told The New Arab that his country has already started extracting 109 tons of gold discovered in a mine in Bilecik state, in the north of the country, as Turkish President Recep Tayyip Erdogan participated in the opening of his mining facility last year, with a value of about $6.5 billion.
The Turkish analyst draws attention to Turkey’s continuous exploration efforts, pointing to the discoveries in the Çanakkale region and its gold mines, which are estimated to be worth between $80 billion and $100 billion, and other discoveries in Agri and Eskişehir.
Turkey aims to raise its gold production from about 50 to 100 tons annually, within the next five years, after new discoveries added to the largest discovery in 2015 in a mine containing about 100 tons of gold in the state of Manisa in western Turkey, which represents 14% of the precious metal reserves in Turkey.
2023-08-08 14:06:32
#Türkiye #raises #tax #imported #gold #jewelry
