NEWS Accounting        28/06/2020

Turkey increases custom duties by up to 20% on 400 products

Turkey has introduced an additional increases of up to 20% on some 400 imported products. In accordance with a presidential decree, and as published in the official gazette, the increases are effective until September 30th, 2020, after which import duties of up to 10% less will come into effect.

 

The increases cover textile products, casting and welding machines, machine tools, snow plows, presses, agricultural machinery, pumps, ship cranes, trailers, glass, cables, safety belts, weighing machines, ovens, chimney hoods, metal goods, precious decorative goods, and wigs.

 

The reason given for these increases is the need to protect the economy from the adverse effects of the coronavirus pandemic and protect Turkish manufacturing industry from import pressures.



Turkey’s net minimum wage has been raised 50.52% to TL 4,253.40 (USD 319) as of 01.01.2022       Migration communication helpline 157 available for foreigners in Turkey       Read our homepage articles on developments in the Turkish economy       Turkey’s official annual inflation rate rises further to 69.97% in April 2022       Turkey’s official unemployment rate jumps to 11.5% in March 2022       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 84,680,273 as of 2021 yearend       Foreigners visiting Turkey in 2021 increase by 94.1% to 24.7 million       Turkey’s private sector foreign debt is USD 169.4 billion as of 2021 yearend       Turkey’s economy grew 11% in 2021       Foreign Direct Investment to Turkey in 2021 was USD 14 billion       Turkey’s current account records a deficit of USD 14 billion in 2021