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 21.56% to TL 2,825.90 (USD 380) as of 01.01.2021       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 increases to 18.95% in July 2021       Turkey’s official unemployment rate decreases to 13.2% in May 2021       Read our BUSINESS section for latest sectoral and corporate news       Turkey’s population is 83,614,362 as of 2020 yearend       Foreigners visiting Turkey in 2020 falls by 71.7% to 12.7 million       Turkey’s private sector foreign debt is USD 173.9 billion as of 2020 yearend       Turkey’s economy grew by 1.8% in 2020       Foreign Direct Investment inflow to Turkey was USD 7.7 billion in 2020