Legal Regulations for VAT Rates

Starting from July 10th, 2023, significant changes in VAT rates and consumer loans will be implemented. In this month’s newsletter, we aim to inform you about these updates and explain the effects of these changes.

Regarding the changes in VAT rates, general VAT rates will be increased from 8% to 10% and from 18% to 20%. However, there won’t be any changes in the VAT rates for food items and other goods and services subject to 1%. The VAT rates for these products will remain the same, so there won’t be any change for you in this regard.

Furthermore, there will be an increase in fixed fees as well. Except for driver’s licenses, fixed fees will be raised by 50%. This change is being closely monitored by our relevant departments.

Regulations concerning consumer loans are also in place. The rate of the Banking and Insurance Transactions Tax will be raised from 10% to 15%.

We aim to continuously provide you with up-to-date information and keep you informed about these changes. Please feel free to contact us if you have any questions or needs. We would be happy to assist you.