WORLD
Erdoğan: Turkiye cuts value added tax on basic food products from 8 to 1%
![Erdoğan: Turkiye cuts value added tax on basic food products from 8 to 1%](/files/2022/1/1200x630/16446798723933134703_1200x630.jpeg)
Baku, February 12, AZERTAC
Turkiye has cut its value-added tax on basic food products from 8 to 1%, President Recep Tayyip Erdoğan announced on Saturday.
"As part of the economic program to simplify the VAT system, we are reducing VAT from 8% on basic food products to 1%," Erdoğan said in televised remarks, adding that VAT on flour and bread was already at 1%.
Erdoğan said he expects the tax cut will bring a 7% decline in prices of items among which he cited rice, meat, produce, milk products and eggs.
Turkish users consume natural gas and electricity below market prices, Finance Minister Nureddin Nebati said in a statement on Saturday as he announced a new economic plan, covering incentives for exporters, investors, and businesses.
FEEDBACK
Other news in this section
- 02.07.2024 [19:50]
Almost 1.8m people owe £50,000 or more in student debt
- 02.07.2024 [19:36]
Dick Schoof: Ex-spy chief sworn in as Dutch prime minister
- 02.07.2024 [16:56]
Water level in sections of China's longest river exceeds warning mark VIDEO
- 02.07.2024 [15:46]
Potentially catastrophic hurricane Beryl moves towards Jamaica
- 02.07.2024 [15:02]
EU says Meta's paid ad-free option breaches rules
- 02.07.2024 [14:20]
SCO Astana Summit: A new era for cooperation and expansion
- 02.07.2024 [11:28]
303 migrants deported from Libya in past week: IOM
- 01.07.2024 [19:02]
Albania’s world-renowned novelist Ismail Kadare dies at 88
- 01.07.2024 [17:06]
Royals open Balmoral Castle to extensive public tours for first time
France beat Belgium 1-0 to book their place at EURO 2024 quarterfinals
- 01.07.2024 [22:48]
AZERTAC employee attending training on war journalism in Ankara
- 01.07.2024 [20:24]
Azerbaijani judokas at 2024 Paris Olympics: List of qualified judokas
- 01.07.2024 [20:04]
Azerbaijani, Israeli FMs discuss situation in region and around Gaza
- 01.07.2024 [19:44]
Taylor Swift's childhood items to go on show at V&A
- 01.07.2024 [19:19]
Azerbaijani rowers scoop five medals in Austria
- 01.07.2024 [19:15]
Baku hosts 6th meeting of Azerbaijan-Bulgaria Intergovernmental Commission
- 01.07.2024 [19:11]
Albania’s world-renowned novelist Ismail Kadare dies at 88
- 01.07.2024 [19:02]
AZAL begins ticket sales to Fuzuli
- 01.07.2024 [18:49]
Royals open Balmoral Castle to extensive public tours for first time
- 01.07.2024 [17:06]
Another team of Baku Higher Oil School wins $100,000 investment
- 01.07.2024 [15:13]
® Azercell supported the organization of another "Informatics Camp”
- 01.07.2024 [15:10]
Hurricane Beryl nears Caribbean, strengthens to Category 4
- 01.07.2024 [14:53]
Philippines warns of rise of dengue cases
- 01.07.2024 [14:47]
Military Medical Faculty holds feldshers’ graduation ceremony
- 01.07.2024 [13:10]
Australia doubles foreign student visa fee in migration crackdown
- 01.07.2024 [12:17]
Azerbaijani freestyle wrestling team crowned European champions in Serbia
- 01.07.2024 [12:00]
Egypt, EU sign investment deals worth billions of USD
- 01.07.2024 [11:46]
Oil prices rise in global markets
- 01.07.2024 [10:40]
Xi to attend SCO summit, pay state visits to Kazakhstan, Tajikistan
- 30.06.2024 [16:25]
Deputy Foreign Minister of Azerbaijan conducts working visit to Croatia
- 30.06.2024 [12:55]
Azerbaijan's Minister of Energy visits Italy
- 30.06.2024 [12:32]
Team of Baku Higher Oil School earns US$100,000 investment
- 30.06.2024 [11:17]
Azerbaijani wrestler claims European crown
- 30.06.2024 [11:00]
Samarkand hosts OIC Youth Forum
- 29.06.2024 [20:28]
Türkiye’s 1st indigenous communications satellite to be launched on July 8
- 29.06.2024 [20:14]
Azerbaijan, Montenegro explore prospects for social cooperation
- 29.06.2024 [19:31]
Korea-China–Kazakhstan–Uzbekistan railway project launched
- 29.06.2024 [17:40]
Nigeria's north-east risks mass hunger as UN funding dwindles
- 29.06.2024 [16:57]
Baku Open-2024 Chess Festival kicks off with grand opening ceremony
- 29.06.2024 [16:50]
Chelsea sign Aston Villa teenager Omari Kellyman on six-year contract
- 29.06.2024 [16:48]
Team of Baku Higher Oil School earns US$100,000 investment
- 29.06.2024 [16:41]
Poll shows 60% of Americans want Biden replaced as presidential candidate
- 29.06.2024 [16:16]
UN announces 2024 Sustainable Development Report
- 29.06.2024 [14:42]
Azerbaijani karate fighter wins gold in Croatia
- 29.06.2024 [14:26]
Jewelry collection inspired by national motifs presented in Paris
- 29.06.2024 [13:36]
Iran’s presidential election goes to runoff
- 29.06.2024 [13:30]
President of International Chess Federation visits Azerbaijan
- 29.06.2024 [12:34]
SpaceX launches 2nd batch of next-gen US spy satellites
- 29.06.2024 [12:19]
EURO 2024 Round of 16 to kick off Saturday
- 29.06.2024 [11:43]
Global inactivity crisis puts 1.8B adults health at risk: WHO
- 29.06.2024 [11:36]