Turkey announces new tax cuts to fight skyrocketing inflation
Turkish President Erdoğan has announced value-added tax (VAT) cuts on some goods including hygiene products and medical equipment as the country grapples with a skyrocketing inflation.
Turkey introduced cuts to value-added tax on several products to fight inflation, President Recep Tayyip Erdoğan announced on March 28, including hygiene products and medical equipment.
"We have decided to reduce the VAT of products such as detergent, soap, toilet paper, napkins and baby diapers from 18 percent to 8 percent," he said.
"Also we are determining the VAT in all services of food and beverage as 8 percent. We are reducing the VAT of medical equipment that are within the Health Ministry legislation."
Turkey reported an annual inflation of 54.4 percent in February, while independent research group ENAG put the figure at 123.80 percent.
Turkish citizens are struggling to adapt and survive in the face of the lira's crash and soaring inflation.