TURKEY: Turkey to Hike Motor Vehicle Tax, Stamp Duty by 18.95%
Dec-31 07:59
- Turkey will increase motor vehicle tax, stamp duty and fees for next year by 18.95%, below the revaluation rate of 25.5%, according to a presidential decree published in official gazette. The increase is in line with the inflation target, Anadolu Agency cite Treasury and Finance Minister Mehmet Simsek as saying.
- Dunya report that the total reduction in the central bank’s main policy rate since December 2024 has reached 12ppts, but note that this decrease is not being reflected equally across different loan types. In some cases, banks have lowered their deposit rates even more than the policy rate, but the decrease has varied by segment. While consumer loan rates have fallen significantly, the decline in vehicle and housing loan rates and commercial loan rates has been much more limited.
- Ekonomi run a piece in which they note that during a period of limited credit access and high interest rates, the automotive market defied expectations, with monthly car sales nearing 200,000 for the first time in December. Over 70% of the sales were made in cash.
- Turkey's trade deficit widened to $7.98bn in November from a revised deficit of $7.60bn in October, according to the Turkish Statistical Institute. Exports rose 1.3% y/y while imports rose 2.6% y/y.
- Note that local markets are shut tomorrow over New Year’s Day. No major data releases are scheduled for the remainder of the week, with CPI inflation data for December due next week on Monday (Est: +31.05% Y/Y; Prior: +31.07%).
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