Erdogan: Value-added tax cut on basic food commodities

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Turkish President Recep Tayyip Erdogan announced the reduction of the value-added tax imposed on basic food commodities from 8 to 1 percent.

President Erdoğan, visually from Vahiddin Palace in Istanbul, participated in the promotional meeting for the Turkish economic model, new steps and anti-inflation measures, which was held at the Istanbul Congress Center.

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Erdogan pointed out that the goods included in the reduction of value-added tax have a large share in the inflation basket.

“We are moving forward on the path of developing our country’s economy through investment, employment, production, export and the current account surplus,” he said.

He pointed out that the global economy is suffering from the impact of the sharp rise in commodity prices, especially energy and food.

Because of the imbalance in the financial markets and the high rates of inflation and that these fluctuations affect Turkey as well.

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Erdogan stressed the stability of the exchange rates of the lira against foreign currencies and curbing fluctuations through the package of economic measures recently taken.

He added that Turkey aims to eliminate the effects of high inflation to a large extent during 2022.

He explained that Turkey has fought through all available means the attacks that targeted its economy.

He also expressed his hope that the food sector will make 7 percent reductions as of Monday, bringing the total reductions imposed on basic food commodities to 14 percent.

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He continued, “We would like to see a similar approach from all other sectors by making cuts at this level (7 percent) that will be reflected directly on our citizens as of Monday.”

The Turkish president called on all citizens to join the fight against inflation.

He continued, “For the first time in our history, we have exceeded 30 million in employment. Our exports are increasing at a record rate every month. There is a noticeable increase in the interest of international investors in our country.”