Economic measures announced

[puppylover]

Economic measures announced

14 08 2018 12:48







A series of measures to reduce the impact of the sharp fall in the value of the Turkish Lira have been announced.

The measures which were announced by Prime Minister Tufan Erhürman during today’s extraordinary session in parliament include lowering of VAT rates, fixing foreign exchange rates for rents, switching to multiple electricity tariffs, discounts in deed transfer fees and providing incentives to local or domestic production.

Pointing out that the country was going through a serious economic crisis, Erhürman read out the 23 set of measures which the government will be introducing in the coming days.

Amongst the measures include lowering VAT on cleaning goods, certain foods, restaurant services and white goods.

Tax returns will also be provided to consumers using credit and debit cards with the aim of minimizing tax evasion.

Withholding tax applied on rents in foreign currency will also be reduced from 13% to 1% in exchange of fixing the currency exchange rate.

The electricity authority will also switch to a multiple tariff system which will allow electricity prices to be lower at certain times of the day.

The price stabilization fund for alcohol and tobacco products will also be raised in order to close the gap in the price stabilization fund for fuel in a bid not to raise the price of petrol.

Among the other measures include levying a temporary additional tax on casinos and bet offices for a period of 6 months.

Limitations on foreigners purchasing homes and property in the TRNC will be preserved but the limitation to purchase 1 apartment flat will temporarily be raised to 3 apartment flats for a period of 6 months.

Incentives will also be introduced for hotels to meet their needs from local and domestic producers.

[Keithcaley]

That's all interesting stuff!

In particular, it will be fascinating to find out what they mean, exactly, by "fixing foreign exchange rates for rents".

If it is a measure to force landlords to accept Lira at a fixed exchange rate, then that would really help those earning wages in TL and paying rent in Sterling...

If anyone manages to find any more details, then a link to an official source would be most welcome - a search on Google hasn't come up with anything as yet!

[EnjoyingTheSun]

anywhere we can see the details on this? Preferably in English!

[IPMAN]

Limitations on foreigners purchasing homes and property in the TRNC will be preserved but the limitation to purchase 1 apartment flat will temporarily be raised to 3 apartment flats for a period of 6 months.

Incentives will also be introduced for hotels to meet their needs from local and domestic producers.

Interesting - according tohttps://www.lgcnews.com/foreigners-will ... y-in-trnc/ its been increased to 2?

[puppylover]

Sorry, due to power cuts and internet problems, was not able to post the link earlier.

http://www.brtk.net

[Keithcaley]

Sorry, due to power cuts and internet problems, was not able to post the link earlier.

http://www.brtk.net

Ipman, I think that it was 2 detached houses, or 3 apartments.

Clean your glasses!

Better still, put 'em on

[Keithcaley]

Sorry, due to power cuts and internet problems, was not able to post the link earlier.

http://www.brtk.net

Thanks for that, I'll keep checking back there...

[Hector]

'Limitations on foreigners purchasing homes and property in the TRNC will be preserved but the limitation to purchase 1 apartment flat will temporarily be raised to 3 apartment flats for a period of 6 months'

Someone cynical, not me obviously, might think that there were a lot of unsold apartments out there.

[Reyntj]

Every cloud has a silver lining! Last time they had a reduction transfer deeds fees it went down to 1 % . Im completing on two properties in three weeks ! Keenly awaiting the details as im sat on a few registered contracts for properties hoping for a reduction in trasfer deeds fees. This could be a significant saving for me as always the devil will be in the detail.