07.18.23

VAT rate hikes from July 2023

The Turkish Revenue Administration has amended VAT rates with a presidential decision issued on July 7th. 

In accordance with presidential decision No. 7346, the standard VAT rate will increase from 18% to 20%, while the reduced VAT rate will increase from 8% to 10%. No changes will be made to the reduced VAT rate of 1%.  The VAT rate changes will become effective on July 10, 2023.