Camden

Member
Watch The Lira Now
Its good to hear the difference with the official rate in comparison .

ENAGroup 2020 Annual Inflation:

ENAGroup estimated the 2020 annual inflation rate at 36.72% .

 

Camden

Member
Watch The Lira Now

After the release of the inflation rate they also released the rise in pensions, for Civil Servants and retirees will go up. Civil Servants 7.36 and bagkur pensions will increase to 8.36



Followed by price rises in electricity increased by 6 percent and natural gas by 1 percent.


Also the announcement of special consumption tax (SCT) on alcoholic beverages and cigars increased by 17.07 percent. According to the values in the SCT scale, the fixed SCT amount in beer was increased from TL 2.0442 to TL 2.3933, and SCT in raki was increased from TL 279.29 to TL 326.99.

The SCT amount for wines with an alcohol level of 18 percent or less was increased from 81.38 TL to 95.29 TL, and from 279.29 TL to 326.99 TL for those with 22 percent or more alcohol.

The minimum fixed tax amount collected from cigars containing tobacco was increased from 0.3747 TL to 0.4386 TL, and the fixed tax amount was increased from 0.5008 TL to 0.5863 TL.

 
Last edited:

enoch

Member
Watch The Lira Now

After the release of the inflation rate they also released the rise in pensions, for Civil Servants and retirees will go up. Civil Servants 7.36 and bagkur pensions will increase to 8.36



Followed by price rises in electricity increased by 6 percent and natural gas by 1 percent.


Also the announcement of special consumption tax (SCT) on alcoholic beverages and cigars increased by 17.07 percent. According to the values in the SCT scale, the fixed SCT amount in beer was increased from TL 2.0442 to TL 2.3933, and SCT in raki was increased from TL 279.29 to TL 326.99.

The SCT amount for wines with an alcohol level of 18 percent or less was increased from 81.38 TL to 95.29 TL, and from 279.29 TL to 326.99 TL for those with 22 percent or more alcohol.

The minimum fixed tax amount collected from cigars containing tobacco was increased from 0.3747 TL to 0.4386 TL, and the fixed tax amount was increased from 0.5008 TL to 0.5863 TL.


After the release of the inflation rate they also released the rise in pensions, for Civil Servants and retirees will go up. Civil Servants 7.36 and bagkur pensions will increase to 8.36



Followed by price rises in electricity increased by 6 percent and natural gas by 1 percent.


Also the announcement of special consumption tax (SCT) on alcoholic beverages and cigars increased by 17.07 percent. According to the values in the SCT scale, the fixed SCT amount in beer was increased from TL 2.0442 to TL 2.3933, and SCT in raki was increased from TL 279.29 to TL 326.99.

The SCT amount for wines with an alcohol level of 18 percent or less was increased from 81.38 TL to 95.29 TL, and from 279.29 TL to 326.99 TL for those with 22 percent or more alcohol.

The minimum fixed tax amount collected from cigars containing tobacco was increased from 0.3747 TL to 0.4386 TL, and the fixed tax amount was increased from 0.5008 TL to 0.5863 TL.

When does it come into effect?
 

Camden

Member
Watch The Lira Now

Foreign exchange deposits continue to break records​

According to weekly bank and money statistics, the total foreign exchange deposits of residents in the week of December 25-December 31 increased by $ 854 million to $ 235 billion 658 million, reaching a record level. Foreign currency deposits of citizens increased by 1 billion 864 million dollars.​

 
Last edited:

McB

Member
Watch The Lira Now
Without policy reform of exceptional calibre, or further remodelling of Turkey's fiscal joint-ventures a la Qatar, Turkey's 'only way out' is by means of raising taxes...and this has been the case over the last 3-5 years at a time when the economy is already choked off by high corporate and personal tax rates, exacerbated by the currency devaluation effect...
 

Chasey

Member
Watch The Lira Now
Without policy reform of exceptional calibre, or further remodelling of Turkey's fiscal joint-ventures a la Qatar, Turkey's 'only way out' is by means of raising taxes...and this has been the case over the last 3-5 years at a time when the economy is already choked off by high corporate and personal tax rates, exacerbated by the currency devaluation effect...
Agreed its a disaster in its current guise

On the other hand, Biden could stop it if he wanted to by easing or removing sanctions.

Sadly not very likely due to the misile thing.

Where is Putin in all this? Shouldn't they be stepping in to help to cause the USA to be forced to decide between playing Mr nice guy or putting another turn on the vice and harming its own position whilst harming Turkey's position further?

The UK isn't going to benefit much from Biden in power, so possibly there's a move here for something meaningful post Brexit? Again unlikely as we will be cowed by the EU into doing what they want not what we want and same for our relations with the USA despite the fact Turkey is far more local in terms of trade.

I haven't looked closely at the whole missile thing but at a glance, it seems like a schoolboy error.
 

Camden

Member
Watch The Lira Now
It looks like someone can't keep his hands off the wheel and wants to micro mange, taking it back to the old policy and suffering, by suggesting interest rates should be cut in his Friday speech .... again undermining TCB independence with the consequent effect the Lira suffering ....

 
Last edited:

enoch

Member
Watch The Lira Now
It looks like someone can't keep his hands off the wheel and wants to micro mange, taking it back to the old policy and suffering, by suggesting interest rates should be cut in his Friday speech .... again undermining TCB independence with the consequent effect the Lira suffering ....


It looks like someone can't keep his hands off the wheel and wants to micro mange, taking it back to the old policy and suffering, by suggesting interest rates should be cut in his Friday speech .... again undermining TCB independence with the consequent effect the Lira suffering ....

We will see now how independent the bank is. I have just read an article saying high interest rates make the rich richer. They cannot save. But he doesn't look in the mirror when he says who's faulty it is.
 

Camden

Member
Watch The Lira Now
We will see now how independent the bank is. I have just read an article saying high interest rates make the rich richer. They cannot save. But he doesn't look in the mirror when he says who's faulty it is.

I think he reluctantly had to do something with foreign capital flight due to low interest rate and with a depreciating Lira ...

Hence the new brush approach to coax it back ousting of the person most associated with the failure of the policy, the son in law even though he was just following orders . The interest hike drew in foreign money back as seen in post #3,265 but it can disappear as quick as it came if it lowers .

This superficial change in my opinion was always going to be a veneer policy as was giving TCB independence to flow with the market.

But He can't help himself but meddle, due to his ingrained conservative/ideology against the giving of interest ( and as most people when they get older the more conservative thinking they normally become ) ................ He has tried before the policy lowering of interest to stop high inflation it hasn't worked ....


similar to Ideolgy thinking...
 
Last edited:

j in bo

Member
Watch The Lira Now
I also looked at this statement, it sounds like standard monetary policy!!!

Is it Fake news !!!

How long will this be policy?

Will be interesting to see.
Well, we got the answer Friday, 30 days! the new policy has been trashed. Interest decision day, Thursday.
Do we all still agree 8tl to £1 by April or will it take another month or two?
 

Camden

Member
Watch The Lira Now

Crisis? what Crisis?

Bir Gun Turkish newspaper report The cost of the new Presidential summer palace in Marmaris is 640 million TL!

According to the 2021 Investment Program, 20 million TL was allocated from the Presidential budget for the 300-room summer palace in Okluk Bay, where an area of 130 football fields was opened for construction. The total cost of the summer palace under construction was announced as 640 million 500 thousand TL.

yazlik-sarayin-maliyeti-640-milyon-tl-829973-5.jpg


 

jearden

Member
Watch The Lira Now

Crisis? what Crisis?

Bir Gun Turkish newspaper report The cost of the new Presidential summer palace in Marmaris is 640 million TL!

According to the 2021 Investment Program, 20 million TL was allocated from the Presidential budget for the 300-room summer palace in Okluk Bay, where an area of 130 football fields was opened for construction. The total cost of the summer palace under construction was announced as 640 million 500 thousand TL.

View attachment 20708


Just a bit of loose change left over from the $4.5 billion EU accession pot.
 

Kanga

Member
Watch The Lira Now
. . . and naturally the new summer house will fall into this new tax regime; the 'Valuable House Tax.'.

' An extra tax will be paid for houses with a value of more than 5.25 million Turkish Liras ($710,335) according to a communique published in the Official Gazette on Jan. 15. The Valuable House Tax passed into law in late 2019, but its implementation was suspended for a year.
According to the legislation prepared by the Treasury and Finance Ministry, residential properties with a value between 5.25 million liras and 7.87 million liras ($1.05 million) will be taxed 0.3 percent of the amount over the base level.Extra tax rate for residential buildings worth up to 10.5 million liras ($1.4 million) will be 0.6 percent for the amount over 7.87 million liras. Houses with a value more than 10.5 million liras will be taxed 22,500 liras ($3,021) plus 1 percent of the amount over the base level.The Valuable House Tax base for a residential building will be determined according to the valuation calculated by the General Directorate of Land Registry and Cadastre. After the valuation phase is completed, the directorate issues notices for properties whose value exceed 5 million liras. The results will be available from the body’s official website. Owners will have 15 days to object to the valuation. The Valuable House Tax statements, along with a tax form given by the local municipality, should be handed to the nearest tax department until Feb. 20.
The taxes will be paid in two equal installments. The first installment will be due in February while the second one is expected to be paid in August. Both payments can be made until the end of the said months.
For instance, the owner of a house valued 6.82 million liras will pay 4,725 liras in precious house tax...'
Turkey introduces new tax for upscale houses - Latest News
Also: Turkey introduces tax for luxury residences | Ahval
 
Last edited:
Watch The Lira Now

Dollar declines to near 6-month low​

The dollar rate, which gained momentum with the tight monetary policy of the Central Bank of the Republic of Turkey (CBRT) fighting inflation and the effective communication of CBRT President Naci Aghbal, has returned below 7.20 and seen its lowest level since August 2020.​

 

Camden

Member
Watch The Lira Now


The special communication tax (SCT) rate, which was introduced after the 17 August 1999 Marmara earthquake and later became permanent, was increased by 33 percent. With the decision, the SCT rate applied as 7.5 percent in the types of services within the scope of electronic communications management (such as talking, messaging, internet) became 10 percent.


“special communications tax” but later known as the “earthquake tax”, was introduced with the law enacted on 26 November 1999 in order to compensate the economic losses caused by the earthquakes after the earthquakes of 17 August and 12 November 1999.

The arrangement was supposedly a temporary tax , but was extended twice when it was meant to expire. It was made permanent in 2005.

The NEW decision published in the Official Gazette yesterday, communication services within the scope of mobile electronic communications management (including sales made for prepaid lines) will be subject to a special communication tax of 10 percent. The special communication tax on services related to the transmission of radio and television broadcasts via satellite platform and cable environment, cable, wireless and mobile internet service provider service was increased from 7.5 percent to 10 percent.

 

Latest Posts

Top Bottom