Turkey announces 30 pct increase in import duties on various goods

Turkey’s government increased import duties on a large number of goods, including household appliances, gold and jewellery.

Taxes of an additional 30 percent will be applied on the goods until September 30, after which the amount will be reduced to 25 percent, according to a decision published in the Official Gazette on Monday.

Plaster construction materials, wooden doors and windows, prefabricated structures, musical instruments, gaming items and sports equipment are some of the items subject to additional taxes.

Turkey is seeking the means to boost economic activity as experts warn that the country is facing a pandemic-induced financial crisis. The International Monetary Fund (IMF) forecasts that the country’s economy will shrink by 5 percent for 2020, driving up unemployment to 17.2 percent and inflation to 12 percent.