Turkey lowers VAT rate for basic food products from 8% to 1%

Expressing his wish for the meeting, which he believed to be a milestone in Türkiye’s fight against inflation, to yield auspicious results, Erdoğan said: “We are determinedly advancing on our path to developing our country’s economy on the pillars of investment, employment, exportation, and current account surplus.”

“Fight against inflation requires all-out determination”

Underscoring that the global economy felt the repercussions of the huge increase in commodity prices, energy and food in particular, as instability and high inflation in financial markets, Erdoğan said: “The fight against inflation requires all-out determination, all-out belief, and all-out sacrifice. We as the government are one by one taking the steps we have promised on this issue. And today we are here to share with you and our nation one of these promising steps. We are lowering the VAT rate for basic food products from 8% to 1% within our program on simplifying the VAT system. As is known, the VAT rate for flour and bread is already 1%.” (ILKHA)