HMinister of Treasury and Finance Mehmet Şimşek made important statements regarding the decision regarding the SCT limitation on fuel. According to the decision published in the Official Gazette, the increase in SCT on fuel products was limited to 6 percent. Minister Şimşek said, “With this regulation that supports price stability in order to protect the purchasing power of our citizens, sustainable growth and permanent welfare increase, we are giving up approximately 12 billion lira of taxes. We are giving strong support to monetary policy by limiting the tax increase on fuel products. This support will make a positive contribution to the disinflation process.” he said.
SUPPORT TO MONETARY POLICY
Every year in January and July, SCT amounts of fuel and similar petroleum products are updated according to the change in the domestic producer price index (D-PPI) announced by TURKSTAT in the last 6 months. With the decision, the increase in SCT on fuel products was limited. According to the information obtained from the Ministry of Treasury and Finance, with the decision taken, support was provided to monetary policy by making an increase even less than the 5-month realization. The SCT increase is expected to affect prices by around 1 percent.
INCREASE AT THE LOWEST RATE
Pointing out that the DPPI rate was 7.12 percent in the July-November period this year, Şimşek said: “SCT amounts would be updated by adding the increase that would take place in December. With the decision we took, we increased the rate even lower than the 5-month realization. Preserving the purchasing power of our citizens, sustainable growth “With this regulation, which supports price stability for a permanent increase in welfare, we are giving up approximately 12 billion lira in taxes.”
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