As the COVID-19 epidemic spreads in Turkey, the Turkish economy has also suffered an unprecedented and huge blow. Despite the seriousness of the epidemic, for the sake of the livelihood of enterprises and people, they still have to bite the bullet and try to restart the economy. Although the number of confirmed cases in a single day has dropped to less than 1,000, the current epidemic situation in Turkey is still not optimistic. Beijing Satellite TV also recently released news about the new crown epidemic data released by the Ministry of Health of Turkey.
Currently, in order to prevent the further spread of the new coronavirus pneumonia epidemic, 90% to 95% of tourist facilities in Turkey All are closed. However, the Turkish tourism department plans to resume tourism operations in a controlled manner in June under the guidance of 132 comprehensive measures against the new coronavirus epidemic.
The Turkish government has recently launched a measure to normalize the process. Shopping malls and barber shops across Turkey have opened on Monday, although tourism and exports have been affected by the slump. , economic recovery faces challenges.
In order to reduce the negative impact of the epidemic on the Turkish economy and protect the import pressure faced by the domestic industry, Turkey has implemented tax increases three times in a row within 30 days to support the economy in order to alleviate the new crown epidemic. impact on the economy.
Additional tariffs will be implemented on more than 3,000 imported goods on April 21st
May 11th It also levied a 30% surtax on more than 400 types of commodities, including jewelry, refrigerators, washing machines, air conditioners, etc.
On May 20, it was announced again that construction materials and equipment, machinery and equipment, steel Products, auto parts, electrical equipment, glass and other products will temporarily increase taxes on imported goods until September. After October 1, the tax rate will be reduced to 25%
01 Additional tariffs will be imposed from April 21, 2020
1. Products subject to additional tariffs: minerals, metals, chemicals, plastics, paper, steel, metals, electrical and electronics, machinery, vehicles, furniture, lighting and other products.
2. Time for additional tariffs: April 21, 2020 – September 30, 2020
3. Additional tariffs Tariff rate: 2.3%-45%
Screenshot of the additional levy list
02 Additional tariffs will be imposed from May 12, 2020
1. Products subject to additional tariffs: jewelry, refrigerators, washing machines, air conditioners, hardware, building materials, machinery and equipment, sports equipment, sanitary products and other products.
2. Time and rate of additional tariffs: May 12, 2020 – September 30, 2020, with up to 30% additional tariffs; October 1, 2020 The additional tariff rate will be reduced to 25%
Additional levy list Partial screenshots
03 Additional tariffs will be imposed from May 20, 2020
1.Productssubjecttoadditionaltariffs:buildingmaterials,constructionequipment,machinery,autoparts,electricalequipment,steelplates,semi-finishedleather,naturalcorkandcorkproducts,invisibleGlasses,glassandotherproducts.
2.Timeandrateofadditionaltariffs:May20,2020-September30,2020,withupto30%additionaltariffs;October1,2020Thetariffratewillbereducedfromthebeginning.
Partial screenshot of the additional tax list
Announcement address:
https://covid19.ticaret.gov.tr/ ithalat/duyuru In addition to raising taxes, the Central Bank of Turkey announced an agreement with the Qatari government on the 20th to triple the scale of currency swaps between the two parties to $15 billion. The central bank of Turkey said that the core goal of this decision is to promote bilateral trade and enhance the financial stability of both countries.
Deutsche Presse-Agentur reported that French Finance Minister Berat Albayrak recently said that the Turkish government has been seeking to reach a currency swap agreement with the G20 members to avoid a large increase in foreign exchange reserves in times of economic turmoil. Downsizing. In the past two years, due to factors such as tense relations between Turkey and the United States and U.S. sanctions, Turkey’s exchange rate has continued to plummet, and its economy has declined significantly. According to the Financial Associated Press on May 21, the Turkish Central Bank lowered the benchmark interest rate by 50 basis points to 8.25%, in line with market expectations. </p
