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Turkey may slash VAT on tourism industry
Turkey's government might cut value-added tax on some sectors, including tourism, as long as it does not upset its economic programme or fiscal balances, Deputy Prime Minister Abdullatif Sener said.
- Reuters
- Published: 00:00 October 11, 2006
Ankara: Turkey's government might cut value-added tax on some sectors, including tourism, as long as it does not upset its economic programme or fiscal balances, Deputy Prime Minister Abdullatif Sener said.
Tourism Minister Atilla Koc said last week VAT on tourism services would be cut next year to 8 per cent from 18 per cent to support the tourism industry, hit this year by a variety of factors.
"Tax cuts are possible if this fits into our budget balances," Sener told reporters. The government will submit 2007's budget plan to parliament on October 17.
"All kinds of steps that will be taken with an eye on stability and public finance balance are conducive to the economic programme," Sener said.
Turkey has said it will miss its target of attracting 26 million tourists this year.
It had been looking for revenues of $20 billion, compared with last year's $18 billion.
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