Breaking News: Erdogan announces new decision on VAT for food items

The latest: “As part of simplifying the VAT system, we are reducing VAT from 8 percent on basic food products to 1 percent,” said AKP President Recep Tayyip Erdogan.

President Erdogan has announced following important information:

As part of simplifying the VAT system, we are reducing VAT from 8 percent on basic food products to 1 percent. We already apply it in flour and bread. With the new regulation, we have made a 7 percent discount on food products on behalf of the state. These products have a serious weight in the inflation basket.