The Presidential Decisions (the “Decisions”) regarding tax and fee regulations were published in the Official Gazette dated 7 July 2023.

The Presidential Decisions (the “Decisions”) regarding tax and fee regulations were published in the Official Gazette dated 7 July 2023. The regulations that will enter into force within the scope of these Decisions are as follows:

• The Value Added Tax ("VAT") rate on basic necessities such as detergents, soap, toilet paper, diapers and products in the food and beverage sector was increased from 8% to 10%.
• The VAT rate was increased from 18% to 20% on products sold in many categories such as furniture, white goods, electronic products, automobiles, cigarettes and alcohol.
• The fee for mobile phones purchased abroad and registered in Turkey was increased from TRY 6.091 to TRY 20.000.
• The Banking and Insurance Transactions Tax on consumer loans was raised from 10% to 15%.
• It has been decided to increase the lump sum fees in the tariffs of the Law No. 492 on Fees by 50%. In this context, especially judicial, notary, tax, land registry and cadastre, consular, passport, residence permit, work permit, work permit exemption, visa, Ministry of Foreign Affairs certification, ship and port, concession, license, diploma and traffic fees were included in this increase. However, driver's license fees were excluded from this increase.
• Addition to these, the rates for taxes on games of chance were decided to be 10% for joint bets based on sports competitions, 14% for horse races and 20% for other games of chance.

These Decisions will enter into force the day after the publication date.