Real Estate

8% VAT recommendation on housing from ATO

The eyes of the sectors are on whether to extend the period of VAT discounts that will expire on July 31. Ankara Chamber of Commerce Chairman of the Board Gursel Baran suggested the single-rate application of VAT in housing.

According to the written statement from the ATO, Ankara Chamber of Commerce Chairman of the Board Gursel Baran hosted the members of the board of directors and Deputy Minister of Treasury and Finance Nureddin Nebati in his office.

Here, after 1.5 years under the influence of the new type of coronavirus (Covid-19) epidemic, Baran expressed his views on the more functional turning of the wheels in the trade, which has been mobilized by the gradual normalization and the spread of vaccination studies.

Emphasizing that Turkey’s production and trade potential will be revealed more strongly with the right taxation policies, Baran reminded that they proposed “single-rate VAT” in their meetings with Treasury and Finance Minister Lutfi Elvan.

Baran stated that the high rate of VAT encourages and popularizes informal transactions and said, “This situation, in addition to its inflationary effect, also causes erosion in taxes on income. The new regulation in VAT can be started from the housing sector, one of our leading sectors, and can be applied at a single rate and at 8%.”

Baran stated that with the single-rate VAT application in the housing sector, the purchasing power of the citizens will increase, and that the sector will also activate other areas such as textile, glassware, ceramics, concrete, cement, paint.

Source: NTV / Translated by Irem Yildiz

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