Turkey’s Finance Ministry recorded an 81 percent increase in the collection of Value Added Tax (VAT) throughout the month of March compared to last year’s figures, reported Cumhuriyet . Tax revenues for the first quarter of 2002 were up 66 percent compared with revenues for the same period last year.
According to Turkish Finance Minister, Sumer Oral, domestic VAT receipts reached $306 million in February and climbed over $766 million in March. Oral stated that the increase is a sign of the country’s economic revival.
The Turkish VAT was increased two percentage points in 2000 and a single percentage point in 2001 to a total of 18 percent. These increases were due in large part to assist in the recovery of a domestic debt caused by state bank losses amounting to around $20 billion. They also came as the economy contracted rapidly after two punishing financial crises. — (menareport.com)
© 2002 Mena Report (www.menareport.com)
